Parents In The North West Paying The Highest Premium To Live Near The Best Schools

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4th November 2013 15:40 - Housing

In a new study carried out by Lloyds Bank, it has been discovered that parents would typically pay a premium of £31,000 to buy a house near to one of England’s top performing state schools although many parents on an average wage would struggle to afford a house near one of the best performing schools. The study reveals that house prices in these areas are on average £295,972 which is a shocking nine times the gross average wage of £33,740.

The most expensive area to live in the survey were houses near Henrietta Barnet School in Barnet, north London, with houses costing around £863,340 which is around 20 times gross local annual earnings. The survey goes on to reveal that parents would be paying a premium of eighty seven per cent (or £403,600) to buy a home there, houses in Barnet generally stand at £460,740. The second most expensive area to live in is the postal district of Tiffin Girls and Boys School in Kingston-upon-Thames with house prices on average reaching £617,454 which is fifty one per cent higher than those in the rest of Kingston-upon-Thames generally.

The same research also looked at the top ten performing state schools across England, findings point to parents in the North West paying the largest premium to live near these schools with house prices typically costing twenty eight per cent more than homes in the rest of the area generally. Yorkshire and the Humber parents pay the second biggest premium at eighteen per cent followed by those in London paying fifteen per cent more.

Housing economist for Lloyds Bank, Nitesh Patel, said: “All parentswant to ensure their children have access to the best schools, so it is not surprising that homes in areas close to the top-performing state schools typically command a significant premium over neighbouring areas.However, with the availability of suitable homes in short supply, high demand has led to average prices in many of these areas being out of reach for many buyers on average earnings."

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