Published: 24/02/2021
Even with 2021 starting with another lockdown period, the London housing market looks as though it is in full flow. Information provided by Zoopla and Rightmove offer plenty of evidence that the market is thriving, and that there is considerable interest in the area.
In information provided by Zoopla, the current average value of a property in the capital stands at £660,754, which is 4.1% higher than this time last year.
When it comes to the London housing market, there are many different areas. You’ll find parts of the capital where the average price of property is more than one million pounds. There are also parts such as Barking or Dagenham where the average price of property is between £300,000 and £350,000.
There are affordable property options available for everyone
No matter what your budget is, it is likely there will be something which is suitable for you.
At the start of February 2021, Rightmove says this about the housing market in the BR1 postcode area:
“Properties in BR1 had an overall average price of £528,723 over the last year.
The majority of sales in BR1 during the last year were terraced properties, selling for an average price of £426,691. Flats sold for an average of £334,912, with semi-detached properties fetching £608,270.
Overall, sold prices in BR1 over the last year were 12% up on the previous year and 9% up on the 2018 peak of £486,602.”
For the BR2 postcode area, Rightmove says the following:
“Properties in BR2 had an overall average price of £532,633 over the last year.
The majority of sales in BR2 during the last year were semi-detached properties, selling for an average price of £571,247. Flats sold for an average of £325,120, with terraced properties fetching £468,690.
Overall, sold prices in BR2 over the last year were 6% up on the previous year and 1% up on the 2017 peak of £526,799.”
There isn’t much of a difference between the two, with the average price being slightly higher in the BR2 postcode region, although prices in the BR1 postcode area were rising faster.
Of course, as you can see, the average price for property in BR1 and BR2 is lower than the average price in the capital. While there are some parts of London which are more affordable than Bromley, there is a need to look at the value for money on offer in the area.
The housing market has changed considerably in the past year, and there is demand for areas further away from the heart of the city. Buyers are looking for homes with more space, and with nicer surroundings. In this regard, property in Bromley offers tremendous value for money for many buyers.
If you are looking to make a move in the Bromley property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone your BR Estate Agent on 020 3633 8620 from 9am till 9pm seven days a week or visit our website www.br-estateagent.co.uk for more information.