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.
Mabrey Works (Bellway)
| Total Number of Apartments | 159 (108 private) |
| First Launched | January 2021 |
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 |
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
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