Average property prices increase by up to 33% in areas with ‘outstanding’ schools, according to research from comparethemarket.com.
Those in Warrington, Cheshire can expect to pay the biggest premium to live near top-rated schools, with house prices rising by a third (33%) compared to the average house price
Houses in areas with ‘outstanding’ rated schools are most affordable in Sunderland, Blackburn and Oldham.
The most expensive postcode to live is Western Central London, including areas such as Soho, Fitzrovia and Charing Cross, where the average house price is a whopping £1.2m.
Residents in this area can expect to pay over a quarter of a million pounds (£266,667), or 22%, extra to live near schools rated ‘outstanding’ by Ofsted, where the average house price is £1,466,667.
Mark Gordon, director of money at comparethemarket.com, said: “Living within the catchment area of schools rated as ‘outstanding’ by Ofsted is a top priority for parents wishing to give their children access to the best quality of education.
“The cost of living in these high-demand areas can be a big concern for families, who often face a trade-off between house price and quality of education.
“However, our latest research reveals that it is possible to still reap the educational benefits without the price tag.
“The quality of children’s education is not something that parents should have to compromise on, and the dream isn’t necessarily out of reach.
“By getting the right mortgage advice, using the right tools and following the right steps, it may be closer than you think. Our mortgage eligibility calculator helps families to see how much they may be eligible for.”