The speed limit at Scotch Street has been reduced from 40mph to 30mph following a road safety campaign.
MLA Sydney Anderson, a member of the Board of Governors at Richmount PS, said speeding through the village had been a cause of concern for some time.
He added, “Now that this reduction has been put in place I would hope motorists would respect the new speed restrictions and make this area a much safer place for everyone.
“We will now continue to work with the Education Authority and other agencies in an attempt to further enhance road safety in the Scotch Street area.”
His DUP colleague, Cllr Jonathan Buckley, thanked Richmount School and the local community for lobbying along with them.
Speeding through the built-up area has been an issue for some years, and the school had designed a series of road safety posters which they erected in the grounds, urging motorists to slow down and watch out for children.