Rising Prices and Signs of the Times – thank you, The Bromley Times

Signs of the times

As a south London estate agent with branches in Bromley and Lambeth, when property issues make the front page of the media, we take notice. On 23^rd July, The Bromley Times went front page with the story "Rising Prices', sub-title "High cost of buying a home in the borough – see inside."

The article, by Sarah Linney, says that the average price of a home in Bromley and Bexley is now over £300,000 (£304,000 in Bexley, £436,000 in Bromley). Both are under the London average - £500,000.

The ratio between wages and wage rises and property price growth isn't helpful to home purchasers. More helpful are very low interest rates and, as the article mentions, the loss of the prospect of a 'mansion tax' after the general election. So, as ever, the picture on London property is reasonably complex.

Even more so if you listen to the radio. Recently, as respected a body as the BBC in a radio programme referred to additional, and very hard to trace, demand for property in the UK coming from overseas criminal sources engaged in money laundering.

On a happier note, Sarah added that Bexley is the most popular place to live in the country. Bromley is a distinctly sought-after location as well.

Unfortunately, the resulting price pressure cooker contributes to a rise in homelessness among young people and increases in property rental prices provide fresh difficulties for anyone needing somewhere to live.There are some interesting developments, one being in Greenwich, as reported on by homesandproperty.co.uk – see www.homesandproperty.co.uk/property-news/rentals/family-rental-homes-london-uks-first-private-housing-scheme-family-renters-greenwich.

What difference does this make to Edward Ashdale Estate Agents? In one way, none. Our values mean that we seek to put the right people in the right properties, whether bought or rented. We also ensure that vendors and landlords and buyers and tenants experience, as smooth and stress free an experience as possible. Whether prices are up or down, or if the sales market is more active than the rental sector, our service has to be the same.

However, there is food for thought for us. Things are changing and we need to be changing with them. Our advice to people needs to be able to consider the latest trends. We ourselves need to engage with people in new ways, including via social media, to improve customer experience. We are doing those things. These are all signs of the times.

You can view our earlier posts in our Index here.