STEWART PATERSON
Political Correspondent
PARENTS in a Glasgow suburb are paying almost an extra 50% in house prices to live in top performing school catchment areas according to a new survey.
Streets near two state schools in Bearsden are in the top ten highest prices compared to the local average.
The report by the Bank of Scotland says homes near Bearsden and Boclair academies in the town to the north of the city can command an extra £107,000 due to the school reputation.
In the catchment areas for both schools the average house price is £331,300, while the East Dunbartonshire local average is £223,500.
The two schools’ catchment areas have recorded the biggest price increase in the last five years with homes rocketing by more than £100,000.
The average for the top twenty schools is just £33,000.
The school attract a higher than average premium, with parents across the top 20 performing schools in Scotland paying an average of £80,000 compared to the rest of the council area.
Mearns Castle High in East Renfrewshire is also in the top 10 with a premium of almost £50,000.
While the willingness of people to pay more for access to good state schools the bank recognised it means people on lower incomes are being priced out of these schools.
Graham Blair, mortgages director, Bank of Scotland said: “Being in the catchment for a good school is one of the major considerations parents take into account when purchasing a property and it is clear those choosing to buy near one of Scotland’s Top 20 state schools are paying a significant premium. “While homeowners buying in these catchments are likely to make a reasonable return on their investment over the longer term, it is also important to recognise that parents on low or average incomes may be unable to get their children access to the best schools.”
The school with the highest premium is St Thomas of Aquin’s in Edinburgh where prices are almost two thirds higher than in the rest of the capital.
People buying in the catchment area can expect to pay £377,000 while the average Edinburgh house price is £232,000.
The survey combined house price data from mortgage lenders with Scottish Government statistics on schools with the highest higher grade exam passes.
House prices near the top 20 schools have risen faster in cash terms than across the rest of the country the survey found.
The average increase across the top 20 was almost£33,000 compared to a rise of £27,500.