How much will you pay for a house for sale in Bromley?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in Greater London $ How much will you pay for a house for sale in Bromley?

Bromley can be a tough place to find accurate information like any city in the UK. Read on to learn about which data to stay on top of when looking at house for sale in Bromley.

On top of this, keep reading for detailed information on the demographics of Bromley in London. This is crucial in finding out if the area is worth for looking at houses for sale in the UK for an investment over the long term too.

What are the people like in Bromley?

The city of Bromley, situated in London, is a particularly impressive part of the UK because of the specific demographics of the location.

In the below headings, the city of Bromley and its demographics will be compared to its wider location (Greater London). This includes population size, growth and population education now and into the future.

These statistics are heavily influenced by socio-economic factors and as a result this also shapes the projected house price of the houses for sale in Bromley. So, taking a good look at the data is essential to understand the area you are considering to buy in.

In Bromley, what are the deprivation levels like?

The deprivation levels of the UK can vary quite a bit. High deprivation levels signal a particular area has people who are struggling to make ends meet and pay for basic living expenses. For Bromley, in particular, the deprivation levels are 21%.

This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.

In the city of Bromley, how much green space remains for residents?

In the city of Bromley, there are 27.0 acres of green space per 1000 residents.

The charity, ‘Fields in Trusts’ recommends a minimum of 6 acres of green space per 1000 people so it is easy to see where Bromley is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.

In general, do people commit a lot of crime in Bromley?

For the city of Bromley, crime rate is at 88. So for every 1000 people in the area, 88 commit a crime which is prosecuted. Paying close attention to this figure of crime rate is not only important for the value of a house but also to calculate the maintenance cost of owning a house and how attractive an area can be for future buyers.

So, compare it to the nationwide average of 79.52 per 1000 people and consider if you are happy with this figure based on the price you’re paying for a house you’re interested in.

On top of this, houses that are in areas where there is a high crime rate tend to have to pay higher insurance rates, costing a homeowner in the long term.

Additionally, paying for further security on a house such as CCTV or potentially gates and fences that deter thieves may be necessary for an area with a high crime rate.

How much do people in Bromley earn?

You may be wondering what the amount people earn has to do with house price. Well, house prices generally go up as people earn more not just because they can afford more valuable properties but also because good areas generally attract more desirable infrastructure. For reference, the average household income is £56,275.

This may be better schools, doctors and areas with lower crime rates. This results in a snowball effect which polarises different areas further, increasing the demand for housing in richer areas by a greater amount. And increasing the proportion of people with high social grade scores. For Bromley this figure is 31%.

What is the social grade score of Bromley?

In the city of Bromley and throughout the UK, the social grade score is assessed by observing what type of jobs people have and then grouping this into a grading system.

In general, the people at the top of the scale (the A category) have the highest paid, most skilled jobs and this is just 4% of the general UK population. On the lower end of the scale, people who are on benefits, state pensions and also manual workers all are grouped into this category that represents the most unskilled.

When trying to determine if the area of Bromley has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 31%.

Below, you can see how this compares to the National average as the average for the top two categories nationwide is 27% (Adding together the A and B categories)

Social Score Category The proportion of the UK population (%)
A Professional, managerial or administrative 4
B Intermediate managerial or professional jobs 23
C1 Supervisory, junior managerial or professional jobs 29
C2 Skilled manual workers 21
D Semi and unskilled manual workers 15
E State pensioners, casual & lowest grade workers 8

In the city of Bromley, has the population grown or shrunk?

In the UK in general and specifically in the region in question, large population sizes can be good indications that there are a lot of people in the area looking for houses for sale which can drive up demand and therefore impact the cost. You should also check to see if the population is growing in the area too to show an increasing demand, this is even better. Currently, the total population of Bromley is 111,118.

Sometimes, smaller populations can have higher buyer demand than large populations on the other hand. This is because the price of houses and hence the demand for houses is based on a variety of variables.

The most important variable is the location of the houses for sale in the city of Bromley.

In Bromley, how has the population changed over the last five years?

In the last five years, over time, the change in population size was 2%. Looking at this figure can inform you of the buyer demand for the houses for sale in the area. Read more here

This may mean that the city has now started to slow down in terms of population growth or it may mean the city is also building a lot of houses which would indicate the supply of houses for sale will be matching the demand.

Making predictions about the future growth of Bromley is hence important in making a decision if capital appreciation of your real estate investment is something you’re after as a landlord.

Comparing this figure for the 5 year growth (2%) as well as the ten year growth in the subheading below should allow you to make some accurate forecasts on the growth rate. Click here to know more on the UK population trends.

Bromley population difference over 10 years?

The population has adjusted in the area of Bromley by 9% in the most recent decade. This change is even more useful when compared alongside the figure for the five year growth of the area too.

This will tell you if the population is changing at the moment or if change is more recent. Through this a landlord can accurately look at the fluctuations in population size of the area over time and therefore better understand the trend of the houses for sale in Bromley.

To make an example, the town of Salford which is a part of Manchester has seen a 10% increase in population. house price has therefore followed.

For the city of Bromley, what is the education level?

In the city of Bromley, 32% people have a degree from a university. The higher this proportion is, in general, the more likely it is that the population is able to buy a house.

Interestingly, as people who have degrees go up, the average income of the area goes up too. You can see if there is a correlation, the average household income in the UK is price34,000 and the average income in Bromley is £56,275.

This should correspond with the average percentage of people in the UK who have degrees at 22.6%.

In general, for the city of Bromley, what are the final purchase prices for the houses for sale?

In Bromley, houses for sale are sold at an average of £517,563. In general, multiple factors impact this figure because lots of variables impact properties valuation. This can include the quality of the buildings in general, whether the population has grown, if there is demand for housing or if there is a low crime rate which would make the area more desirable.

In the table below, you can see for yourself how the average price of a house for sale looks based on the different sizes of housing in Bromley. The exact amount of variation between the types of housing depends on the local demand for particular types of houses in the area.

Housing category Total final sale price
Aerage sold price (detached) £910,893
Aerage sold price (semi-detached) £586,457
Aerage sold price (terraced) £487,467
Aerage sold price (flat) £316,592

As you can see above, for Bromley, price varies based on the type of house that is being sold. If these prices shock you it could be due to population change in the last 10 years of 9% where lots of movement may inflate or deflate house prices.

Housing category Sale price per square foot
Aerage sold price/sqft £5,088
Aerage sold price/sqft (new build) £5,660
Aerage sold price/sqft (old stock) £4,993

Looking at the second table about Bromley, you are able to tell which type of housing is most affordable to you as a buyer. However, for a general overview of what house price is, the average price per square foot for a house in Bromley is £5,223.

Always consider average rental yield when searching for houses for sale in Bromley

Assuming you are not looking for a house for sale in a certain area because of private reasons such as being close to a family member or you have been relocated to a new office, these are some of the factors to consider in order to understand if an investment is worth your money.

Investors typically look at data such as the average rental yield, the average asking price of rent per month, rent turnover and sale turnover. These KPIs give property investors a solid idea of how the market is performing in that area.

For the city of Bromley, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; Greater London. As well as London, to give a smaller scale area to compare the data to.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Bromley 3.7% £1,647 136% 19.0%
London 3.96% £2,001 129.93% 12.05%
Greater London 3.88% £1,899 129.14% 13.30%

Assuming that in the future you want to re-sell the house you will eventually purchased in Bromley you might be interested in the number of sales per month (90) that happen in the local housing market. Comparing this figure for Bromley with the above table gives you a good understanding of the profitability of the area.

What is the growth in the housing market of Bromley?

Before committing to Bromley to make a housing investment, an investor should always ask the question, what is the growth like in the area?

So take a look below at the growth patterns of the previous years displaying the percentage of new houses being built. This will help you understand how the number of houses for sale will evolve in the future.

1 year 3 years 5 years
Bromley growth rate 4% 24% 20%

Whether housing growth actually changes the price of a house depends on if the city in question is outstripping demand with the supply of new housing. You’d have to do some more research on what rate Bromley is building housing to find your answer.

What are the asking prices for the houses for sale in the city of Bromley?

Average price of houses for sale in Bromley

Average asking price (1 bed) £278,800
Average asking price (2 bed) £430,687
Average asking price (3 bed) £600,458
Average asking price (4 bed) £872,027
Average asking price (5 bed) £1,290,500

Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£4,120) for houses for sale with this table to get a good idea as to whether Bromley is the right area to buy a house in for you.

As you go ahead and make offers on a house for sale, it is sometimes best to know what other people are offering for the same type of house for sale so you know what to offer yourself to get a good deal. So you should know, the average asking price of Bromley is £591,262.

Even though the asking price is not what the eventual price the house is sold at, making a note of the averages for the city of Bromley is useful when negotiating and knowing what to expect for every type of house for sale.

Professional advice for houses for sale in Bromley

Thinking about other cities with houses for sale?

We have prepared a list of cities in Greater London, the same UK region of Bromley that can help you evaluate the different houses for sale listed in the region:

Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.

A house for sale appropriate to your needs

Find here below a list of criteria that we suggest you consider before looking for houses for sale in Bromley

  • affordability – the UK gov website comes in helpful when you want to understand (see what house for sale you can afford)

  • Geographic Location – the county and region across the UK you are considering to invest in are crucial factors to consider when browsing houses for sale.

  • Transport network of the house for sale – Hopefully, the pandemic stays in the past. Therefore, working from home may become less predominant than a couple of years ago. Check the commuting time of the house for sale you are considering buying.

  • Bedrooms in the house for sale – are you looking for houses for sale for yourself, for a couple or for the whole family? This condition will narrow down the number of houses for sale relevant to buy.

  • EPC of the house for sale – today more than ever, the energy performance of the properties for sale on the market should be one of the first things you check.

  • Broadband speed – having a good internet connection is crucial nowadays. Always check the available subscriptions available for the areas of the house for sale you want to purchase

  • Are you a car owner? – if yes, you will have to check for parking availability of the house for sale. Does it come with a garage included in the price?

  • Conservation areas – when browsing for houses for sale, we suggest you take a look at the National Heritage list. When a house for sale is included it means that it is not possible for the future homeowner to make changes to the property, both inside and outside.

  • Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.

In today’s market with an abundance of homes available for sale, choosing the best house for sale can be challenging.
With several houses for sale to choose from, who will guide you through the process of choosing?
We have listed here below several experts and companies able to advise and support potential buyers.

The process of finding and investing in a house for sale can be lengthy and time-consuming, this is why we suggest you consult with the following professionals:

  • Banks – Lend you the cash
  • Insurance companies – Insure your new real estate investment
  • Conveyancer – handles all the legal labour that is needed to proceed in buying a house for sale.
  • Surveyor – Carries out an independent and complete property valuation of the house for sale
  • Mortgage advisor – If you are thinking to get a mortgage to get the finances needed to afford to buy a house for sale, a mortgage advisor is the person you should be looking for
  • EPC person – Always get a quote on the Energy Performance Certificate of the houses for sale listed in a certain city