Monday 05 September 2016 5:41 am

Parents are forking out more to buy homes near top schools

By: Jessica Morris

Parents are increasingly prepared to pay a hefty premium to buy a home within the catchment area of Britain's best state schools.

Lloyds Bank research released today showed they are willing to fork out an average of £53,000 more to live in an area close to a top performing state school — an increase of £13,000 (31 per cent) from last year.

Read more: The "elite" state schools which have become Oxbridge "feeder schools"

Average property prices in the postal districts of the best 30 state schools in England which achieved the strongest GCSE results in 2015 have hit £366,744, the research also showed. This means they trade at a premium of about 17 per cent compared to the county average.

Homes located near Beaconsfield High School attracted the largest premium, fetching nearly £1m. They're trading £629,021 (171 per cent) above the county average house price of £367,191.

House prices in the postal district of The Henrietta Barnett School trade at a premium of £429,506 (74 per cent) compared to the whole of Barnet — the second highest premium; followed by Sir William Borlase's Grammar School in Buckinghamshire with a premium of £220,082 and the Tiffin Girls School in Kingston upon Thames where nearby home values command an additional £192,011.

The top 10 are all grammar schools which require prospective pupils to pass an entrance examination.

Read more: Prime Minister Theresa May wants to end the ban on new grammar schools

Andrew Mason, Lloyds Bank mortgage products director, said: "Schools with the best exam performance are proving to be an increasingly strong draw for homemovers, as we've seen house prices rise sharply in locations close to such schools."

"The popularity of areas close to high performing schools may mean that homes remain unaffordable for buyers on average earnings."