Richmond Upon Thames Schools - Parkgate Estate Agents

Industry insights

Why good local schools increase the value of Richmond homes

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We’ve heard plenty about the ‘Waitrose effect’ and the ‘Crossrail effect’ in recent years, but what about the Ofsted effect?

According to a new study from housebuilder Barratt London, there is a close correlation between London house prices and Ofsted ratings.

Using official Ofsted data for London’s primary and secondary schools, the research grouped together the capital’s boroughs by their percentage of schools rated outstanding. It found that for every 10% increase in the number of ‘Outstanding’ schools, property prices rose by an average of more than £87,000.

It’s also the case that the higher the percentage of Ofsted rated outstanding schools in a borough, the higher the average property price.

Richmond upon Thames scores highly on education

The research found that Richmond upon Thames is the borough with the second highest average Ofsted rating in London, with nearly half of all primary and secondary schools (49.1%) rated as Outstanding. Only Kensington and Chelsea, where 61.5% of schools are rated Outstanding, was superior.

However, Richmond upon Thames benefits from being more affordable than Kensington and Chelsea, with an average house price of £670,000 compared to £1.3 million. The lower average price is likely to encourage more buyers to put down roots in the area, as will the excellent prospects of getting a child into their first-choice primary school. There is an 88% chance of parents getting their offspring into their first preference primary school, which again compares favourably to Kensington and Chelsea, where only 68.4% manage it.

While this falls for secondary schools – only 61.8% get into their first choice secondary school in Richmond upon Thames – the fact that most are good or outstanding means the chances of a child being in a well-performing establishment are high. Of the ten schools in the borough, only two have Ofsted ratings of Requires Improvement, while the others are Good, Outstanding or (in the case of two) new schools that haven’t yet received an Ofsted inspection.

The top place for KS2

Richmond upon Thames came out on top when the number of KS2 pupils performing to the expected standard was analysed (82%), while it was the fourth best borough for KS4 results. Some 57.7% of pupils achieved a strong 9-5 pass, while 76.1% achieved a strong 9-4 pass.

In total, Richmond upon Thames is home to 45 primary schools with 18,925 places, while the 10 secondary schools hold over 10,200 places. An impressive 49.1% have been deemed outstanding, while 40.4% are good and only 8.8% need improvement.

In other words, from a local schools point of view, Richmond upon Thames is likely to be very attractive to buyers with school-age children. Being in Outer London, too, means prices are more affordable, a family-friendly, community-led vibe is on offer, green space is plentiful and there are an excellent array of independent shops, restaurants, cafes and boutiques in the area.

So, if you are selling a family home in Richmond upon Thames, you should feel confident about strong demand and achieving a good price for your property.

Parents willing to pay a premium

It’s been known for some time that demand from parents for the best schools in a given area can provide a considerable uplift to house prices. Research carried out by Santander Mortgages in 2017 revealed that house prices in desirable locations were being pushed up by nearly £27,000 thanks to parents determined to secure a place for their child at their preferred school.

It found that parents were willing to pay an extra 12% on top of the market value for a home if it was in the right catchment area, while one in four parents either purchased or rented a new home to ensure they were in a particular catchment area.

A third bought a second home, half sold up to move elsewhere and a fifth chose to rent a home in a desirable catchment area, while 25% of parents said they had overstretched themselves on their mortgage.

This research was backed up with further findings from Santander this August, which highlighted that parents hell-bent on getting their children into one of the country’s top state schools are willing to pay tens of thousands of pounds more to live in the right catchment area.

The catchment area premium was at its highest in London, where parents pay an average of 15% (£70,675) more to live in the vicinity of their child’s first-choice school – comfortably more than anywhere else in the UK.

The findings also showed they are willing to make sacrifices, with 24% taking on extra hours at work, 20% downsizing their home, 25% witnessing their commuting costs rise and 17% saying their journey to work had now been made more difficult.

A clear correlation

As we can see, there is a clear link between the performance of local schools and average property prices. If an area is home to good or outstanding schools – as Richmond upon Thames is – then the demand from parents is likely to be high. This, in turn, increases your chances as a seller of achieving a quick, hassle-free sale.

You’re also likely to be able to command a premium, given the lengths parents are willing to go to live in their desired catchment area.

For more information about selling your property in Richmond, Sheen, Mortlake and Putney, please get in touch with Parkgate Estates on 02089402991, where our tailored marketing, hands-on approach and attention to detail can help you to get your home sold for the best possible price.

To find out how much your home could be worth in the current marketplace, you can request a free and instant online valuation.

Emre OvacıkEmre Ovacık
08:38 01 Sep 23
Very responsive, informative and always kind people. We didn't have much time, but they helped us with creating some time in their agenda and squeezing us in. We rented our place just in time, thanks to them.
Branka ObradovicBranka Obradovic
12:21 22 Feb 23
Parkgate has been my agent of choice for a number of years now and has secured good tenants for my properties. They are hard working, respond in a timely manner and best of all are always friendly rather than aggressive or overbearing, which is the case with many of their competitors.
Jorge RodriguezJorge Rodriguez
15:01 02 Feb 23
Excellent service throughout.We rented a property that they manage for 4 years.Parkgate team is very professional and approachable. Way better than dealing with a big agency, they offer a more personal approach, always available and willing to solve any issues.From the tenancy agreement to handing the property back, it has been a real pleasure working with them.
Catherine BrownCatherine Brown
12:16 30 Aug 22
I have had an eight year relationship with Parkgate, in fact they originally sold my flat to me 12 years ago in Putney. Their service and professionalism is unrivalled. They managed the leasing of my flat from 2014 and assisted me to negotiate the successful sale just now in 2022. Chris has been there throughout with an open door and no request too trivial to assist. Klaudia negotiated my sale and worked with amazing tenacity throughout. I would not hesitate to recommend Parkgate to anyone in the Putney/Richmond area, they know their stuff.
Ali ChampkinsAli Champkins
10:16 31 Jan 22
We have had a wonderful experience with Parkgate and would highly recommend them. Chris was brilliant on the valuation - what we liked is he was totally honest about our chances of selling and gave us the positives and negatives about our property (such as facing a council estate!). Other agents tend to just gush over the good bits which is great, but actually not that helpful.The selling process was great - we were given good feedback from the viewings and got the price we wanted within about 8 weeks.We really have nothing but praise for Klaudia and Chris, it's been really enjoyable, easy and stress free and we will be recommending Parkgate to all our friends in the area and our building.***** Thank you! *****