Bromley A Hotspot For Million Pound Properties

Published: 15/02/2021

There is a lot of focus on the housing market right now, and many buyers are looking for larger homes with more space.

Of course, larger homes often cost more money, and there has been a study into the number of £1m properties in England and Wales.

It was found that there are 12,251 homes sold for at least £1m in the past 12 months, and the average price was £1,333,286. London accounts for 58% of all million-pound property sales.

Bromley in the top 20 of areas with £1m+ transactions.

Bromley features in the high price market

As of February 2021, Rightmove said the following about house prices in the London Borough of Bromley;

“Last year most property sales in Bromley involved flats which sold for on average £332,081. Semi-detached properties sold for an average price of £550,379, while terraced properties fetched £455,764.

Bromley, with an overall average price of £519,633, was similar in terms of sold prices to nearby Lewisham (£504,323) and Greenwich (£498,682), but was more expensive than Bexley (£385,349). The priciest area within Bromley was Park Langley (£1,041,696) and the least expensive was St. Mary Cray (£323,369).

During the last year, sold prices in Bromley were 5% up on the previous year and 4% up on 2017 when the average house price was £498,372.”

As for Bromley, Rightmove said this in February 2021;

“Properties around Bromley had an overall average price of £549,890 over the last year.

The majority of sales around Bromley during the last year were flats, selling for an average price of £328,495. Terraced properties sold for an average of £449,289, with semi-detached properties fetching £585,879.

Overall, sold prices around Bromley over the last year were 10% up on the previous year and 6% up on the 2018 peak of £517,256.”

What budget do you have for a new home?

Conducting a property price search for the London Borough of Bromley, as of the 3rd of February 2021, returns 145 properties listed with a price of at least £1m. For Bromley, as of 3rd February 2021, there are 50 properties listed with a price of at least £1m. This means Bromley accounts for more than one-third of the million pound properties in the borough.

Ben Taylor, CEO of the estate agency which conducted this research, said; “The higher tiers of the housing market have arguably suffered most due to Covid uncertainty and activity hasn’t been boosted to the same extent as a result of the current stamp duty holiday. That said, it’s reassuring to see that a robust number of transactions have still taken place despite the turbulence of the last year and this is a foundation that will no doubt be built on in 2021."

Ben Taylor concluded by saying; “Of course, London leads the way in terms of the sheer volume of sales but there has been activity across all regions of England and Wales and, in fact, some regions have seen these transactions complete for a similar or even higher average sold price than the capital itself.”

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 for more information.