The £175K house price premium for a top state school
Parents face a £175,000 house price premium to live near an Ofsted rated ‘outstanding’ state secondary, according to Trussle.
The online mortgage broker found that 78% of parents would consider moving home to be closer to an ‘outstanding’ rated secondary school and 75% would be willing to pay a higher property price to do so.
Over half (54%) said they were willing to pay as much as 10% above the average market rate.
The price of education
Of the postcodes Trussle surveyed, over 76% had property prices above the average English house price of £271,000.
London continues to dominate the price rankings for postocdes near outstanding rated schools, with a top price of £4,042,394 for a home near The St Marylebone CofE School.
However, for parents looking for an affordable property near an ‘outstanding’ school, the most affordable location is Peterlee, County Durham (£98,080), overtaking Bradford which was the most affordable city in 2020.
Miles Robinson, head of Mortgages at Trussle, said: “There is no doubt that the pandemic has changed many aspects of our lives, including our choice of careers, how we spend our time and how we keep in touch with loved ones. However our research shows one thing that hasn’t altered; parents’ prioritisation of their children’s education when it comes to choosing a suitable family property.
“The housing market has been thriving since it reopened following lockdown, bolstered by the stamp duty holiday. The high levels of demand have acted as a catalyst for growing house prices across the country, whilst city centre locations like London, have suffered small dips in prices. This is good news for parents as the elevation of property prices across the board has led to a reduction in the premium parents face when choosing a home close by to an ‘outstanding’ rated secondary school.”