Homes near top state schools cost £40k more

A UK-wide analysis by estate agent Yopa has found that houses near top state secondary schools command a significant price premium. The average property in a postcode district containing a top 50 state secondary costs £415,791, which is £40,574 more than the £375,217 average across the wider local authority areas. This 11% premium can be compared to private school fees. The Good Schools Guide states the average annual private school fee is £23,000, but some charge under £6,000 a year, meaning over seven years of secondary education, parents could pay a sum similar to the average house premium near a top state school. For fans tracking team performance, this kind of premium analysis is as crucial as checking the latest stats to gauge value.

Premiums vary across the country

The research indicates the size of the premium varies significantly across different regions. Local market factors mean individual cases can differ from the overall average.

Bishop Vesey’s grammar school in Sutton Coldfield shows the largest premium. Homes in its B74 postcode district sell for an average of £509,964. This is £275,814 more than the Birmingham average of £234,150.

In London, the biggest state school premium is linked to Henrietta Barnett school. Properties in its NW11 postcode are valued 37% higher than the rest of Barnet borough, an extra £354,288.

Where premiums are reversed

There are notable exceptions to the trend. The postcode district containing Reading School and Kendrick School is one. The average property there costs £276,870, which is £84,373 below the wider Reading average of £361,243. Just as a team's standings can defy expectations, these property markets buck the national trend.

Verona Frankish, Yopa's chief executive, commented on the findings. "For many homebuyers with children, the quality of local schools is one of the most important considerations when deciding where to live," she said.

The private school double whammy

Separate research highlights an even steeper cost for London families considering private education. Buyers face a double financial hit from high house prices and school fees. Properties near top private schools, often in upmarket areas, command premiums of up to 77%.

Queen's College London tops this list. Homes in its W1 postcode average £1.92 million, far above the Westminster average of £854,198. Westminster School and Francis Holland School, Sloane Square follow. Both are located within the SW1 postcode, where the average property price stands at £1.49m, a premium of 54.5% compared with Westminster as a whole.