Homes near West Midlands’ top schools cost over 54% more than average, data shows
Four West Midlands schools on The Times Top 50 list see house price premiums in the surrounding areas.
When it comes to buying a family home - being near good schools is something that can factor in to the decision - but it could end up costing you more.
Hundreds of thousands more, in fact.
Research from Yopa has revealed that homebuyers face paying an average premium of more than £40,000 to live within reach of a school named in The Times Top 50 list - with the premium climbing as high as £275,000 in the most expensive location.
Figures released by the estate agents found that homes near England’s top 50 state secondary schools cost an average of £415,791 to £40,574 (9.8%) more than the wider local authority average of £375,217.
However, in the West Midlands, the cost can be considerably higher.
Bishop Vesey’s Grammar School in Sutton Coldfield tops the national table, with homes in the B74 postcode district averaging £509,964, which is 54.1% (£275,814) higher than the Birmingham average.
Sutton Coldfield Grammar School for Girls also ranks highly, with homes in the B73 postcode district averaging £402,432 – 41.8% (£168,282) more than the wider Birmingham average.
King Edward VI Camp Hill School for Girls and the King Edward VI Camp Hill School for Boys, in Birmingham, sees homes in the surrounding B14 postcode district averaging £273,247, which is £39,097 (14.3%) higher than the Birmingham average.
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.”
“Yopa’s Fund the Future initiative works with schools, sports clubs, charities and other local organisations across the UK to help raise vital funds for their communities. Supporters can host a Yopa sponsorship board outside their home, with money raised going directly to the participating organisation to spend where it is needed most.”