Watford is the second cheapest place to buy a house close to an ‘outstanding’ school, according to a new study.

It is well known that houses near top schools will carry heftier price tags as parents try to get their children in the catchment area.

However, a University of Technology Sydney (UTS) study has compared government data on house prices with the percentage of schools rated ‘outstanding’ by Ofsted to find where families are most likely to get more for less in England.

Just up the M1, Luton took the top spot with 23.75 per cent of its schools holding the top grade and the average price being a little under the UK average at £278,925.

Watford was close behind because, although its homes are significantly more expensive on average at £391,184, a much higher 29.26 per cent of schools are ‘outstanding’.

Middlesbrough was third with a much lower average house price of £135,551.78 while still having 14 per cent of its schools rated 'outstanding'.

Burnley, Dover, Hastings, Liverpool, Lancaster, Bradford, and Darlington rounded out the top 10.