Would you pay £21,000 more for a house near a top school?
We are all aware that private schooling can cost a “king’s ransom” but, we are not referring to sending our children to a private school; this is about the high prices being asked for houses in areas where the state school has a high reputation and is in demand. Unsurprisingly these top 30 state schools all have a selection system, but you must live in the catchment area if you want your children to take the selection test.
These are indeed shocking times when a premium for a house within the catchment area can be as high as £483, 031 above the average for the area, a staggering 154% and this is what is being asked for houses in Beaconsfield, for the highly regarded high school. This school is where 75% of all students achieved grades of A or A* and for a child with no siblings, the extra is about what it would cost at a private school!
This is an extreme case, but Bishop Vesey’s School in the West midlands has a premium of 78% on properties and Clitheroe Royal Grammar School catchment area has a price premium of 61%. Overall the average increases in price for houses within the top 30 performing schools in England was £20, 955 an increase of just over 8% on the average price of £247,143, which must mean that there are some areas that have only a very small, or no premium.