What impact does a good primary school have on NG1?
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 Abbey Road Primary School is one of the best local primary schools in NG2/NG1.
The figures don’t lie: in the last academic year, 95% 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 38% of pupils hit the “above national average” level five. You can’t argue with a low pupil to teacher ratio either. Abbey Road Primary School has an average class size of 23.6, 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 750m zone around Abbey Road Primary School has an average sold property price of £266,900 in July 2016, whereas 4km away the average sold property price was £214,400, a 19.7% premium.
Property prices 750m versus 4km away from Abbey Road Primary School
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 NG1 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 NG1 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.
NG1 flat and house prices
The last 18 months have seen a seismic shift in the underlying dynamics of the UK economy. While the long term effects of Brexit on property prices remain to be seen, price levels in NG1 remain robust, as the adjoining chart shows. Prices for flats have increased 19.2% since May 2016.
Sales in NG1 by quarters
It is the time of year when we can reflect on how the last four quarters have performed. The adjacent chart splits the total number of sales for all property types into quarters. Not surprisingly, first quarter of 2016 was the strongest quarter with 116 sales (45.3%) in NG1. The last quarter of 2015 saw 80 sales, which equates to 31.3%.
What jobs do people do in NG1?
The percentage of people employed in various industry sectors is often a good indicator of the distinct character of an area. In NG1, the largest number of jobs were in Retail, taking up 20.0% of jobs. Hospitality had the second largest number of jobs with 16.0% of jobs.
The mix of bedrooms and property types in NG1
The number of bedrooms in houses and flats in NG1 is a useful indicator of the type of housing stock available. In NG1, the mix is:
1 bed flat 7.2%
2 bed flat 26.2%
3 bed flat 10.7%
3 bed house 26.6%
4 or more bed house 13.6%
(Dated January 2017)