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Parents buying a home within the catchment area of a top primary school face paying a £21,000 premium.
New research by Santander found that properties close to sought-after schools cost 5% more than other local homes, a gap that can equate to tens of thousands of pounds.
Read on to find out how parents are planning ahead to secure school places and for advice on finding the right place to live.
Santander analysed house prices within the catchment areas of the top 500 state primary schools outside London. The results showed that, on average, parents pay an extra £21,000 to live in these areas.
Househunters are increasingly prioritising school options when searching for homes, ahead of other factors such as good transport links and proximity to friends and family.
63% of parents who responded to Santander's survey said they have paid or would pay more to live in the catchment area of their desired school. This compares to just 26% of parents in the bank's 2019 survey.
There are also signs that parents are willing to fork out more to live in the most sought-after areas. On average, respondents said they'd pay a premium of 12% to live in the right catchment area.
Santander's research found that parents are also planning well ahead of time when it comes to their children's schooling.
26% of parents surveyed said they started thinking about school options either when they were expecting or soon after giving birth.
However, the topic can be a source of anxiety. 20% of parents said they felt stressed about their child's schooling situation, and 10% said they'd suffered sleepless nights.
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In some instances, parents are willing to move further afield to secure a spot in a good school. 18% of respondents said they'd move areas for this reason, compared to 13% five years ago.
On average, parents said they were willing to move up to 25 miles to find the right catchment area. However, 10% said they'd move more than 40 miles.
Around 20% of parents said they'd be willing to stretch their finances to make a move happen, while a similar percentage (19%) said they'd cut down on holiday spending.
A separate study by the online estate agent Yopa also analysed how house prices correspond with highly rated schools.
Yopa found that a property close to a school with an 'outstanding' Ofsted rating costs an average of £359,000. This drops to £305,000 for homes near 'good' schools, and £277,000 for properties near schools 'requiring improvement'.
Overall, the average price gap between areas with an 'outstanding' school and an 'inadequate' school (the lowest Ofsted rating) was £116,000.
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There are some extreme examples. Yopa's research shows the biggest gap in price occurs in Devon's TQ8 postcode.
There, living close to a school with an Ofsted rating of 'good' costs an average of £822,000, compared to the average local authority price of £327,000.
Northumberland's NE20 postcode also sees stark differences in price. NE20 has five 'good' and one 'outstanding' school. Average property prices near these six schools are £450,000, more than double the local authority average of £203,000.
If you're thinking of moving home, it's important to do your research before taking the leap.
As well as the property you'll be buying, you'll need to think about how the new area fits in with your daily needs and lifestyle.
For example, does the town have good healthcare facilities, pubs and restaurants, and - if you're commuting to a city - reliable transport links?
For more advice, and details of how to spot an up-and-coming town, see our guide on finding the best place to live.
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