It is the time of year when we can reflect on how the last four quarters have performed. Not surprisingly, last quarter of 2015 was the strongest quarter with 614 sales (35.8%) in Bromley. The first quarter of 2016 saw 578 sales, which equates to 33.7%.
The last 18 months have seen a seismic shift in the underlying dynamics of the UK economy. While the long term effects of Brexit on property prices remain to be seen, price levels in Bromley remain robust. Prices for flats have increased 12.5% since September 2015 and house prices have increased 18.1% since May 2016.
In Bromley the majority of households are classified as "more comfortable" (35.3% of all households), 3.6% higher than London. The next biggest wealth band is "wealthy" (30.5% of all households), 2.0% higher than London. Wealthy 30.5% More comfortable 35.3% Comfortable 17.0% Getting started 17.2%
It is the time of year when we can look at how property prices in 2016 fared in comparison to the decade preceding it. With property price data still to come through for the end of the year, our estimates paint a promising picture. The average flat price increased by 6.5% to £303,600 and the average house price increased by 7.3% to £562,500 versus 2015 prices
The PRS (Private Rental Sector) in the UK has grown considerably in both size and importance over the last five years and is now worth a staggering £1.29 trillion. To contextualise, that is 1.29 million stacks of pound coins, with each stack being a million coins high. The PRS now makes up 18% of the housing stock in England alone and is expected to rise to more than a third by 2032