Most parents want to do anything to help their children have a good education, including spending over the odds to buy a house near a high achieving state school.
According to research from Lloyds, mums and dads typically spend £53,426 more to live in an area near to a state school that performs well.
Indeed, properties close to the top 30 state schools in England are £366,744 on average, which is 17 per cent higher than the typical value for homes at £313,318.
Andrew Mason, Lloyds Bank mortgages 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 findings showed parents are paying 31 per cent more for a house near a good state school than they were last year, as a greater number of mums and dads are desperate for their children to get a solid education.
What’s more, places near the top 30 schools in England have seen the average property value increase by £76,000 since 2011, a rise of 26 per cent. Comparatively, the national house price increase over the last five years has been a much lower 18 per cent.
Parents who are stretching their budget to afford a home in a good catchment area need to remember they will also need cash to redecorate or renovate the property when they move in.
Many houses require lots of renovation work, while you may want to extend the home with a Worsley conservatory or update some features such as install double-glazed windows or fit a new kitchen.
According to Zopa, 73 per cent of homeowners renovate their properties not to add further value to their homes but to enjoy the updates themselves. So if you have found a dream home in an area close to a good school, do not forget to put money aside to do up the property for the long-term as well.
House Adverts Mislead Homebuyers About Bedroom Sizes
