Property prices have grown nearly twice as fast in areas that are close to top performing English state schools over the past five years, according to research by Lloyds Bank.
The average price of a property that is situated near to a high performing secondary school is now a little over £400,000. This compares to £293,824 for the rest of the country and represents a 36% premium.
House prices rose by an average of 35% within the catchment areas of the best 30 schools over the past five years, which is 15% higher than the national average across England.
Andrew Mason, Lloyds Bank mortgages director, says: “Providing their children with a good education is a priority for most parents and is often on the list of key considerations for families looking to decide where to live.”
House prices near The Latymer School in Enfield, North London, which is ranked 13th out of the top 30 schools, have experienced the highest growth over five years, up by 59% to £320,684.
Outside of London, properties near the Southend High School for Girls in Essex - ranked 23rd - saw the greatest increase in value rising by 50% to £251,461.
The good news is there are still some areas where it is possible to buy a house close to an excellent school without paying a premium.
Out of the top 30 schools, 11 are located in areas where house prices are under the English average, according to the research,
Properties close to the High School for Girls in Gloucestershire, ranked 19th, had an average price of £129,982. This is 44% below the county average. Meanwhile, homes near to King Edward VI Handsworth School in the West Midlands, ranked sixth, cost £86,953 on average. This is 42% below the county average.
Mr Mason adds: “While there is most definitely a premium attached to some neighbourhoods surrounding the best state schools across the country, there are also many that come in under the county average, particularly outside of London and the South East - where homes remain more affordable versus average earnings.”
The school rankings are based on 2017 GCSE performance data from the Department for Education (DfE) and include grammar schools which require an entrance exam.