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Parents fork out to live near top schools

Parents will pay a premium of more than £20,000 to live near to the country's top schools, a report has found.

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On average, the study found the typical house price next to one of the top 30 state schools in the country is £268,098, which is eight per cent higher than property prices in surrounding neighbourhoods.

Parents will shell out £187,550 on average to live by Wolverhampton's Girls' High School, while the average house price in the West Midlands is considerably lower at £167,355.

It placed the school eighth in the list of top state schools which command the biggest percentage premiums to live nearby.

Four-bedroom homes in Newbridge Crescent close to the school range from £200,000 to £499,000, according to Zoopla property website.

In St Judes Road, the street immediately outside the school, the average asking price is currently £239,398.

Families living in the postal district of Beaconsfield High School in Buckinghamshire were found to pay the largest premium to live there, with the average house price there standing at £796,909. This sum is more than £483,000, or 154 per cent, higher than the typical property value in the county.

Properties close to Bishop Vesey's Grammar School in Sutton Coldfield command the second highest premiums in percentage terms, when compared with average house prices in the surrounding county, being £131,656 or 79 per cent more expensive typically.

The study looked at house price sales figures from the Land Registry and GCSE performance data from the Department for Education. It also found that half of England's top 30 state schools are in locations where the average property price is cheaper than those in neighbouring areas.

The biggest percentage discount was found in the area of Devonport High School for Girls, where property values are 38 per cent or £83,375 below their county average. In cash terms, the largest discount can be found in the area close to Reading School, where the average house price is £107,979 lower than the county average.

Marc Page, Lloyds Bank mortgages director said: "There is strong competition for properties in areas where state schools are providing top quality education, often in locations with limited supply, which is supporting prices."

The research found that homes within the area of Beaconsfield High School cost around 18.2 times average annual local earnings.

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