October 4, 2022

Properties shut to varsities with an impressive score carry a £37k premium

Newly launched analysis by property agent comparability web site, GetAgent.co.uk, reveals that houses shut to a college with an impressive Ofsted score not solely command the very best home costs, however they’ve additionally seen the very best price of home worth development for the reason that final faculty yr began.

GetAgent analysed the present common home worth throughout 1000’s of postcodes which might be house to an Ofsted-rated faculty throughout England.

The outcomes present that in postcodes the place a faculty has been rated as requiring enchancment, the typical price of a house sits at £305,230 having elevated by 13% or £35,067 within the final yr.

In postcodes the place colleges had been rated pretty much as good, the typical house at present instructions £341,238 within the present market, 11.8% or £36,008 greater than postcodes the place colleges had been rated as requiring enchancment. In these postcodes, home costs have climbed by 13.2% within the final yr, a rise of £39,734.

Nevertheless, postcodes house to a college with an impressive Ofsted score command the very best worth. The present common home worth throughout these postcodes sits at £342,677, having climbed by £40,145 within the final yr alone (+13.3%).

That’s a 14.5% property worth premium (£37,447) when in comparison with postcodes the place colleges had been ranked as requiring enchancment and a distinction of over £5,000 in property worth appreciation in simply 12 months.

Colby Quick, Co-founder and CEO of GetAgent.co.uk stated, “The presence of a very good faculty is an extremely influential issue in the case of native property market values and so it’s no shock to see that postcodes house to the next rated faculty additionally instructions the next common home worth.

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“Excessive demand for housing inside the catchment areas of those colleges drives up property values as dad and mom scramble to safe a spot for the kids. Consequently, not solely do houses command extra, however these near a top-rated faculty are additionally topic to the next price of home worth development resulting from a extra aggressive property market.”