For property investors who want a slice of the London buy-to-let cake but can’t afford out of reach prices, it is worth looking at areas on the outskirts of the capital. In particular, the London borough of Bromley that nestles in the south east corner of the capital grid is a viable option.
The average value of a home in Bromley is £335,000, meaning a 25 per cent deposit required for a buy-to-let mortgage would be around £80,000. At the same time, a typical rent in the area is £1,203, producing a yield of 4.24 per cent, according to Rentify’s London Property Insights.
With both tenants and buyers increasing being pushed further out into more affordable areas such as Bromley, investors could benefit from both higher returns on their income and capital.
Regeneration of Bromley
The borough has become a more desirable place to live having had a £1bn facelift that began in 2011.
The regeneration programme included a renovation of the town centre, with improvements to its roads and pavements, along with new street lighting.
However, it is the major development of Bromley South Central, which many see as the jewel in the crown of the borough’s transformation. It now includes a multiplex cinema, along with a variety of popular restaurant chains and shops. This has been introduced alongside renovated and new build homes.
Areas of Bromley
Bromley is a popular area among professionals and families looking to rent or buy, with the quality of its shops, health facilities and schools adding to its appeal.
It has a good mix of housing, with large Edwardian houses found in the Sundridge Park and Bickley areas. Some small ones in the area have been demolished and rebuild as modern mansions. Bickley also has some thirties mock Tudor homes.
The Chatterton Village area is a favourite for family housing as it is near the popular Raglan Primary School.
Transport in Bromley
One of the big attractions of Bromley is its direct access into central London, making it popular among commuters. There are four train stations, which are Bromley South, Shortlands, Bickley and Bromley North.
It is just 16 minutes by train to Victoria station from Bromley South, meaning it is possible for workers to get into central London quicker that some of those living in a closer but less well-connected part of the capital.
Travel times from the other stations are longer, but still impressive with trains from Shortlands taking 25 minutes to Victoria and 40 minutes to St Pancras via Blackfriars and Farrington. The same services go from Bickley but take an extra few minutes. Bromley North has services to Cannon Street that take 45 minutes and Charing Cross that take 26 minutes.
With so many options – and relatively affordable housing -, the London borough will undoubtedly remain a firm favourite among commuters for a long time to come.
Photo: “Bromley Civic Centre” by Ben Sutherland