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Homes near outstanding Ofsted schools carry £37k premium

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The Ofsted effect: Homes close to varsities with an impressive rating across England carry a £37,000 premium, findings claim

  • Postcodes in England near schools rated outstanding by Ofsted carry premium
  • Data by GetAgent suggests the property premium is around £37,000 

Postcodes home to a faculty with an impressive Ofsted rating command the best prices across England, in accordance with latest research. 

The present average house price across postcodes near a faculty rated by Ofsted as outstanding sits at £342,677, having climbed by £40,145, or simply over 13 per cent, within the last 12 months alone, experts at estate agent comparison website GetAgent suggest. 

This represents a 14.5 per cent, or £37,477, property price premium in comparison to postcodes where schools were ranked as requiring improvement, and a difference of over £5,000 in property price appreciation in only one 12 months.

Ofsted rules: Postcodes home to a faculty with an impressive Ofsted rating command the best prices across England, in accordance with latest research by GetAgent

Many parents and guardians buy or rent within the catchment area of outstanding or good rated schools in a bid to offer their child the most effective possible education and begin in life. But it could possibly prove a costly move when it comes to property prices. 

Colby Short, co-founder and chief executive of GetAgent.co.uk, said: ‘The presence of a very good school is an incredibly influential factor in relation to local property market values and so it’s no surprise to see that postcodes home to the next rated school also command the next average house price.

‘High demand for housing throughout the catchment areas of those schools drives up property values as parents scramble to secure a spot for the kids. 

‘Consequently, not only do homes command more, but those near a top rated school are also subject to the next rate of house price growth resulting from a more competitive property market.’

In postcodes where a faculty has been rated as requiring improvement, the typical cost of a house stands at around £305,230, having increased by 13 per cent or £35,067, within the last 12 months.

In demand: Properties across England near a school rated outstanding are in high demand

In demand: Properties across England near a faculty rated outstanding are in high demand 

And in postcodes where schools were rated nearly as good, the typical home has a price tag of about £341,238 in the present market, which is 11.8 per cent or £36,008 greater than postcodes where schools were rated as requiring improvement. In these postcodes, house prices have climbed by 13.2 per cent over the past 12 months, representing a rise of £39,734.

The evaluation  by GetAgent was focused on the present average house price across 1000’s of postcodes which are home to an Ofsted rated school throughout England.  

Data published by the Office for National Statistics last month revealed that UK house prices increased by 7.8 per cent within the 12 months to June, down from 12.8 per cent in May.

Despite UK house prices increasing between May and June, annual house price inflation slowed resulting from the rises in prices seen in June 2021, which were the results of tax break changes, the ONS said.

The common UK house price was £286,000 in June, which is £20,000 higher than this time last 12 months. The subsequent ONS House Price Index is resulting from be published on 14 September. 

This week, data from Halifax revealed that house prices within the UK increased within the 12 months to August after a fall in July.

Nonetheless, on a monthly basis house price inflation slowed to 11.5 per cent, down from 11.8 per cent in July. The common UK house now costs a record £294,260 in accordance with the bank’s latest house price index.

But, the annual rate of growth for the 12 months to August 2022 slowed to its lowest point in three months. Over the quarter house prices increased 2.6 per cent.

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