Top schools ‘add up to 25% to house prices’

Savills just put a price on a good education

After studying the latest set of national GCSE results, Savills has worked out there’s a chunky 25% premium attached to homes near the UK’s best performing independent schools.

In the postcode sector of the top independents, the average value is now £414k, a premium of £83k above the regional average.

As for non selective state schools, where catchment areas rule, prices are pushed up to an average of £400k, a full £66k (20%) above their regional average.

The analysis puts the average value of a home close to one of the country’s top 10% of state schools (where points per pupil average over 450 according to the Department of Education) at £348k, or a 12% premium.

Homes close to high performing selective state schools are much better value, says the firm, coming in at an average of just under £290k (a 2% premium).

A discount of 19% was recorded for homes close to the worst performing schools (under 300 points per pupil), which cost an average of £220k.

West Dorset appears to have the best combo in terms of choice of high performing schools and value. 79% of pupils are in top state and independent schools, while the weighted average house price around such schools is just £290,795, well below other high-ranking education hotspots like Tunbridge Wells (£403,592) and Epson and Ewell (£464,748).

Lucian Cook, head of Savills UK residential research: “This analysis tells us that many families will compromise on most things, but will do everything in their power to ensure best education for their children, including paying top dollar for their homes.  While it is perhaps no surprise that some of the most expensive homes are in the proximity of top independent schools, parents opting for the private school route face the double whammy of high house prices and school fees.”