outstanding to good school status

be96erj

We have recently offered £300k on a house next to an outstanding school. However the school have now been downgraded to good.

My question is what do you think the house value has gone down by given the schools new rating? My guess would be 10%.

Dan-Dan

10% , really ? what oustanding snobbery
well done!

DilbertJones

Huh! Unbelievable!

freeisgood

It is true though, people pay more to live near an outstanding ofstead school. The one near us just dropped by two grades this year, the first thing I thought was "our house has just devalued".

zappahey

What a strange way of thinking.

kelpie35

OMG what snobbery.

Dan-Dan

freeisgood wrote: »

It is true though, people pay more to live near an outstanding ofstead school. The one near us just dropped by two grades this year, the first thing I thought was "our house has just devalued".

Have you got some good data to back this up? rather than just assumptions ?

bylromarha

It's not snobbery - it's the truth. People pay extra to guarantee getting their child into what they perceive to be the best education without paying for a private school.

Is it a secondary OP or primary? It'd be less if it's a primary.

FBaby

Depends on the other schools in the area. How oversubscribed is the school? OFSTED on its own doesn't mean much at all, especially as it's been accepted that they have tighten their criteria in the past year so that's it's much harder to get the outstanding status.

Dan-Dan

so , this magical 10% ?

duchy

be96erj wrote: »

We have recently offered £300k on a house next to an outstanding school. However the school have now been downgraded to good.

My question is what do you think the house value has gone down by given the schools new rating? My guess would be 10%.

Depends who else is out there in the market. You are assuming the price reflected the school's status and also that the only people who would be interested in the house would be parents of school age children who are in the state and not the private school system.

You may find the house is attractive to other market segments too in which case the school's rating is of zero relevance.

I think hoping to knock off £30K on what might be a blip (eg the school regains its previous status next year -)see the post above about OFSTED is much stricter this year)) is a pretty massive and optomistic assumption. Does £270K buy an identical house more than a mile from the school ?

EDIT Hang on a mo.... According to a previous post you've exchanged already !! (and wanted to break your contract as you weren't organized enough to move on your completion date). If your previous post was truthful then there is nothing you can do about the price anyway....