Given the demand for space in property, it is no surprise to learn detached properties have risen in price. Any prospective buyer looking to step up in the size of their property will expect to pay for the privilege, but it could be costly.
At the end of February 2021, Rightmove had a total of 675 properties listed for sale in Bromley. This isn’t the full story of the Bromley housing market, but if you are looking for a snapshot, it is a great starting point.
Of the 675 properties, 66 were classed as a detached property. This means just less than 10% of the listed Bromley housing stock was detached property. As you’d expect, there was a broad stretch of house prices for detached properties in Bromley.
There were options at over £2m, and there were options around half a million pounds.
In comparison with the national market, you are unlikely to buy a detached house in Bromley for the average price of detached property across the country. This is not surprising when you consider the UK housing market.
A recent study into detached house pricing in the UK indicates this is a property type in demand right now.
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At the end of 2020, the average price of a detached property in the UK was £486,595. This is a rise of 10% or £43,365 compared to the end of 2019.
Information provided by the Halifax suggests this is the most notable boom in property in the past 12 months.
There was a rise of 3.19% for flats, equivalent to £4,533, which rose to an average price tag of £146,717
The increase for terraced properties was £11,178, a rose of 5.84%, taking the average price to £146,717
Semi-detached properties rose by 6.26% to £16,930, holding an average price of £287,313.
Russell Galley, Managing Director, Halifax, said: “As many continue to work from home, this has led to a significant increase in demand for bigger properties, which has likely driven the boost in price we’ve seen in detached homes versus other property types. Over the past six months, the average UK house price has risen by 6.3%, making it the market’s best half-year performance since early 2007. While this increase is good news for the market overall, it has further widened the rungs on the housing ladder – particularly for those looking to upsize to a detached property – making the jump more expensive than ever before.”
Flat owners have been advised they will be expected to pay an additional £55,823 to upgrade their property, and move into a terraced house.
Terraced property owners should expect to pay an additional £84,777 to move into a semi-detached property.
However, anyone looking to move from a semi-detached property to a detached house should be prepared to pay an additional £199,282.
Property price rises in 2020 means house price inflation as of the end of 2020 for property movers stands at 6.4%, and this is higher than it is for first-time buyers, which stands at 4.5%.
Russell added: “While price increases are good news for the market overall, this has impacted home movers looking to upsize, as the gaps between each rung of the housing ladder have widened significantly. Those who have been unable to take a step up the housing ladder in the last year or so may find it harder to trade up than ever before.”
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.