Homebuyers in Birmingham face paying an average premium of more than £40,000 to live within reach of one of the nation’s top state secondary schools, with the premium climbing as high as £275,000 in the most expensive location, according to research by estate agent platform Yopa.
The research analysed current house prices across the postcode districts home to the nation’s top 50 state secondary schools, comparing them with the average house price across the wider local authority to reveal the potential cost of buying near the very best state schools.
Average premium of 9.8 per cent across top school areas
The research shows that the average property across the postcode districts home to a top 50 state secondary commands a price tag of £415,791. That’s £40,574 more than the average of £375,217 across the wider local authorities in which these schools are located, equating to a house price premium of 9.8 per cent.
However, in some areas the cost of buying near a top-performing state school is considerably higher.
Bishop Vesey’s Grammar School tops the premium table
Bishop Vesey’s Grammar School in Sutton Coldfield tops the table, with homes across the B74 postcode district commanding an average price of £509,964. That’s £275,814, or 54.1 per cent, more than the Birmingham average of £234,150.
Sutton Coldfield Grammar School for Girls also ranks highly, with the average home across the B73 postcode district costing £402,432, a premium of £168,282, or 41.8 per cent, compared to the wider Birmingham average.
Yopa CEO comments on the impact for families
Verona Frankish, CEO of Yopa, commented: “For many homebuyers with children, the quality of local schools is one of the most important considerations when deciding where to live and, with the new school year approaching, education will be front of mind for many families considering their next move.
“This sustained level of demand naturally helps to support house prices within reach of the very best schools and our research shows that, on average, buyers face paying around £40,000 more to live within the postcode district of a top-performing state secondary.
“In some cases, this premium is considerably higher and so it’s important that parents consider the additional cost of buying in their desired area when planning a move, particularly in the current market where affordability remains stretched by higher mortgage rates.
“However, a top-quality state education doesn’t always require a property price premium and there are a number of highly ranked schools where surrounding house prices actually sit below the wider local authority average. For families willing to cast their net a little wider, these areas could provide the best of both worlds.”
