As the summer holidays draw to a close, not all parents will be heaving a sigh of relief, as new statistics show that house prices near top schools have increased 26 per cent since 2011.
Lloyds Bank has found that average house prices have hit £366,744 in neighbourhoods that are close to England’s top 30 state schools. Parents are willing to pay an average of £53,000 more to live in these areas – an increase of £13,000 (31 per cent) from last year.
Commenting on the findings, Andrew Mason, director of mortgage products at Lloyds Bank, says: “Our analysis shows that since 2011 average house prices in areas with the best state schools have increased by £76,000, compared to a national increase of £42,145. And seven of the areas covered in this survey have seen house prices rise by over £100,000 in the last five years.The popularity of areas close to high performing schools may mean that homes remain unaffordable for buyers on average earnings.”
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