Property InvestmentProperty News
Revealed: The One Simple Thing that Adds £180k to a Property’s Value
We’ve all watched TV programmes where homeowners refurbish or extend their properties in order to make a profit. There are so many ways to add value to your home from converting the attic or cellar to installing a new, top of the range open-plan kitchen or an all-singing, all-dancing, modern bathroom. Even simple, low-cost activities such as painting the front door or cutting back an unsightly, overgrown garden can add a decent amount of money to your property price. However, according to new research, there is a sure-fire way to add an incredible £180k to a property’s value without doing any work yourself.
That’s right £180,000. With the new school term beginning this week, new research has revealed that living near an Ofsted-rated ‘outstanding’ secondary school can add £180K to the value of a property. In fact, parents face paying a significant £180,116 premium to live near one of England’s ‘outstanding’ state schools, research from online mortgage broker Trussle has found.
Ofsted rates schools are said to be outstanding if they are judged to ‘provide exceptionally well’ for their pupils’ needs and ‘prepare them for the next stage of their education or employment at the highest possible level.’
Trussle’s research, which used Zoopla to analyse live asking prices in the postcode areas of all 703 Ofsted outstanding rated state secondaries, academies and colleges in England as of 14th of August 2019, found homes close to more than three quarters (76%) of England’s best-rated state schools have asking prices higher than the £247,000 average house price.
However, it is parents hoping to move close to the outstanding Holland Park School in West London who face paying the highest price in the country to live in the catchment area, with average property prices costing £3.42 million*. In fact, the research found that 19 out of the 20 most expensive areas with outstanding state schools are in London.
Top 10 most expensive areas with ‘outstanding’ rated state schools:
| School | Average house price in postcode area of school |
| Holland Park School | £3,423,474* |
| The Grey Coat Hospital | £2,804,316 |
| Pimlico Academy | £2,804,316 |
| The St Marylebone CofE School | £2,737,792 |
| Saint Thomas More Language College | £2,680,913 |
| Westminster Academy | £1,854,859 |
| Chelsea Academy | £1,607,513 |
| Ark King Solomon Academy | £1,576,368 |
| Central Foundation Boys’ School | £1,535,137 |
| Beaconsfield High School | £1,474,930 |
The research also revealed some better value options in London with ten of the top-rated ‘outstanding’ schools in postcode areas with typical asking prices under the London average of £467,000. For example, the capital’s best value outstanding school was found to be Harris Academy South Norwood in London with parents needing £356,639 on average to move nearby**.
Top 10 best value areas in London with ‘outstanding’ rated state schools:
| School | Average house price in postcode area of school |
| Harris Academy South Norwood | £356,639** |
| Brampton Manor Academy | £365,836 |
| Plashet School | £365,836 |
| The Latymer School | £366,923 |
| Ark John Keats Academy | £372,540 |
| Little Ilford School | £394,971 |
| Harris Academy Tottenham | £449,034 |
| Harris City Academy Crystal Palace | £452,741 |
| St Thomas More Catholic Comprehensive School | £464,776 |
| Harris Academy Greenwich | £464,776 |
Across England, the research located 167 top-rated state schools with homes valued under the national average price of £247,000. Out of all of the top-rated state schools in the country, Feversham Academy and Carlton Bolling College – both in Bradford, were found to have the cheapest nearby house prices – an average of £91,634. Overall, six outstanding-rated schools in Bradford appear in the cheapest 10 areas of the country.
Top 10 cheapest areas with ‘outstanding’ rated state schools:
| School | Average house price in postcode area of school |
| Feversham Academy | £91,634 |
| Carlton Bolling College | £91,634 |
| The Academy at Shotton Hall | £96,690 |
| Dixons Trinity Academy | £104,983 |
| Dixons McMillan Academy | £104,983 |
| Dixons City Academy | £104,983 |
| Cardinal Hume Catholic School | £107,698 |
| LIPA Sixth Form College | £109,483 |
| Dixons Kings Academy | £110,660 |
| Weatherhead High School | £111,219 |
Founder and CEO of Trussle, Ishaan Malhi, said: “It’s clear that the close proximity of a top-rated secondary school can have a significant impact on property prices in the local area. Living near to good schools is a priority for many parents – be it within the catchment area of certain schools or to reduce the amount of time ferrying children back and forth each day.
“The premium on homes within these areas will be welcome for those already living there. However, it will likely deter some parents from moving closer to outstanding schools – particularly in London where the average first-time buyer in the city now has to put down over £100,000 for a deposit.”
Now we know there isn’t an awful lot you can do to make a school outstanding apart from to be as involved as possible as a parent, or even better as governor, but what may be an idea is to find a home near a school with the potential to be outstanding. For example, an Ofsted ranked ‘good’ school with a new headteacher who ran an outstanding school previously. That way, when the school achieves the ‘outstanding’ ranking the new head will likely generate, you’ll be all set in your home to enjoy the £180k price increase!
Spotted any potential outstanding schools? Let us know, we’d love to hear!
