The latest figures show that the average price for a Flat & Apartment property in Bromley has now reached £315,403 as of Jul 2024. This value is based upon the average value of completed property transactions in the month of July.
Average prices for a Flat & Apartment property have increased substantially over the longer term in Bromley. Back in January 1995, prices for this type of property averaged £59,231 based on sales at the time. Fast forward to January 2024, and averages reached £306,208 - representing a growth of 417% over 29 years.
This substantial triple-digit percentage rise in Flat & Apartment property values far outpaced broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep price inflation seen for Flat & Apartment homes in Bromley over the past 3 decades.
Our data is sourced directly from HM Land Registry and their UK House Price Index report. This dataset is updated several times a year and we always attempt to have the most up to data information available.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
Flat & Apartment prices in Bromley over the last 12 months
Date
Price
Aug 2023
£309,992
Sep 2023
£307,465
Oct 2023
£307,302
Nov 2023
£310,470
Dec 2023
£311,318
Jan 2024
£306,208
Feb 2024
£303,987
Mar 2024
£298,634
Apr 2024
£298,383
May 2024
£304,527
Jun 2024
£311,331
Jul 2024
£315,403
Recent trends for prices in Bromley
The latest figures from July 2024 indicate the property market in Bromley continues to show rising price trends. Compared to June, 2024, average prices increased by 1.4% to £503,529. On an annual basis, average property prices have increased 1.3% since 12 months ago.
In terms of sales activity, there were 196 residential property transactions completed in Bromley during July, 2024. Of these purchases, 127 were financed with a mortgage while 36 were all-cash sales. For cash buyers, average prices have changed by 1.4% since June, 2024, coming in at around £483,809. For properties purchased with a mortgage, the average price changed by 1.4% since June, 2024, to £508,941.
Compared to the overall picture in its national parent England, the average property price in Bromley are higher than the current national average of £305,879. While Bromley saw a change of 1.4% over the last month, England as a whole recorded a percentage change of 0.2% in average property values. And on an annual basis, prices across England have grown by 1.6%, more than the 1.3% yearly change seen in Bromley.
Interested in purchasing a property in Bromley? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Bromley by housing type
Prices last recorded in July, 2024
average
£503,529
detached
£1,015,613
flat
£315,403
semi-detached
£625,253
terraced
£464,489
Prices by housing type in Bromley
Recent data shows that price growth has varied across different property types in Bromley over the last year. For terraced houses, property prices changed by 1.6% between July 2024 and June 2024 to reach £464,489, and changed by 2.2% over the last 12 months. The annual change was less than the 1.8% change seen for terraced homes in England overall.
Meanwhile, semi-detached properties saw a rise in average prices locally, taking them to £625,253 in June 2024. This represents a 1.3% change from the same month last year.This is underperforming the 2.2% annual change in semi-detached values across the country.
Detached homes in Bromley gained 1.4% month-over-month to reach an average of £1,015,613. Annually, detached property values have changed by 0.2%. This is weaker price growth compared to England's 1.6% change for detached houses over the year.
For apartments and flats, average prices increased by 1.3% between July and June 2024, hitting £315,403. Over the last 12 months, apartment values have changed by 0.7%, surpassing England's flat and apartment growth rate of 0.4%.
Overall, terraced properties have seen the strongest price momentum locally over the past year, with a change of 2.2%, while detached properties lagged, with a change of 0.2%.
Recent purchases in Bromley
According to data from HM Land Registry, there were 196 completed property purchases in the area of Bromley in July 2024. Of these sales, 36 were recorded as cash purchases whilst 127 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by 1.4% and the percentage of properties purchased with cash has changed by 0.7%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in bromley.
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