Parents in parts of the West Midlands are paying tens of thousands of pounds to be near the top state schools, a report has found.
Families living in the postal district of Bishop Vesey’s Grammar School in Sutton Coldfield are forking out 79 per cent more for their property than the county average.
Meanwhile, parents living near Wolverhampton Girls’ High School and Newport Girls’ High School, in Shropshire, pay a 12 per cent premium.
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The study looked at house price sales figures from the Land Registry and GCSE performance data from the Department for Education.
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.
“Although property values can be significantly lower in neighbouring areas, many parents don’t appear to be put off paying a premium to ensure their child has the best possible chance to attend their chosen school.”
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 – 154 per cent higher than the typical property value in the county.
However, properties situated close to Bishop Vesey’s Grammar School command the second highest premiums in the country in percentage terms.
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The average price of properties near the school was £299,012, compared to £131,656 across the county.
Property prices near Wolverhampton Girls’ High School were £187,550, compared to the expected £167,355, and homes near Newport Girls’ High School cost £210,979, compared to an average of £187,548.
The study 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.
In the West Midlands, only Rugby High School, in Warwickshire, made that list with average prices of £209,604 standing at nine per cent below the wider average.