Parents should be prepared to pay a whopping £415,844 to buy a home near a top performing state school, research by Lloyds Bank revealed.
The lender calculated that properties close to one of the country's top 30 performing state schools cost 45 per cent more than the English average, where prices are around £287,229.
Andrew Mason, mortgage products director at Lloyds Bank, said: "All parents want to ensure their children get a good education, so it is not surprising that homes in areas close to the top performing schools typically command a significant premium over the surrounding area and high demand has led to prices being out of reach for many buyers."
The research, which looked at homes near secondary schools that achieved the best GCSE results found that properties near Beaconsfield High School in Buckinghamshire paid the biggest premium of £643,181 compared with the average house price in neighbouring areas.
Homes close to the Henrietta Barnett School in Barnet commanded the second highest premium of £367,632.
The data also found that high property values price out many parents on average earnings.
In fact, the average house price of £415,844 in the postal districts of the 30 best performing state schools is almost eleven times average gross annual earnings, which stands at £38,730.
| School | Postal District | County/borough | Average House Price 2017* (£) | Average House Price in County 2017 (£) | Premium to County 2017 £ | Premium to County 2017 % |
| Beaconsfield High School | HP9 | Buckinghamshire | ######## | £400,366 | 634,181 | 158% |
| The Henrietta Barnett School | NW11 | Barnet** | £991,050 | £623,418 | 367,632 | 59% |
| Dr Challoner's Grammar School | HP6 | Buckinghamshire | £646,964 | £400,366 | 246,598 | 62% |
| The Tiffin Girls' School | KT2 | Kingston upon Thames** | £725,692 | £558,064 | 167,628 | 30% |
| Tiffin School | KT2 | Kingston upon Thames** | £725,692 | £558,064 | 167,628 | 30% |
| Tunbridge Wells Girls' Grammar School | TN4 | Kent | £418,321 | £328,214 | 90,107 | 27% |
| The Skinners' School | TN4 | Kent | £418,321 | £328,214 | 90,107 | 27% |
| Stratford Girls' Grammar School | CV37 | Warwickshire | £359,195 | £270,821 | 88,374 | 33% |
| King Edward VI School | CV37 | Warwickshire | £359,195 | £270,821 | 88,374 | 33% |
| Bishop Wordsworth's Grammar School | SP1 | Wiltshire | £325,099 | £269,453 | 55,646 | 21% |
In fact, homes close to the Henrietta Barnett School – the second most expensive in this survey - are the least affordable with the typical property price of £991,050 in this part of north London, which is 22.2 times gross average annual earnings in the area.
Keith Churchouse, financial planner at Guildford-based Chapters Financial, has suggested there are still ways parents can save to move close to top schools.
He said: “Building deposit savings early to achieve sufficient funds to make a move is important, and using tax allowances, such as Isas, is always worthwhile.
“Regular saving, such as monthly arrangements, may be one solution to building a suitable fund over time. Future rising interest rates may help in this regard, although if you are already running a mortgage, then you are unlikely to find that the two positions balance out.”
He added parents should also review their borrowing costs to see if they can be reduced with the help of a professional and use any savings to build their deposit funds.
He added it is also important that parents review their risk profile for any existing savings against the target date for a move.
If their plan to move in the next three or so years, then staying in low risk funds is likely to be sensible as access to the capital in the shorter term will probably be required.
However, if they have a longer term plan, then he said maybe taking greater investment risk in the hunt for improved investment returns may be possible.
On the flip side, the data also found that parents do not always have to pay a premium to live near a top school.
Almost half of England's top 30 state schools – 14 in total - are in locations where the average property price is less than the average for the area.
With an average price of £288,430, properties close to the Reading School and Kendrick School, both in Reading, are £132,718 less than the county average.
This is the biggest discount for a house near a top performing state school within the survey.
