Bromley house prices dropped more than London average in September
House prices dropped by 1.3% – more than the average for London – in Bromley in September, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.7% annual decline.
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Hide AdThe average Bromley house price in September was £502,753, Land Registry figures show – a 1.3% decrease on August.
Over the month, the picture was different to that across London, where prices decreased 0.3%, and Bromley was lower than the 0.5% drop for the UK as a whole.
Over the last year, the average sale price of property in Bromley fell by £8,800 – putting the area 19th among London’s 33 local authorities with price data for annual growth.
The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 6.4%, to £509,000. At the other end of the scale, properties in Kensington and Chelsea lost 20.6% of their value, giving an average price of £1,203,000.
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Hide AdFirst steps on the property ladder
First-time buyers in Bromley spent an average of £391,300 on their property – £7,700 less than a year ago, but £33,500 more than in September 2018.
By comparison, former owner-occupiers paid £584,400 on average in September – 49.3% more than first-time buyers.
Property types
Owners of detached houses saw the biggest fall in property prices in Bromley in September – they dropped 1.4% in price, to £1,049,412 on average. Over the last year, prices dropped by 1.1%.
Among other types of property:
How do property prices in Bromley compare?
Buyers paid 6.5% less than the average price in London (£537,000) in September for a property in Bromley. Across London, property prices are high compared to those across the UK, where the average cost is £291,000.
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Hide AdThe most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and 2.4 times the price as in Bromley. Kensington and Chelsea properties cost 3.5 times the price as homes in Barking and Dagenham (£346,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in September
- Bromley: £502,753
- London:£537,424
- UK: £291,385
Annual change to September
- Bromley: -1.7%
- London: -1.1%
- UK: -0.1%
Highest and lowest annual growth in London
- Tower Hamlets: +6.4%
- Kensington and Chelsea: -20.6%