Finefair Ltd appreciates how challenging things are at the moment for property investors and landlords. A lot of people need to re-evaluate their assets and investment strategy. However, there are still lots of opportunities. As the top name for estate management Bromley has, we want to look at why this is one of the best spots for investors.
One thing Bromley has going for it is some of the most affordable prices in the capital. Its location in South East London means it is not the most popular spot for people who want to be close to the city centre. However, they can make the move and actually save money. Renters in particular could really benefit. The average rent per month for a one bedroom flat here is £1,188. In comparison to Westminster, this is a saving of almost £1,500.
The other end of the ladder
While many people will love the affordability, some renters are happy to pay large amounts for stunning homes and lots of space. Bromley has a few incredible properties that these people will want to look at.
One of the most impressive homes is a nine bedroom detached house in Manor Park, Chislehurst. It is a rare, large home with lots of period features, a grand entrance, six bathrooms, and formal gardens. There is also a triple garage and over 3.5 acres of land. The cost to rent per month? A cool £10,000.
Space and greenery
While Bromley is a good distance from Central London, the setting has the advantage of more space and more homes with gardens. Both of these are now things that buyers and renters want. A lot of people who want to move to an area that is greener and more spacious will love this part of London.
Surge in demand
London has seen a really big surge in demand in the last few months. One area to benefit is Bromley. Following a cut to stamp duty to help reignite the market, inquiries for homes have grown by 83% according to Rightmove figures.
The most popular homes are those that are just below the £500,000 threshold. It is no surprise really because people could save a healthy amount by buying now and avoiding the stamp duty tax.
To put this into perspective, there was a 49% rise in inquiries for homes with values between £400,000 and £500,000. During the same period, interest in homes from £500,001 to £750,000 grew by 40%.
But why is South London so popular? The easy answer is there are lots of homes here with prices below the £500,000 bracket. Buyers could stand to save as much as £15,000 if they buy before March 2021.
According to the figures, Orpington in Bromley has the highest potential savings. It topped the list ahead of locations like Sydenham and Blackfen, both of which are also south of the Thames.
Estate management in Bromley
Investors may also want to take advantage of the stamp duty holiday. While they still have to pay the additional 3% charge for purchasing homes they will not live in, they can save on the overall stamp duty. This means those with money who want to put it into property can benefit.
At Finefair Ltd, we work with investors who have different strategies for their portfolios. Some focus solely on Central London and prime markets. However, there is more and more potential for Outer Boroughs. This is especially true for locations in the South and East where demand is higher because of the more affordable prices.
We are happy to help our clients re-evaluate their investment strategies. We can then offer reliable services like managing properties, guaranteed rent, and more.
So, if you want to work with the best name for estate management Bromley has, choose us. We give you lots of great rewards as well as the confidence that every service is bespoke.