The price of a three-bedroomed home in the London Borough of Bromley currently equates to that of a one-bedroom flat in nearby Dulwich, so is this the only reason for Bromley’s increasing popularity?
Average house prices are currently at the lower end for London, although they are predicted to cross the half million pound threshold by 2019, along with Brent, Kingston-upon-Thames, Ealing, Tower Hamlets, Harrow and Waltham Forest.
The area has attracted funding to improve Bromley’s streets and the council is actively looking at improving public spaces and creating green spaces. Bromley North Village has received an economic boost to transform areas around the High Street, with its 300 shops and restaurants, including The Glades shopping centre, giving the area an updated look and feel in a bid to attract new independent businesses and improve footfall to the town centre.
Retail property unit vacancy rates are lower than the national average, at 6.6% compared to the 10.4% average at February 2015 figures. Bromley’s Pavilion Leisure Centre has recently undergone a £5m upgrade and schemes are in place to improve other areas with planning consent already in place for the regeneration of St Mark’s Square, Bromley South, to include 200 luxury apartments, multiplex cinema, hotel, car parking and restaurants – all within two minutes of the train station.
Bromley is a major shopping destination, boasting a good range of national and independent shops and retail outlets, and the Bluewater Centre is around 25 minutes away. The Churchill Theatre is an excellent cultural attraction, which attracts major touring and West End productions.
There is an excellent transport network, with central London just 9.3 miles away, good motorway links nearby and trains running to Waterloo, Charing Cross, Victoria and London Bridge. The concept of a tram system has been discussed and you need only look at cities like Nottingham to see how this might transform Bromley.
With 90% of children this year accepted at one of their top three choices of school (72% to their first choice), Bromley is a good choice for families with a good range of both independent and state schools nearby. With a population of around 300k people, there is a strong first time buyer’s market with property values increasing annually by around 9.5%. At the other end of spectrum, there is a good range of excellent value retirement properties.
The proposed planning improvements and subsequent increase in demand for housing will inevitably drive up prices, eventually making Bromley unaffordable for some of the next generation as it becomes subject to the ‘gentrification’ experienced in other areas of London and larger cities around the country.
For advice about property in Bromley, contact Bromley Chartered Surveyors here.