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Read Full Press Release Wednesday 20 September TH NOT FOR BROADCAST OR PUBLICATION BEFORE 00.01 HRS WEDNESDAY 20 SEPTEMBER 2017 £416,000 FOR A HOME NEAR A TOP PERFORMING STATE SCHOOL • Homes near England’s top state schools have an average house price of £415,844 – 45% higher than the English average. • Despite this, almost half of the top 30 state schools (14) are in locations where the average property price is below the average for the area. • In the past five years the average price in areas with a top performing state school has grown by £116,696 (or 39%); England as a whole saw a rise of £51,264 (22%). Parents looking to buy a home close to one of the country's top 30 performing state schools face paying an average house price of £415,844, according to new research by Lloyds Bank. This is £128,615 (or 45%) higher than in England as a whole (£287,229). Average property prices in the postal districts of the top 30 state schools in England - defined as the secondary schools that achieved the best GCSE results1 - were on average £43,490 (12%) higher than other locations in the same county (£372,354). Homes near Beaconsfield High School in Buckinghamshire pay the biggest premium of £643,181 (158%) compared to the average house price in neighbouring areas. Homes close to the Henrietta Barnett School in Barnet command the second highest premium of £367,632 (59%). These schools are followed by Dr Challoner's Grammar School in Buckinghamshire with a premium of £246,598 and the Tiffin Girls’ School and Tiffin School in Kingston upon Thames (both £167,628). (See Table 1) But parents don’t always have to pay a premium to live near a top school Almost half of England's top 30 state schools – 14 in total - are in locations where the average property price is below the average for the area. With an average price of £288,430, properties close to the Reading School and Kendrick School, both in Reading, are £132,718 (-32%) below the county average, which is the biggest discount for a house near a top performing state school within the survey. These are followed by Aylesbury High School in Buckinghamshire with a discount of £112,674 and King Edward VI Handsworth School in Birmingham (-£82,640). Paul O’Neill – Paul.O’[email protected] 07557 499 179 Wednesday 20 September Properties in the postal district of the King Edward VI Handsworth School in Birmingham - the least expensive in this survey at £113,675 - are the most affordable with a house price to earnings ratio of 3.7. Andrew Mason, Lloyds Bank mortgage products director said: "All parents want to ensure their children get a good education, so it’s not surprising that homes in areas close to the top performing schools typically command a significant premium over the surrounding area and high demand has led to prices being out of reach for many buyers. "If being near a top performing school is a priority however, you don’t necessarily need to pay extra to do so with almost half of the top 30 schools being in locations that cost less than the average of that area." Homes near top performing state schools outpace national average In the past five years, the average price in the areas with a top performing school has grown by £116,696 (or 39%) to £415,844. Over half (17) of the schools are in locations where the average value has grown by at least £85,000 since 2012. They include St Michael's Catholic Grammar School in Barnet with an increase of £208,403 (or 59%), Queen Elizabeth's School in Barnet (£187,786 or 47%) and Newstead Wood School in Bromley (£184,139 or 53%). All of these areas have comfortably outperformed England as a whole which recorded a price rise of £51,624 or 22% in the same five year period. (See Table 2) High property values price out many parents on average earnings Those who earn the average salary in these areas may find it difficult to purchase a property close to many of the best state schools. The average house price of £415,844 in the postal districts of the 30 best performing state schools is almost eleven (10.7) times average gross annual earnings (£38,730). This is significantly higher than the average across England of 8.1. Homes close to the Henrietta Barnett School – the second most expensive in this survey - are the least affordable with the typical property price of £991,050 in this part of north London, 22.2 times gross average annual earnings in the area. Houses in the postal district of the Beaconsfield High School are the second least affordable (22.1). (See Table 3) -ends- Paul O’Neill – Paul.O’[email protected] 07557 499 179 Wednesday 20 September Table 1: House prices in postal districts of the highest ranked* secondary state schools in England 2016 – House prices above county/borough average Average Premium Premium Average House Price to to Postal House Price in County County County School District County/borough 2017* (£) 2017 (£) 2017 £ 2017 % Beaconsfield High School HP9 Buckinghamshire £1,034,547 £400,366 634,181 158% The Henrietta Barnett School NW11 Barnet** £991,050 £623,418 367,632 59% Dr Challoner's Grammar School HP6 Buckinghamshire £646,964 £400,366 246,598 62% Kingston upon The Tiffin Girls' School KT2 Thames** £725,692 £558,064 167,628 30% Kingston upon Tiffin School KT2 Thames** £725,692 £558,064 167,628 30% Tunbridge Wells Girls' Grammar School TN4 Kent £418,321 £328,214 90,107 27% The Skinners' School TN4 Kent £418,321 £328,214 90,107 27% Stratford Girls' Grammar School CV 37 Warw ickshire £359,195 £270,821 88,374 33% King Edw ard VI School CV 37 Warw ickshire £359,195 £270,821 88,374 33% Bishop Wordsw orth's Grammar School SP1 Wiltshire £325,099 £269,453 55,646 21% St Olave's and St Saviour's Grammar School BR6 Bromley** £532,753 £496,525 36,228 7% New stead Wood School BR6 Bromley** £532,753 £496,525 36,228 7% Wolverhampton Girls' High School WV6 West Midlands £219,960 £196,315 23,645 12% Nonsuch High School for Girls SM3 Sutton** £424,288 £405,044 19,244 5% New port Girls' High School Academy Trust TF10 Shropshire £233,933 £215,026 18,907 9% Tonbridge Grammar School TN9 Kent £344,237 £328,214 16,023 5% King Edw ard VI Camp Hill School for Boys B14 West Midlands £193,488 £196,315 -2,827 -1% King Edw ard VI Camp Hill School for Girls B14 West Midlands £193,488 £196,315 -2,827 -1% Colchester County High School for Girls CO3 Essex £305,213 £329,726 -24,513 -7% Wilson's School SM6 Sutton** £373,165 £405,044 -31,879 -8% Queen Elizabeth's School, Barnet EN5 Barnet** £585,068 £623,418 -38,350 -6% Torquay Girls Grammar School TQ2 Devon £207,681 £247,585 -39,903 -16% Bournemouth School for Girls BH8 Dorset £259,928 £306,424 -46,496 -15% St Michael's Catholic Grammar School N12 Barnet** £563,622 £623,418 -59,796 -10% The Rochester Grammar School ME1 Kent £264,413 £328,214 -63,801 -19% Paul O’Neill – Paul.O’[email protected] 07557 499 179 Wednesday 20 September Westcliff High School for Boys Academy SS0 Essex £259,021 £329,726 -70,706 -21% King Edw ard VI Handsw orth School B21 West Midlands £113,675 £196,315 -82,640 -42% Aylesbury High School HP21 Buckinghamshire £287,692 £400,366 -112,674 -28% Reading School RG1 Berkshire £288,430 £421,147 -132,718 -32% Kendrick School RG1 Berkshire £288,430 £421,147 -132,718 -32% Top thirty State Schools average £415,844 £372,354 43,490 12% Sources: Lloyds, Land Registry and Department for Education * Average price for 12 months to May ** Local Authority data has been used for schools located in London Table 2: Five Year House price change in postal districts of the highest ranked* secondary state schools in England Average House Average Price Price House Price change in % change School Postal District 2017* (£) 2012* (£) 5 years in 5 years Beaconsfield High School HP9 £1,034,547 £760,757 £273,791 36% The Tiffin Girls' School KT2 £725,692 £479,207 £246,485 51% Tiffin School KT2 £725,692 £479,207 £246,485 51% St Michael's Catholic Grammar School N12 £563,622 £355,219 £208,403 59% Dr Challoner's Grammar School HP6 £646,964 £441,826 £205,137 46% Queen Elizabeth's School, Barnet EN5 £585,068 £397,282 £187,786 47% St Olave's and St Saviour's Grammar School BR6 £532,753 £348,615 £184,139 53% New stead Wood School BR6 £532,753 £348,615 £184,139 53% The Henrietta Barnett School NW11 £991,050 £807,425 £183,625 23% Nonsuch High School for Girls SM3 £424,288 £286,485 £137,804 48% Wilson's School SM6 £373,165 £236,326 £136,840 58% Tunbridge Wells Girls' Grammar School TN4 £418,321 £284,340 £133,981 47% The Skinners' School TN4 £418,321 £284,340 £133,981 47% Reading School RG1 £288,430 £191,023 £97,406 51% Kendrick School RG1 £288,430 £191,023 £97,406 51% Aylesbury High School HP21 £287,692 £194,171 £93,521 48% Bishop Wordsw orth's Grammar School SP1 £325,099 £237,517 £87,582 37% Tonbridge Grammar School TN9 £344,237 £262,021 £82,216 31% Westcliff High School for Boys Academy SS0 £259,021 £181,699 £77,322 43% Paul O’Neill – Paul.O’[email protected] 07557 499 179 Wednesday 20 September The Rochester Grammar School ME1 £264,413 £189,545 £74,868 39% Colchester County High School for Girls CO3 £305,213 £234,104 £71,109 30% Stratford Girls' Grammar School CV 37 £359,195 £306,639 £52,556 17% King Edw ard VI School CV 37 £359,195 £306,639 £52,556 17% Bournemouth School for Girls BH8 £259,928 £208,000 £51,928 25% Wolverhampton Girls' High School WV6 £219,960 £168,211 £51,749 31% King Edw ard VI Camp Hill School for Boys B14 £193,488 £145,782 £47,706 33% King Edw ard VI Camp Hill School for Girls B14 £193,488 £145,782 £47,706 33% New port Girls' High School Academy Trust TF10 £233,933 £210,626 £23,307 11% Torquay
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