It has long been known that if you want your child to go to a particular school – an ‘over-subscribed because it’s really good’ school – you stand a better chance if you live close to it, rather than miles away.
Lloyds Bank have quantified this by looking at top state schools and the property prices near to them. At the top of the list, properties near to Beaconsfield High School averaged 186% higher than the adjacent areas at £636,132. Houses next to Henrietta Barnett School in Hampstead Garden Suburb command 76% more than houses a bit further away.
In six of the 30 postal areas, the premium for living close to the school exceeds £125,000.
Savills report that in London, the number of Tube Stations close to which (within 500m) the average property price is more than £1,000,000 has risen from 11 to 58 in 5 years. The top ones include Knightsbridge (where the average house price is over £4m) and South Kensington (over £2.5m), but joining them are Wimbledon Park, Highgate and Golders Green (just over the £1m mark). There is now one area in Zone 6 which has average house price of over £1m: £1,605,714 in Moor Park.
Recently, Barclays Mortgages, in conjunction with HomeTrack, conducted a study to see if the price of a house in the UK is different on a street, or on a road, or on a lane. It turns out, it is! They compared Avenue, Close, Drive, Lane, Road, Street and Way. Properties on a Lane averaged £246,906, whereas on a Street, the average was £142,374, over £100k different.
All regions – except London – have Street as the cheapest. However, the most expensive is regional: in London, a typical house is £424,841, whereas if it is on a Street, it is £566,406 – £140k more – and Close was the cheapest at £332,948. In Northern Ireland, Road was the dearest, and in Scotland the most expensive were on a Close.
In case you are interested, the order from most expensive to least was Lane, Way, Road, Close, Avenue, Drive and Street.
When Zoopla analysed London house prices, they found that all the most expensive “streets” were in Kensington. The top ten, however, were all Gardens, Avenue, Place or Crescent – not a Street among them.