Many factors influence house prices, including external factors outside of the vendors' control. If you are selling your home, there is a lot you can do to make the house more appealing to buyers. However, you also need to be aware that elements in the local community influence buyer behaviour. Therefore, the importance of schools for house prices shouldn't be discounted.
A study undertaken by Confused.com indicates that houses in a catchment area for Ofsted rated "Outstanding" schools can carry a premium of up to £100,000. As you would expect, the London property market is most affected by these price hikes, so if you have an interest in the Camberwell market, this factor should be under consideration.
The study found the average price for homes close to Outstanding schools compared to homes close to Good schools was £38,600 higher. The gap between home prices for Outstanding schools and schools which required improvement was around £78,000. For areas where schools were inadequate, the gap to areas with Outstanding schools was close to £100,000.
School ratings are a suitable barometer of local areas
In these examples, the school rating doesn't come alone. A school classed as "Outstanding" is likely situated in a more economically affluent area and has other benefits in the region. However, as a quick guide to an area's suitability, it is easy to see why school ratings are a recognised benchmark.
The following primary schools in Camberwell have all been ranked as "Outstanding" by Ofsted:
· Crawford Primary School in Crawford Road
· John Ruskin Primary School and Language Classes in John Ruskin Street
· Angel Oak Academy in Burcher Gale Grove
· Reay Primary School in Hackford Road
There are also 14 primary schools within a one-mile radius of Camberwell which hold a "Good" rating from Ofsted. This list includes schools such as Comber Grove, Brunswick Primary School, Loughborough Primary School and St James The Great Roman Catholic Primary School.
The fact there are so many well-regarded primary schools in and around Camberwell is of benefit to homeowners, as it is for buyers. If you are looking to promote your home effectively, provide information about the suitability of local schools and give buyers something else to think about.
Know the schools in Camberwell
If you are focused on secondary schools, Sacred Heart Catholic School holds an "Outstanding" rating from Ofsted. This school is on Camberwell New Road and provides secondary and 16 to 18 academic options.
There is also six schools or colleges classed as "Good" close to the heart of Camberwell, providing suitable options for all families. Schools in this category include Saint Gabriel's College, Ark All Saints Academy and Harris Academy Peckham.
If you're a family looking for an area with a range of well-regarded schools, Camberwell is worth considering, as the ratings indicate. If you're a Camberwell property owner, take comfort in knowing the abundant supply of positively reviewed schools in the area means households are looking for property in the area. There will also be households keen to pay the going rate, to ensure their child or children gain access to their school of choice.
If you want to sell your home, having the best estate agent helps. We can help you arrange a valuation for your property, and we're here to give you as much guidance and support as you need when selling your home. At Hunters Camberwell, we look forward to assisting you in selling your house.