Bridging Finance News:- Exceptional schools boost house price values by as much as £180,000 according to a study by online mortgage broker Trussle.
Ofsted has identified 703 outstanding rated state secondary schools, academies and colleges across England. Trussle found average asking prices in the same postcode areas as these schools was £427,116 – £180,116 more than the average house price in England of £247,000.
Chief executive, Ishaan Malhi , said: “Living near to good schools is a priority for many parents – be it within the catchment area of certain schools or to reduce the amount of time ferrying children back and forth each day.”
West London has some of the best schools but properties there are among the most expensive. For example, to move near Holland Park School parents typically need to buy a home worth £3.42m. In fact, 19 of the 20 most expensive areas with outstanding state schools are in London.
However, there were areas of London under the capital’s average house price tag of £467,000 which have outstanding schools. Trussle found South Norwood, where the average house price is £356,639, had London’s best value school, the Harris Academy.
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Homes close to more than three quarters of England’s best rated state schools have asking prices higher than England’s £247,000 average. Brokers Hank Zarihs Associates said this was something development finance lenders took into account when offering construction loans for new residential schemes.
Bradford offers the best value
Across England, there are 167 top-rated state schools with homes valued under the national average price of £247,000. Out of all of the top-rated state schools in the country, Feversham Academy and Carlton Bolling College – both in Bradford, have the cheapest nearby house prices – an average of £91,634. Overall, six outstanding-rated schools in Bradford appear in the cheapest ten areas of the country.
“It’s certainly worth parents who are considering their child’s future education weighing up the options available to them. Outside of London, there are over 160 top-rated schools with house prices in the area being under the national average,” said Malhi.
Ofsted rates schools as outstanding if they ‘provide exceptionally well’ for their pupils’ needs and ‘prepare them for the next stage of their education or employment at the highest possible level’.