There are many things to consider about the London property market, and it is always important to factor in the unique elements of each area.
One of the key factors about the borough of Bromley is that it is the largest borough in London. Bromley covers 150km2, which is a substantial size. Only Hillingdon and Havering join Bromley in spreading over 100km2.
We think this is significant, and it is an important factor to consider when it comes the housing market.
People are looking for space when buying a new home
Events over the past year have led to many buyers seeking a home with open space nearby. People want to feel free, and they are moving away from the heart of the city.
When you consider the size of Bromley, how much space it covers, and the sense of freedom on offer in the area, it is easy to see why many people are looking to move to this area.
At BR Estate Agent, if you have any questions regarding the housing market in Bromley, we are here to assist you, so please get in touch.
Recent study by a property company in London has looked at the leading hotspots of the capital, and of course, Bromley features.
Bromley has a lot to offer
The data provided by the Government indicates there are 3,592,322 dwellings across London’s 1,595 km2, and this equates to 2,253 homes for every km2 in the capital. At this time, only 3.3% of this housing stock is listed for sale on the market via the major property selling portals.
Bromley is notable for its size, covering 150km2, and it had 139,689 properties as stock in the area. This equates to 930 properties per km2. The average number of properties listed for sale is 4,702 and this is 3.4% of the total stock. This figure is just above the London average, so the property on offer in Bromley is comparable with what is expected across the capital.
Marc von Grundherr, a director of the company who carried out the research, commented: “The London housing market differs so drastically from one borough to the next, that total housing stock and the number of homes for sale simply doesn’t demonstrate which areas are home to the most housing or currently seeing the most homes hitting the market. There’s no doubt that Covid is continuing to hit London’s more central locations, with the City of London seeing nothing short of a homeowner exodus as we continue to be restricted to working from home unless necessary.”
Marc concluded by saying; “For savvy homebuyers, analysing for sale listings in relation to housing stock gives a far clearer picture of where they might be able to secure a bargain purchase. Reduce stock and high demand will always push up prices as buyers battle to outbid each other. However, in areas where there is a more abundant level of homes available, you’re less likely to pay over the odds to secure one.”
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.