Homes near top state schools are in a class of their own as prices have shot up at double the rate of average properties.
Investors with buy to let homes near the best performing schools have seen their property values soar by an average £116,696 to £415,844 over the past five years.
Meanwhile, average home prices have risen 22% to £287,229 over the past five years.
Andrew Mason, of research sponsor Lloyds Bank, said:
“All parents want to ensure their children get a good education, so it’s not surprising that homes in areas close to the top performing schools typically command a significant premium over the surrounding area and high demand has led to prices being out of reach for many buyers.
“If being near a top performing school is a priority however, you don’t necessarily need to pay extra to do so with almost half of the top 30 schools being in locations that cost less than the average of that area.”
Homes near Beaconsfield High School in Buckinghamshire pay the biggest premium of £643,181 (158%) compared to the average house price in neighbouring areas.
Homes close to the Henrietta Barnett School in Barnet, North London, command the second highest premium of £367,632 (59%).
These schools are followed by Dr Challoner’s Grammar School in Buckinghamshire with a premium of £246,598 and the Tiffin Girls’ School and Tiffin School in Kingston upon Thames (both £167,628).
Fourteen of England’s top 30 state schools are located where the average property price is less than average for the area.
With an average price of £288,430, properties close to the Reading School and Kendrick School, both in Reading, are £132,718 (-32%) below the county average, which is the biggest discount for a house near a top performing state school within the survey.
These are followed by Aylesbury High School in Buckinghamshire, with a discount of £112,674 and King Edward VI Handsworth School in Birmingham (-£82,640), where average home prices are £113,675.