27 Aug Spotlight On Bromley
A loft conversion in Bromley makes sound financial sense for both existing residents and those looking to buy.
Research named Bromley as the second-best place to live in London (Richmond upon Thames clinched the top spot in case you were wondering). The research was based on happiness, affordability, crime rate, quietness, schools, green space and the “cool factor.” Meanwhile, Foxtens estate agency describe Bromley as ‘well connected with the capital and offering a delightful suburban town centre.’
Professionals are taking advantage of the six local railway stations making it a superb commuter belt with plenty of easy transport access into London. What’s more Sadiq Khan, has said he is “committed” to extending the Bakerloo line past Lewisham into Bromley.
There is plenty to occupy residents in their down time such as the recently revamped town centre and Bromley North Village which has new pedestrian streets and public realm improvements. The Glades shopping centre offers plenty of choice for shopping, eating and drinking and is a pleasant change from the madness of central London. And, if you prefer something other than the usual brands, Charter Market offers a wide range of artisan products.
For families, Ofsted have rated more than 90% of Bromley schools as either good or outstanding. Outside of school there is plenty going in Bromley which is one of the greenest London boroughs – over 50% of Bromley is made up of green space. There is Jubilee Country Park which offers 62 acres of wildflower meadow while Crystal Palace Park is a must for kids of all ages.
Bromley offers a wide range of property types, from modern apartments to traditional cottages and from Victorian mansions to terraced homes. So, what’s the downside? Not surprisingly, it’s property prices. While locals may well have benefited from a steady increase in house prices, the problem comes when they want more space. Foxtens estate agent report that property prices range from £190,000 to £1,870,000 and it says the average sold price in Bromley has increased 0.35% over the last year.
Data on Zoopla shows the average selling price for properties with 2.8 bedrooms as £412,164, the average for a 3.4-bedroom home is £551.303 and the average for 4.2-bedroom home is £981,407. Therefore, if Bromley homeowners want more space because of a growing family and want to continue to enjoy the benefits of this lovely borough, they will have to pay between £139,139 – £430,104 to move to a bigger home with more bedrooms. Those figures probably explain why Econoloft is so busy in Bromley.
Becke Tibbert, Director with Econoloft said: “When people look for more space, their first thought is to move to a bigger house. However, when they see the huge prices they have to pay to get another bedroom they re-consider and think about how they can create more space in the home they already have.”
A loft conversion in Bromley makes sound financial sense with an average dormer conversion costing around £36,000 – £40,000. This is considerably less than buying a bigger home and of course, involves none of the hassle and stress associated with moving home. What’s more, as well as saving you money on moving and adding much needed more space, a loft conversion in Bromley will also add value to your home should you ever wish to sell – Nationwide say that could be up 22%.
Becke adds: “We also see new residents to the area, buying a more affordable two-bedroom home with the intention of adding a loft conversion right away so they can immediately add space and value to their new property.”
Econoloft are very well aware of the delights of Bromley, not just because we do so much work in the area – but because we live there too! Our BR4 showroom in West Wickham provides the perfect place for fellow Bromley residents to call in and have a chat about their new loft conversion in Bromley. Pop in and say hello over a coffee.