Costs increase when buying home near ‘outstanding’ school

Michael Lloyd

August 28, 2019

It costs around an extra £180,000 to buy a home near an ‘outstanding’ Ofsted rated school in England, online mortgage broker Trussle has found.

There are currently 703 ‘outstanding’ rated state secondary schools, academies and colleges across England and average asking prices in the same postcode areas as these schools stand at £427,1161, an £180,116 (73%) premium on top of the average English house price.

Ishaan Malhi, founder and chief executive of Trussle, said: “It’s clear that the close proximity of a top-rated secondary school can have a significant impact on property prices in the local area.

“Living near to good schools is a priority for many parents – be it within the catchment area of certain schools or to reduce the amount of time ferrying children back and forth each day.

“The premium on homes within these areas will be welcome for those already living there.

“However, it will likely deter some parents from moving closer to outstanding schools – particularly in London where the average first-time buyer in the city now has to put down over £100,000 for a deposit.

“It’s certainly worth parents who are considering their child’s future education weighing up the options available to them.

“Outside of London, there are over 160 top-rated schools with house prices in the area being under the national average – and government schemes such as Shared Ownership can make owning a home more accessible.”

Homes close to more than three quarters (76%) of England’s best rated state schools have asking prices higher than the £247,000 average house price.

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