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Back to school

Catherine Deshayes

A new report has shown that property prices are far higher in locations which are close to good state schools

Returning to school after all these years may well be many people's idea of hell, but many are listing proximity to a good state school as a top priority when searching for a new home.

Due to this demand, estate agent Savills and building society The Halifax found that the price of the average home in the catchment area of a good state school was 12% higher than that of a property in an area without a good school nearby.

This is partly due to the rising cost of private education, which has risen by 41% in the last five years.

Halifax's Chief Economist Martin Ellis said, "Private school fees are going to be one thing that people are asking if they can afford and that could well put upward pressure on prices near good state schools."