Homebuyers in Warrington, Cheshire pay the biggest premium to live near top-rated schools, with house prices rising by a third (33%) compared to the wider area, according to comparethemarket.

The price comparison site said that the average property price in the town is £243,000, but a home near an Ofsted-rated ‘outstanding’ school would set you back £322,321.

The most expensive place to live in the UK is Western Central London, including Soho, Fitzrovia and Charing Cross, where the average house price is a whopping £1.2 million.

But homebuyers can expect to pay over a quarter of a million pounds (£266,667), or 22%, extra to live near schools rated ‘outstanding’ by Ofsted, where the average house price is £1,466,667.

Cheaper locations

The most affordable area to live near ‘outstanding’ rated schools is Sunderland, where the average house price in Ofsted ‘outstanding’ areas is just £117,747, 4% cheaper than the average house price in the area.

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Other more affordable areas with the best schooling options include Blackburn, Oldham, Cleveland and Wigan.

Mark Gordon, director of money at comparethemarket.com, said: “Living within the catchment area of schools rated as ‘outstanding’ by Ofsted is a top priority for parents wishing to give their children access to the best quality of education.

“The cost of living in these high-demand areas can be a big concern for families, who often face a trade-off between house price and quality of education. However, our latest research reveals that it is possible to still reap the educational benefits without the price tag.”