Postcode Premium: Trussle reveals the £180k house price premium to live near an ‘outstanding’ rated state secondary school
The average house price in England is £247,000³ but parents face an extra £180,000 premium if they want to move close to an ‘outstanding’ rated secondary school¹
Online mortgage broker, Trussle, reveals that less than a quarter of top state schools are in areas with house prices under the national average³
To move near to London’s Holland Park School, parents will need to be able to afford a home worth £3.42 million¹
Bradford’s Feversham Academy and Carlton Bolling College are the top-rated schools in the cheapest areas, with nearby house prices of just £91,000¹
London, September 2019 – The additional cost of buying a home near an ‘outstanding’ rated state school in England has been revealed as £180,000¹, following extensive research by online mortgage broker, Trussle.
There are currently 703 ‘outstanding’ rated state secondary schools, academies and colleges across England². Trussle has found average asking prices in the same postcode areas as these schools stand at £427,116¹ – a staggering £180,116 (or 73%) premium on top of the average English house price of £247,000³.
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.’⁴
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.
Parents hoping to move close to Holland Park School in West London face the biggest premium, with average property prices costing £3.42 million1. In fact, 19 of the 20 most expensive areas with outstanding state schools are in London.
There are some better value options in London with 10 of the top-rated ‘outstanding’ schools in postcode areas with typical asking prices under the London average of £467,000⁵. The capital’s best value outstanding school is Harris Academy South Norwood in London with parents needing £356,639 on average to move nearby1.
Across England, there are 167 top-rated state schools with homes valued under the national average price of £247,000. Out of all of the top-rated state schools in the country, Feversham Academy and Carlton Bolling College - both in Bradford, have the cheapest nearby house prices – an average of £91,634. Overall, six outstanding-rated schools in Bradford appear in the cheapest 10 areas of the country.
Founder and CEO of Trussle, Ishaan Malhi 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 deposit⁶.
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 like Shared Ownership can make owning a home more accessible.
Notes to editors:
For further information, please contact:
Leilah Mackie at Trussle: [email protected] / 020 3884 1660
Rupert Bhatia, Jess Riley or Olivia Nelson at Teamspirit for Trussle: [email protected] / 020 7861 3827
We’ve taken extra care to ensure the information provided within this release is presented in a way that’s compliant with regulatory requirements. If you have any questions about how to repurpose this information or require any further assistance, please contact Katie Halfhead at Trussle.
1. Trussle used Zoopla to analyse live asking prices in the postcode areas of all 703 Ofsted outstanding rated state secondaries, academies and colleges in England. These prices were collated between the 12th and 14th of August 2019 as per data captured here.
Calculation: Mean average house price across all 703 school areas = £427,116
£427,116 - £247,000 (English average house price) = £180,116
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