The UK housing market is enjoying an unusually active summer, with demand, sales agreed, and available stock all running higher than this time last year. But in Bromley as across much of the South East sellers are competing in a market where choice is plentiful and buyers are highly price-sensitive.
Nationally, Rightmove reports that the average asking price has fallen by 1.3% this month to £368,740. This is a typical seasonal dip, but sharper than average given the back-to-back price cuts seen since June. Zoopla shows that the rate of house price growth has slowed to just +1.3% annually, with the UK average now £268,400.
Locally, the South East has seen a significant rise in the number of homes for sale up 16% year-on-year according to Zoopla. In Bromley, this surge in stock means buyers have more choice than at any time in recent years. Well-presented, competitively priced homes are still selling quickly, but properties that come to market at ambitious askingprices are struggling to attract attention.
Despite softer prices, buyer activity is strong. Rightmove has recorded the best July for sales agreed since 2020, with completions up 8% on last year. Zoopla also reports buyer demand up 11%, alongside an 8% rise in agreed sales. In Bromley, families and commuters remain particularly active, keen to take advantage of improved mortgage conditions and complete moves before the autumn school term.
Affordability is playing a major role. Rightmove’s mortgage tracker shows the average two-year fixed rate has fallen to 4.49%, compared with 5.17% a year ago, saving buyers over £100 a month on a typical mortgage. At the same time, changes to affordability testing mean some buyers can now borrow up to 20% more than they could three months ago without any increase in interest rates.
Stamp duty, however, continues to weigh on the South East market. Zoopla highlights that 83% of buyers now pay stamp duty when they move, with the average bill around £2,500. For Bromley, where family homes regularly sit well above the national average, transaction costs are considerably higher, making buyers more cautious about stretching their budgets.
Looking ahead, both portals expect the market to remain busy but restrained on price. Zoopla has revised its 2025 forecast down to +1% growth, while Rightmove emphasises that early, realistic pricing is key. Their data shows that homes priced correctly at launch find a buyer in around a month, compared with more than three months for those that require reductions.
For Bromley sellers, the takeaway is clear: it is still a strong market for motivated movers, but buyers are spoilt for choice. Homes in sought- after areas such as Chislehurst, Shortlands, and near Bromley South station are attracting attention if priced sensibly, while overpriced listings risk stagnation.
With mortgage affordability improving and the potential for further interest rate cuts before Christmas, the second half of 2025 looks set to remain active. Success in Bromley’s high-supply market will depend on realism, timing, and strong presentation from day one.