We have put this series of posts together on London’s 32 boroughs to give you a picture of what is happening in the new build market and where the opportunities will be in 2023. This guide features the London Borough of Bromley.
Information and timing are critical to generating wealth when it comes to investing in new build property. Most investors simply don’t have access to enough information to make an informed investment decision buying off plan. High quality information is reserved for big investors who get all the best deals.
2023 The Year of the Investor
Many are pessimistic about the short-term prospects for the London property market. We think it provides one of the best buying opportunities for buy to let investors in several years.
Good property investors make investments in times of uncertainty, the key to making a good decision is having access to all the information.
Brent – New Housing Analysis
Bromley has averaged 279 sales p.a. between 2022 and 2009. New construction starts over the same period have averaged 273 p.a. over the same period.
Over the same period new planning applications have average 442 p.a. over the same period, but have been much higher in:
- 2018 – 641
- 2020 – 508
- 2022 – 949
Bromley – Properties due to complete but Unsold
Whilst the number of sales and construction starts have remained around 270 p.a. there has been very little in the way on new completed stock in the market which has been unsold. Between 2009 and 2022 just 19 properties on average were completed and remained unsold.
There are 8 development schemes in Bromley under construction, 3 of which are BTR and one is on hold. Of the remaining four schemes, there are 112 properties due to complete which are currently unsold.
Opportunities for Investors in Bromley
Bromley is relatively affordable location for owner occupiers in London with the average price of new build circa. £662.50 per ft². Given it seems likely that most of the new build property due to complete next year will be absorbed by the market there seems to be little in the way of purchasing opportunities.
Risks for investors in Bromley
Bromley is likely a relatively low risk market from an investor perspective there is a good local rental market. However, it is likely that opportunities to buy well will also be few and far between.
If you want to find out more about which developments are likely to come to market next year in Bromley email us at [email protected].
You may also be interested to read our wider guide to the London Borough of Bromley, featuring more information and data about that borough, to help inform your property investment decisions.
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