One of our landords who lives in Bromley came into our office to discuss the rising property values, and in particular of those in the Bromley area. He owns a varied portfolio of rental properties, primarily in Bromley and Orpington, so it is interesting to compare the increase in property values around these two areas.
Over the last 12 months in Bromley, average asking prices of all types of property have risen 7% from £595,947 to £635,600, a rise of £39,653 or £3304,42 per month.
If we look at Orpington we find the average asking price has also risen 7% from £625,657 to £670,121 a rise of £44,464 or £3705,33 per month over the same period.
When I drilled further into the figures for what type of property performed the best over the last year the figures got interesting. By far the best performers in both areas were flats, in Bromley they increased in value by an impressive £7602,33 per month on average or £91,228 in total over the period.
In Orpington the asking price of flats have risen by £5703,16 per month and £68,438 over the year which although a lower financial figure actually is an increase of 33% over the year as opposed to 30% in Bromley.
Obviously this is great news for homeowners and Landlords alike in both Bromley and Orpington, with rental yields typically producing between 4 and 6% depending on what and where you buy within the Bromley borough plus property prices and rent predicted to continue rising over the next year and beyond I believe there will continue to be opportunities to invest in the property market here.