New Build Investor Guide – Bromley

May 2021

Buying a new build property off plan? Check out our Area Guide first

Are you considering purchasing a new build, off plan property in Brent? Want to get the latest information on house prices, demographics and other useful information before you commit to a deal?

Our Area Guides give you the latest relevant information from local governments, the Census and the Office of National Statistics (ONS) data. They’re designed for offshore, new build property investors to help you understand an area in detail so you can make informed investment decisions.

Read on for investor details specifically about Brent but if it’s more detail about the wider UK property market you need, you can download our latest report here. In our report we address two key questions:

1 Is investing in UK residential property still worth it?
2 If so, where are the best opportunities for property investors and why?

Bromley, London

Bromley is one of 20 outer London boroughs and is located in South East London.  Spanning 57.97m2, it is the largest by area and is the southeastern most of the London boroughs bordering the county of Kent.


Demographics

Bromley’s population is forecast to grow by nearly 7% by 2030

Population (2018) 332,733
Forecast Population 2030 356,489

Source: data.london.gov.uk


Economically Active Population

A largely young, diverse, mobile population.

Age Range Percentage of population
16 – 64 62%
Under 15 21%
Over 65 17%
Martial Status:  
Single 34%

Source: data.london.gov.uk


Average Life Expectancy

The average life expectancy for those born in Bromley between 2016 and 2018 are below. Life expectancy in the borough is the 9th and 8th highest of all London borough’s for both males and females respectively.

Males 81 (UK average is 79)
Females 85 (UK average is 83)

Source: ons.gov.uk


Population Density (2011)

Bromley has 2,214 people per km2, which is the lowest population density of all London boroughs.

Source: ons.gov.uk

International Migration (2018-19)

1,540 new residents from overseas, the 5th lowest of all London boroughs.

Source: ons.gov.uk


Country of Birth

Location of Birth Proportion of Population
UK and Ireland 86%
EU 4%
Other countries 10%

Source: data.london.gov.uk


Crime & Safety

Crime Numbers (April 2017 – March 2018)   22,295
Crime rate per 1,000 population (April 2017 -March 2018) 68.2
Bromley has the 22nd highest crime rate per 1,000 people of all London boroughs.  

Source: data.london.gov.uk


Education

Schools

Primary Schools 97 (22 of which have an Ofsted rating of outstanding)
Secondary Schools      39 (9 of which have an Ofsted rating of outstanding)
Schools and Colleges (16-18 years) 37 (9 of which have an Ofsted rating of outstanding)

Source: compare-school-performance.service.gov.uk

Universities

None

Hospitals

Princess Royal University
Hospital Orpington Hospital

General Wellbeing

Population considering themselves in very good health 50%
Population considering themselves in very bad health Less than 1%

Source: data.london.gov.uk


Employment & Economy

78% of working aged people employed (compared to 75% across England 74% across London).

Top 4 Sectors of Employment

Public administration, education and health    30%
Distribution, hotels and restaurants 14%
Finance, banking and insurance 28%
Construction 7%

Source: data.london.gov.uk

Major Employers

In 2020, there were 45 companies in the borough employing more than 250 people and 165 companies employing between 50 and 249 people. (source: nomisweb.co.uk)

Jobs and Job density

Approximately 63,942 residents of Bromley also work in the borough. 38,686 people travel into the borough each day for work and 77,574 residents work outside the borough. The daytime population of the borough therefore decreases by 38,888 people each day. (source: data.london.gov.uk).

Median Gross Annual Pay for full-time employee jobs (2017) £31,365
Number of jobs in the borough (2019)            92,000
Jobs per resident        0.49 (London average 1.03 and UK average 0.87)

Source: nomisweb.co.uk and data.london.gov.uk


Housing

Number of residential properties in Bromley 139,220

Source: data.london.gov.uk


Property Ownership (2018) 

own property outright (no mortgage) 32%
own property with mortgage 40%
rent from a Housing Authority or the Local Authority 12%
rent from a private landlord (representing approximately 20,800 private rentals) 16%

Source: data.london.gov.uk

Household with no car or van (2011) 24%

Source: nomisweb.co.uk


Household Composition

One person households    31%
One family households     63%
Other  (sharers / students etc)   4%

Source: nomisweb.co.uk


Average House Prices

House prices in Bromley are the 14th cheapest of all London boroughs.

Average achieved price January 2020 £434,024
Average achieved price January 2021 £465,318
Increase/Decrease  +7.2%

Source: www.gov.uk


Volume of Sales

During the COVID pandemic, the number of property transactions fell by 16%.

Number of residential sales to year ending September 2019 4,577
Number of residential sales to year ending September 2020    3,894

Source: ons.gov.uk


Achieved Rents (January to December 2020)

Mean monthly average rents in the borough:

  London Median Rents
(per calendar month)
Bromley
(per calendar month)
Studio     £950 £800
1 bedroom £1,200 £1,000
2 bedrooms £1,450 £1,250
3 bedrooms £1,750 £1,550

Source: london.gov.uk


New Build Developments in Bromley

Just two new build large developments in Bromley are currently available apartments for sale . Average asking prices are set out below.

Construction PropTech Pioneer

Mabrey Works (Bellway)

Total Number of Apartments 159 (108 private)
First Launched January 2021

Visit Website


Average Prices – Maybrey Works

  Minimum Average Maximum
Price £357,500 £448,429 £551,000
Price per ft² £620 £644 £671
Area (ft²) 538 699 872

source: Molior

  Minimum Average Maximum
1 Bedroom £357,500 £359,500 £361,000
2 Bedroom £481,000 £484,500 £488,000
3 Bedroom £540,000 £545,750 £551,000

source: Molior


Sundridge Park (City & Country)

Total Number of Apartments 22
First Launched January 2019

Visit Website


Average Prices – Sunridge Park

  Minimum Average Maximum
Price £425,000 £1,059,991 £2,000,000
Price per ft² £582 £684 £752
Area (ft²) 607 1,552 3,435

source: Molior

  Minimum Average Maximum
1 Bedroom £425,000 £471,350 £499,950
2 Bedroom £599,950 £1,127,264 £2,000,000
3 Bedroom £1,395,000 £1,572,500 £1,750,000

source: Molior

Environment & Leisure

Bromley is home to manny leisure and sporting facilities, parks and open spaces and museums and libraries.

Museums:

Biggin Hill Memorial Museum
The Crystal Palace Museum
Bethlam Museum of the Mind

Parks, Gardens and Open Spaces include:

Crystal Palace Park
Bromley Palace Park
Sparrow Wood & Crofton Heath
Kingswood Glenn (Ornamental Gardens)

Transport

Bromley overground stations are in Zones 4 and 5 .

London Overground Stations

Anerley Crystal Palace
Peng West  

London Underground Stations

Bromley is one of only six London Boroughs not to have at least one London Underground station within its boundaries.

Local Government

The Labour Party

UK market report 1536x768 2 PropTech Pioneer