Parents in England are facing a £195,919 premium to live near an Ofsted rated ‘outstanding’ state secondary school, new research from Trussle has revealed.
The online mortgage broker used Zoopla data to examine house prices across 703 postcodes in England that included Ofsted rated ‘outstanding’ state secondary schools.
Ofsted rates schools as outstanding if they “provide exceptionally well” for their pupils’ needs and “prepare them for the next stage of their education or employment at the highest possible level”.
The research revealed that a home in the postcodes with an outstanding rated school secured an average price of £446,919, a figure £195,919 above the ONS average English house price of £251,000.
In 2019, the broker had revealed that buyers faced an average additional cost of £180,116, although following economic uncertainty from the COVID-19 pandemic, the latest research revealed this premium has now increased by £15,803 in a single year.
“Recent reports suggest that buyers’ are prioritising space and access to green areas above all else since the recent lockdown,” commented Trussle head of mortgages, Miles Robinson. “But, the increasing premiums of house prices near ‘outstanding’ rated state secondary schools clearly demonstrates that parents are still prioritising their children’s education above other factors.
“As a result, this continues to drive up prices near top schools and the premium on homes within these areas will be welcome for those already living there.
“However, purchasing a home near a good school doesn’t mean you need to necessarily pay above the odds. The most expensive homes near top rated schools are of course in and around the capital.
“What’s more, there are a huge number of areas across the country that offer competitive prices against the average cost of a home. And so, for those who might be willing to consider relocating, there are still opportunities to secure a dream home that will also put your child’s education first.”
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