Boroughmuir High property premium tops £120k
Homes near the leading Edinburgh school are attracting a huge premium, according to the Bank of Scotland.
Last updated 21st Sep 2017
Parents trying to get their kids into Edinburgh's Boroughmuir High are shelling out a premium of more than £120,000 for a home in its catchment area.
That's the highest such figure in Scotland, according to research by the Bank of Scotland which looked at the country's top 20 performing state schools.
The average premium is £41,000, much lower than Boroughmuir's figure of £121,952 which is 50% more expensive than homes in the surrounding areas.
Homes near Cults Academy in Aberdeen have a premium of £102,497 which is 52% higher than average house prices in neighbouring parts of the city.
Houses near Bearsden Academy and Boclair Academy, both East Dunbartonshire, are 31% higher than the local average, with buyers paying a £71,040 premium.
Graham Blair, mortgages director at Bank of Scotland, said: "When buying a home, parents understandably want their children to be close to a top performing school.
"In areas such as Edinburgh and Aberdeen, the price tag for a house close to the best state schools is unsurprisingly large.
"However, in other areas, particularly East Renfrewshire, this doesn't appear to be the case with three of the top five schools being reasonably affordable, or even cheaper than houses in the surrounding area."
Scotland's top performing Jordanhill School in Glasgow comes with a house price premium of £3,521 (2%)
The Bank of Scotland research found the average cost of a house near one of the 20 top performing state schools is £231,476.
The research suggests that living near a top performing state school could be a shrewd investment based on house price performances over the last five years.
Parents who bought a home near one of the top 20 schools in 2012 have seen an average house price rise of £45,493 (from £185,983 in 2012 to £231,476 in 2017) - an increase of 24%