The kids were back at school last week so we felt it fitting that we looked at how “outstanding” schools affect property values in Lancaster.
When it comes to property hunting, great schooling is a high priority on many families’ lists. This never surprises us, after all, a great education is one of the biggest gifts a parent can give their child.
Lancaster is a very unique city. Did you know? We are one of the few cities that does not have paid-for private schools. We have two excellent grammar schools. We also have a number of very well-regarded primary schools.
In Lancaster, 12% of homes have an outstanding primary school within their catchment area. In South Lancaster, the two outstanding primary schools are both in LA1 4 – St Bernadettes in Bowerham and Scotforth, St Pauls in Scotforth. Interestingly a home in this area costs, on average £218 per sq ft. The average home in Lancaster is £194 per sq ft. This means that in LA1 4, a property will cost approximately 12% more than the Lancaster average. Rents tend to be, on average, 5% higher.
We also looked at property prices where schools are rated ‘good’. In these locations, homes still command a higher price. Not as high as those in areas where schools are outstanding, but still, on average 10% higher than in areas where schools “require improvement”. Below that, the impact on house prices seems to fall away.
At JDG we include school data, along with the Ofsted rating and links to the school websites on all of our property details. Buyers tell us that they really appreciate this. We even show just how far it is from the house they are looking to the school gates!
If you would like to chat about the homes we have available in your preferred school catchment area, please get in touch. At JDG we are here to help!
Thanks for reading
Michelle
Ps. All the data has been supplied by our research partners at dataloft using research provided by Land Registry and Ofsted over the past 12 months.