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Bromley is the largest borough in London by area, and one of the most rural. Previously home to HG Wells, David Bowie, and Charles Darwin, Bromley is largely residential, with efforts to help introduce new businesses to the area.
While Bromley is a great place to establish yourself and your family within Greater London, you may find yourself wanting to move from the borough. So what can you expect when selling your property in Bromley?
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Looking to sell your Bromley home?
As with the majority of London, property prices have been on the rise across the Borough of Bromley. The average property will set back potential buyers around £476,669. However, the price your property sells for will largely depend on the type of property you own.
Detached properties have seen a 9% increase over the last year, selling for £920,843 on average. Terraced houses, which are most demanded on the market, will fetch the sum of £420,021 on average, while flats should achieve the price of around £313,025.
Looking to rent your home?
You may want to move out of Bromley, but rent out your property. So what kind of rental income can you achieve?
One to two bedroom flats are most available on the rental market in Bromley, which achieve a monthly rental income of £952-£1,324 PCM.
Houses achieve the most rental income per month, with an average of £1,921 PCM, while single rooms will bring in around £555 per month.
Buyer demographic in Bromley
When advertising your home, you should expect to receive interest from couples and families, with the average homeowner aged 40 years old.
Enfield properties are quickest to be snapped up in North London, taking just 61 days for contracts to be signed and completed. Due to high prices, Barnet properties take the longest to sell at 115 days, although this is more in line with the majority of boroughs in London.
Haringey offers middle-ground selling times, taking just 71 days for property to sell.
Similar locations to Bromley
Bromley is a great place to establish yourself within London, whether are by yourself or with a family. Its affordability and largely rural location make it a great place to bring up children, with great transport into the city centre for work and culture. If you are looking for a similar rural location within London, you should maybe consider moving to Barnet or Enfield in North London. For more affordability and urbanisation, consider moving to the neighbouring borough of Croydon.
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