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How being near top schools impacts house prices

tech save moneyThe cost of a university education has already increased, but now it seems so too has the cost of regular education in the UK.

That’s because house prices near to the best performing state schools are now costing a premium, according to Lloyds Banking Group.

They report that anyone wanting to live next to the best 30 state schools in England will have to pay an average of £21,000 more for the privilege.

It results from average house prices in the surrounding areas of these schools now standing at more than £268,000.

However, some regions require even higher premiums, with five locations close to top schools seeing house prices up by more than £115,000 on other areas.

For postal districts around the best secondary schools, six of nine regions of England command a house price premium compared to their country average.

Premiums were highest in the south-east, with average prices in the postal districts of the top ten state schools up 27% – equivalent to more than £72,000.

Both East Anglia and the North West (25% and 24% respectively) also command a premium should parents wish to purchase property near to the best schools.

“There is strong competition for properties in areas where state schools are providing top quality education, often in locations with limited supply, which is supporting prices,” explained Marc Page, mortgages director of Lloyds Bank.

“Although property values can be significantly lower in neighbouring areas, many parents don’t appear to be put off from paying a premium to ensure their child has the best possible chance to attend their chosen school.”

One option could be for parents to pick homes that are further away from these schools but there are no guarantees of a place at a particular institution.

With many people facing difficulties entering the housing market, one option for tenants and homeowners to cover costs could be a personal loan, helping to cover any costs relating to any expensive or unpredictable outlays.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074