UPDATE: Business and property experts talk Bromley's massive rent price rise

South East London Chamber of Commerce expert talks Bromley's massive rent price rise

South East London Chamber of Commerce expert talks Bromley's massive rent price rise

First published in News
Last updated
News Shopper: Photograph of the Author by , reporter

Bromley has seen the biggest rise in rental prices in the whole of London over the last year, according to a home listings website.

A business publication has reported an increase of nearly seven per cent across the capital, and the leafy commuter borough tops the pile.

Bromley’s rooms are said to have gone up by 20 per cent in the past 12 months and it appears there is a common thread through south-east London, with nearby Bexley and Greenwich seeing rent prices rise 17 per cent and 14 per cent respectively.

Steve Nelson, 64, government relations director at the South East London Chamber of Commerce, said factors such as a housing shortage, expansion east, and gentrification play a part - and realises many are struggling.

He told News Shopper: "Bromley's a green and pleasant land, the countryside is close by, so it's bound to be desirable. There are also good schools. It's a commuter hub.

"Places such as Lewisham are up-and-coming, and people are moving in as London expands east-ward, which is the plan. People want to live here.

"I understand the rental prices make it difficult. The fact is there are just too few properties."

Rental site Kangaroom came up with the figures - based on prices from the likes of Gumtree, Roomster, and MoveFlat.

Beckenham estate agent Danny Barbara, 24, said people are willing to pay more than the prices advertised and also mentioned good schools, an easy commute, and plenty of shops made Bromley attractive.

He explained: "Over the last six months it's been very busy.

"We're getting people who are prepared to pay well over the odds. It's good news for us.

"In Bromley I think it's the amenities - it's a family borough."

The south-east contrasts with west London however, where prices have either remained the same, or even dropped as is the case in Kensington and Chelsea.

Comments (1)

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2:18pm Wed 16 Jul 14

lauralouise90 says...

There are a lot of up and coming areas in South East london, so I'm not surprised that rents are going up. I always look at the amount of Commercial Property for sale there is in an area it gives you an idea of whether developments are taking place (here's a good example - http://www.gva.co.uk
/propertysearch/) ... if there's quite a few, you can expect the rent to rise soon..
There are a lot of up and coming areas in South East london, so I'm not surprised that rents are going up. I always look at the amount of Commercial Property for sale there is in an area it gives you an idea of whether developments are taking place (here's a good example - http://www.gva.co.uk /propertysearch/) ... if there's quite a few, you can expect the rent to rise soon.. lauralouise90
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