With several reports out this week showing that parents are prepared to pay significantly more money to buy property within the catchment area of desirable schools, it may be worthwhile thinking about investing in property near the best-performing state schools, especially in the postcodes surrounding the top 30 state schools.
A fresh survey of 4,000 adults by financial services provider Santander has revealed that more than a quarter (27%) of parents with school-age children have either bought or rented a new property to secure an address in the catchment area of the best schools.
According to Santander, families are prepared to spend an 11% premium, on average, which equates to almost £24,000 in the current property market, to move to their desired catchment area.
But similar research carried out by Lloyds Bank this week suggests that parents are actually now willing to fork out an extra £53,000 to live near the best-performing state schools.
In the postcodes surrounding 30 state schools achieving the highest average GSCE results in England last year, property prices average around £366,744, which is 17% higher than the national average, Lloyds Bank said.
While the data provided by Lloyds and Santander differ widely, they show that property prices near the top state school are likely to outstrip the national average, on the back of insatiable demand from families wishing to provide their children with the best education.
Therefore investing in a property near a top state school may very well prove to be a ‘shrewd investment’ Lloyds Bank said.
According to the bank's research, parents who acquired a home near one of the top 30 schools just before their child first entered secondary school in 2011 have seen an average house price rise of £76,000, which is significantly higher than England as a whole, where the average price of a home has increased by £42,145 over the same period.