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.”
At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets.
For further information about how we can assist, contact Steve Govey or your usual Beavis Morgan Partner.