Bromley Is Faring Well In London Housing Market

Published: 05/07/2021

At BR Estate Agent, we take a strong interest in the Bromley housing market. We also pay close attention to the London market as a whole, and we take immense pride in Bromley faring well in comparison with other locations.

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Since the start of 2020, £56.2 billion worth of real estate has been sold across London. This ensures London remains the dominant market for UK house pricing. The average price of property in the capital remains over the £500,000 level.

The breakdown of leading Inner London boroughs with respect to property sales is as follows:

  • The City Of Westminster is the leading area, with £3.74 billion worth of sold property
  • Wandsworth and Kensington and Chelsea both experienced £3.57 billion worth of sold property
  • Barnet enjoyed £2.6bn worth of sales
  • Lambeth experienced £2.4 billion worth of sales
  • Camden had £2.1 billion worth of sales
  • Hammersmith and Fulham experienced £2m worth of sales
Outer London has performed well

However, it wasn’t just Inner London areas that excelled, some of the Outer London areas experienced significant volumes of money in property deals, including:

  • Bromley was ranked fifth in the list of value of property sold in London boroughs, with £2.5 billion worth of sales
  • Richmond experienced £2.4 billion worth of sales
  • Croydon experienced £1.9 billion worth of sales
It will be no surprise to you to learn that this is the area that we are most interested in. Of all the London boroughs, Bromley is listed fifth in the financial volume of sales, and we are not surprised.

We have been busy throughout the past year, and we have spoken with many buyers and vendors. If you are keen to make a move in, out or around one of the more exciting areas of Greater London, get in touch and we will be more than happy to assist you.

Not every area of London has performed well

Of course, if you have areas which performed well, you will also likely have areas which don’t fare so well. The following areas saw less than £1 billion worth of property sales:

  • City of London, where just £150m worth of property was sold
  • Barking and Dagenham saw £506m worth of sales
  • Newham experienced £983m worth of sales
Arthur Sarkisian, Managing Director of Astons, commented: “Despite a slower rate of house price growth when compared to the rest of the UK, it’s fair to say that the London property market has held its own with billions of pounds worth of property changing hands despite the pandemic. Of course, it will come as little surprise that prime central London continues to account for some of the highest sums of property sold, but there is certainly a Covid influence that is presenting a slightly different landscape to what we might expect.”

Arthur concluded by saying; “London’s outer boroughs have become very popular and I don’t think anyone could have predicted that Croydon would rank as one of the most valuable areas of the London market. At the same time, demand and sold prices across the City of London have all but dried up and Newham is no longer riding the wave that came as a result of Olympic regeneration in the borough.”

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.