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Average Bromley housing prices hit £371k amid worries for first-time buyers

PUBLISHED: 14:21 21 October 2013 | UPDATED: 14:21 21 October 2013

Estate Agent's boards in London. Picture: PA

Estate Agent's boards in London. Picture: PA

PA Wire/Press Association Images

The average home in Bromley will now set you back a whopping £371,000 - but the borough is still among the cheapest in London.

According to the Rightmove House Price Index, prices are up more than 5 per cent in just a month and 9pc since October 2012.

It mirrors the London-wide boom in property prices that experts have called “unsustainable” after a summer slump.

While Bromley is tenth-cheapest borough for property in the capital, buying a home is still out of reach for many.

Rightmove housing analyst Miles Shipside said average asking prices in more affordable outer London boroughs like Bromley are still more than twice the rest of England and Wales, but wages are not significantly higher.

He added: “The buying power required to get onto or move up the housing ladder means many have to tap into the Bank of Mum and Dad.”

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