Outstanding Ofsted Report Adds Value To Homes
If you've purchased a property near a 'Outstanding' school as rated by Oftsted, then here's some good news for you!
- House prices are significantly higher in the catchments of Ofsted 'outstanding' primary schools, even compared to those ranked 'Good' in their Ofsted report.
- Average sale prices are 10% higher around a primary school with outstanding status, (based on £ per sq ft and compared with good status), while average rents are 5% higher.
- There's a similar price difference of 8% between 'Good' and 'Requires improvement' - the next Ofsted category down. Below that, the impact on house prices seems to fall away.
- There are regional differences. The relationship between Outstanding school designations and house prices is strongest in the North West.
If you're looking to purchase in a family area, it would make sense to try to find a property near an Outstanding rated school. Although it may cost a little more than the ones near a 'Good' school, in the long term, you should be be able to see a better resale value as there will always be demand for buyers looking at homes near excellent schools.
Source: Dataloft, Land Registry, Ofsted (last 12 months of data)
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