UK houses near top state secondary schools cost £40,000 more, research reveals

{"subheading":"The Impact of Schools on Property Values","paragraph_1":"The research by Yopa, an estate agent, found that houses in areas with top state secondary schools command a higher price tag, with the biggest premium observed in Sutton Coldfield.","paragraph_2":"The average property in a postcode district that includes a top 50 state secondary school commands a price tag of £415,791, compared to £375,217 in the wider local authority areas.","paragraph_3":"The premium of £40,574 is comparable to the cost of a cheaper private school over seven years, according to the Good Schools Guide. This premium is influenced by local market factors and varies across the country.","paragraph_4":"In Sutton Coldfield, the premium is as high as 54%, with homes in the B74 postcode district commanding an average of £509,964, a premium of £275,814 compared to the average of £234,150 in Birmingham.","paragraph_5":"In London, the biggest premium is paid by people living close to Henrietta Barnett school, a grammar academy for girls. The average property across its NW11 postcode is valued at 37% more than in the rest of the surrounding borough of Barnet.","paragraph_6":"However, there are some outliers to the trend. For example, in Reading, homes near Reading school and Kendrick school cost £276,870, which is £84,373 below the wider Reading average of £361,243.","paragraph_7":"The chief executive of Yopa, Verona Frankish, emphasized that for many homebuyers with children, the quality of local schools is one of the most important considerations when deciding where to live.","paragraph_8":"The research also revealed that in London, homebuyers with children who go to a nearby private school are opting in to a double whammy of extra costs, with properties near a top fee-paying establishment often located in the most upmarket areas.","paragraph_9":"Queen’s College, London, tops the table with homes across the W1 postcode commanding an average price of £1.92m, a premium of 54.5% compared to the wider Westminster average of £854,198.","paragraph_10":"The findings suggest that the quality of local schools can significantly impact property values, potentially affecting homebuyers and families considering where to live.","paragraph_11":"The research highlights the importance of local schools in the property market and the potential for homebuyers to pay a premium for proximity to top schools.","paragraph_12":"The study underscores the need for policymakers to consider the impact of school quality on property values and the potential for local authorities to invest in improving school infrastructure to mitigate these effects.","paragraph_13":"The research also suggests that the premium for houses near top state schools is influenced by local market factors, which can vary significantly across different areas of the UK.","paragraph_14":"The findings indicate that the cost of living in areas with top schools can be higher, potentially affecting homebuyers and families considering where to live.","paragraph_15":"The research by Yopa provides valuable insights into the impact of local schools on property values, highlighting the importance of school quality in the property market and the potential for local authorities to invest in improving school infrastructure to mitigate these effects."}