A property’s desirability is often a popular subject when we are talking to homeowners and local investors. Sure, you will find that Kirsty and Phil are right, and it is all about "location, location, location", but the savvy property hunter has something else on their minds these days, and that is "education, education, education".
More and more people searching for a home are looking at a property’s proximity to a good school before signing on the dotted line. If you already have children, the importance of this cannot be taken lightly, while it is also something to think about for those who are planning on starting a family in the near future.
Ofsted report and rank all schools in the UK, with their results having a huge effect on how desirable a school is. Consequently, this has a knock-on effect on demand for nearby housing.
If you look at the league tables, you will see that St Mark's CofE Primary School is one of the best local primary schools in Bromley.
The figures don’t lie: in the last academic year, 92% of year six students hit the nationally expected target of level four and higher in the key areas of reading, writing and maths. It was also found that 52% of pupils hit the "above national average" level five. You can’t argue with a low pupil to teacher ratio either. St Mark's CofE Primary School has an average class size of 23.4, which means more teacher attention for each pupil and a greater chance of child progression.
These excellent results have impacted both local schools and property prices. The 1km zone around St Mark's CofE Primary School has an average sold property price of £529,600 in August 2016, whereas 6km away the average sold property price was £476,400, a 10.0% premium.
It is not quite the same story for secondary schools but there are good reasons for this. Your average secondary school is large, much larger than a primary school, so it takes in more pupils every year. This means that its catchment zone spans further than primary school's catchment zones. Parents do not need to live so close to a secondary school to be assured a place for their child.
The other issue is that according to the London School of Economics, the difference between the top and bottom 25% of secondary schools is not quite as dramatic as the top and bottom 25% of primary schools. A good primary school in Bromley is potentially going to have far more of an impact on a child than a good secondary school.
It’s not just buyers who look for property near a good quality school either. The number of renters across the country is increasing, with tenants now staying in rented homes for an average of four years. This opens up an opportunity for buy-to-let landlords to take advantage of properties available close to a school when they are looking for their next investment.
If you are interested in talking about the effect primary schools have on the Bromley property market, why not get in touch? Or perhaps you just want a general chat regarding buying and selling property? We would love to hear from you.