House prices dropped by 2.3% – more than the average for London – in Bromley in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 8.1% annual growth.

The average Bromley house price in July was £464,008, Land Registry figures show – a 2.3% decrease on June.

Over the month, the picture was similar to that across London, where prices decreased 2%, and Bromley outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Bromley rose by £35,000 – putting the area seventh among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Enfield, where property prices increased on average by 12.7%, to £438,000. At the other end of the scale, properties in City of London lost 10.4% of their value, giving an average price of £705,000.

Winners and Losers

Owners of terraced houses fared worst in Bromley in July – they dropped 2.8% in price, to £298,903 on average. But over the last year, prices rose by 8.9%.

Among other types of property:

Detached: down 2.2% monthly; up 9.7% annually; £938,393 average

Semi-detached: down 2.2% monthly; up 9.3% annually; £569,748 average

Flats: down 1.9% monthly; up 6% annually; £298,903 average

First steps on the property ladder

First-time buyers in Bromley spent an average of £365,000 on their property – £25,000 more than a year ago, and £13,000 more than in July 2016.

By comparison, former owner-occupiers paid £534,000 on average in July – 46.2% more than first-time buyers.

How do property prices in Bromley compare?

Buyers paid 6.2% less than the average price in London (£495,000) in July for a property in Bromley. Across London, property prices are high compared to those across the UK, where the average cost £256,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.9 times as much as in Bromley. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£323,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).


Average property price in July

Bromley: £464,008

London: £494,673

UK: £255,535

Annual growth to July

Bromley: +8.1%

London: +2.2%

UK: +8%

Best and worst annual growth in London

Enfield: +12.7%

City of London: -10.4%

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