Tunbridge Wells schools & the impact on property: purchases, rentals, buy-to-let.

As any parent understands, schools are an important consideration when moving house. The school system in Tunbridge Wells is unusual in that it still offers the selective grammar schools system, requiring pupils to pass the Kent Test (widely known as the 11 Plus) in order to apply for places. Schools in the town for pupils of all ages are, in general, excellent but places are over-subscribed.

A well-regarded school can have a positive effect on house prices, while a struggling school can reduce demand in the area, both from a tenant’s and buyer’s perspective.  Buyers have become noticeably more price sensitive across the country over the last two years but the array of good schools in Tunbridge Wells will always attract buyers keen to move into their catchment areas, whether that is buying or renting property.

PwC published a report in the final quarter of 2019[i] on the cost of buying a house close to a good school and concluded (unsurprisingly) that prices in the immediate vicinity of a good school can be higher than prices of homes in the wider surrounding area, specifically stating that:

·        A top primary school can add 7% to a property’s value

·        A top secondary school adds 6%.

Using data from 2017, PwC concluded that houses within the catchment of the top 10% of English primary schools in the South East (excluding London) cost on average £34,000 more than those in the wider postcode district, while houses near the top 10% of English secondary schools in the South East cost an additional £3,000.

A report by Zoopla in 2018 estimated that property near to the Tunbridge Wells Girls Grammar school attracted an eyewatering 28% premium on county-wide prices:

This inequality in house prices caused by the high performing schools is balanced out in Tunbridge Wells by areas not adjacent to the best schools being highly desirable for other reasons e.g. proximity to the High Street and Pantiles, or offering a particular type of period property.

PwC also reported that areas with fewer places at top schools have higher high house price premiums, especially in the case of primary schools. The limited number of spaces at all the good schools, particularly at primary level, has long been a concern in Tunbridge Wells so is definitely a factor that we should expect to see impacting our local property market.

Some parents will choose to live in Tunbridge Wells so they can send their children to an oustanding secondary school without having to pay private fees or boarding. Results are excellent year on year for pupils studying at Tunbridge Wells Girls’ Grammar School,The Skinners School, Bennett Memorial Diocesan School, Tunbridge Wells Boys Grammar and St Gregory’s Catholic School (which was  42% Catholic pupils at the last denominational inspection in March 2018). More useful information comparing each school is available in our previous blog: A Guide to Schools in Tunbridge Wells.

Tunbridge Wells and surrounding areas also have several Ofsted-rated ‘outstanding’ primary schools in the town and surrounding villages e.g. Speldhurst, Langton Green, St Peters, St James, and many more rated ‘good’ e.g. Wells Free School and St Johns, which are again in the same TN4 postcode as the grammar schools (to the north of the town).

The desired schools in Tunbridge Wells being clustered in a relatively compact part of the town meaning the demand on local property from which a child can walk easily to school or be assured of being in catchment is exceptionally high. Rentals should fly off the books, for good rental values, and houses are likely to sell quicker than average as there are buyers waiting to move in before school place applications need to be completed.

Timetable for school applications and offers, Tunbridge Wells (www.kent.gov.uk):

There is something of a self-perpetuating situation as a quality school can push up house prices because of an influx of wealthy parents willing to pay more than a property is typically worth to send their children to a good school. As more and more wealthy families move into an area, this in turn helps the school to maintain – and indeed improve – its standards and results. We see this in Tunbridge Wells where many families are moving out of London specifically to take advantage of the good state schools, with big budgets. ‘Value-for-money’ is a relative term isn’t it and parents wishing to move near to desirable Holland Park School in West London for example, face average property prices of £3.42 million! [ii]

It’s not just high-performing state schools which can increase property prices and demand, but independent schools, too.  In Tunbridge Wells we are lucky to have independent choices for pupils of all ages; the Mead School for ages to 11, and Rose Hill or Holmewood House for pupils to age 13, and Beechwood Sacred Heart independent day and boarding school for pupils aged 3 – 18, plus Mayfield is only  a short drive out of town and take girls 11 to 18.

From an investment point of view, therefore, it’s clearly a very good idea to do some research into local schools before buying a property to rent out, or come and talk to us at Belvoir as we’ll happily advise you based on the extensive local education and property knowledge in our team. 

One option that may optimise buy-to-let returns in the long-run is to buy in an area where a struggling school has recently been taken over by a head teacher with a proven track record for turning schools around. The influence that a good Head can have on a school and it’s subsequent rise in performance may help generate ‘higher than average’ property price growth as well as ensure there is a constant demand from tenants, who may also be willing to pay a premium to get their children into their preferred catchment area. This has certainly been the case with Skinners Kent Academy where places at the school (open to both sexes and all abilities – a rarity in Tunbridge Wells) are now highly sought after even by pupils leaving the private sector primary schools. Original Principal Sian Carr made a huge impact on the former High School, turning it from a school no-one wanted to go to into an ‘outstanding’and over-subscribed secondary. Mrs Carr has recently handed over the reins to Dr Hilary Macaulay who has an impressive background in schooling in Bristol and is expected to maintain standards.

Thinking laterally, a struggling school that is holding back prices could actually be to your advantage as a landlord if you choose to target tenants without children. It may be possible to find a property that doesn’t cost so much in the vicinity that will still rent for a reasonable price to young professionals, or older couples whose children have flown the nest, ensuring your yield returns.

As always, if you would like specific advice about investing in buy-to-let property in Tunbridge Wells, whether you are targeting families or not, please do get in touch. Members of our team at Belvoir are local parents with children who have been through, or are still in, the local education system and have first-hand experience. We would be delighted to help. 

[i] Source:  https://www.pwc.co.uk/services/economics-policy/how-school-performance-affects-house-prices-england.html

[ii] Home Owners Alliance, 5 September 2019: How much extra would you pay to buy a house near an Ofsted “outstanding” school?