Homes near top state schools in Scotland cost on average over £40,000 more
Parents who want to stay near a top performing state school in Scotland end up paying a premium of £41,000 on average compared to average house prices as a whole, new research shows. Homes near Cults Academy in Aberdeen have the highest premium of £102,497 or 52% compared to average house prices in neighbouring parts of the city, according to the research from the Bank of Scotland.
Overall house prices near Scotland’s top 20 performing state schools have an average cost of £231,476 and as a result buyers are paying a premium of £41,441 or 22% when compared to houses in surrounding areas at £190,03. However, staying close to eight of the top 20 performing state schools costs less than the surrounding area. For example, top performing Jordanhill School in Glasgow comes with a house price premium of only £3,521 or 2%.
Houses near eight of the top 20 schools actually cost less than the average for the local authority that they are in. St Luke’s High School in East Renfrewshire comes with the biggest discount of £100,29, some 40% less, followed by both St. Ninian’s High School and Lenzie Academy, both in East Dunbartonshire, with a discount of £55,369, some 24%less.
The second best performing school, St. Ninian’s High School in East Renfrewshire, comes with a premium of £16,659 or 7%, followed by Mearns Castle High with a slightly higher premium of £36,291 or 15% but fourth placed Williamwood High comes with a discount of £14,091, some 6% less. The most expensive area featured in the top 20 is Boroughmuir High School in Edinburgh with an average house price of £365,804 which is £121,952 or 50% more expensive than the surrounding area.