Demand for houses rises in Bromley since stamp duty cut

According to Rightmove, Bromley property market has seen a whopping 83% rise in housing inquiries, and commuter belts surrounding London have particularly benefitted from the Government’s announcement.

It found that Bromley are among the locations seeing particularly big jumps in buyer inquiries.

According to Rightmove the biggest jump in buyer inquiries has been for homes priced just under the threshold at which stamp duty now applies.

It has seen a 49% increase in demand for homes priced at £400,000 to £500,000.

The average price for property in Bromley stood at £502,444 in August 2020. 

This is a rise of 4.70% in the last three months (since May 2020) and fall of 0.24% since 12 months ago. In terms of property types, flats in Bromley sold for an average of £326,001 and terraced houses for £412,944. This is according to the current Zoopla estimates.

The next biggest jump has been a 40% increase in inquiries about homes priced at £500,001 to £750,000.

There has also been a 26% increase in demand for homes priced at £300,001 to £400,000.

Homes in the most and least expensive price brackets have seen the smallest impact.

The measure, which lasts until March 31 2021, temporarily increases the “nil rate” band of stamp duty from £125,000 to £500,000.

On top of this, according to Rightmove, the biggest stamp duty savings in the capital can be found in Orpington, Bromley.

123 Estate Agent bromley are achieving sales within hours or days of properties coming onto the market. We are also achieving sales on flats that are not essentially benefiting from the the stamp duty holiday and are very optimistic with the property market.

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