If you want to live within the catchment area of an 'outstanding' Ofsted rated school, you should expect to fork out £331,605 according to new research.
That's nearly £40,000 more than houses near 'good' rated schools.
A study conducted by Confused.com reveals just how much home owners should expect to pay to live near some of England’s most sought-after schools.
With the number of school pupils outstripping the number of places available, the 'school catchment crisis' is more prevalent than ever say Confused.com.
Experts at the site analysed the Ofsted ratings of 20,545 primary and secondary schools in England and found that the average house price increases considerably the better the local school.
The average house price near an 'outstanding' primary and secondary school is at £331,605, decreasing to an average of £292,933 for 'good' Ofsted rated schools.
Houses in school catchment zones with an Ofsted rating of 3 and 4 cost £253,121 and £235,242, respectively.
When looking at the schools with an 'outstanding' rating, the study found that although the average price to pay to live locally came out at £331,605, there are several postcodes that you could live in with house prices well under £100,000.
In total there are 4,168 schools that have received a top-level Ofsted rating, however, these are the top 10 with the cheapest house prices nearby.
On the other hand, the research also reveals that in London you could be paying up to £1.7 million just to be accepted into the best schools locally.
The data revealed that the average house price in London close to an 'outstanding' primary and secondary is £635,949, whereas living in an area with a 'good' Ofsted rating reduces the house price by £41,069.
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Buying a house in an area near a school that has received an ‘inadequate’ Ofsted rating is considerably cheaper, costing £461,273.
Sunderland is the best value place to live in England if you want your child to attend a top-rated school, the results show, with house prices costing an average of just £114,157. Buying a house near an outstanding school in Western Central London, on the other hand, will cost you a staggering £1,345,614.
Meanwhile, Birmingham is home to the highest number of top-rated schools (160) and average house prices by Ofsted rating fall below the national average (£327,285), at £248,504.
A spokesperson for Confused.com said: "Buying a home near a good school is something parents start thinking about years before the time comes. But what they might not realise is how much this is going to cost them."
