The property market in Beckenham is picking up, and we’ve seen a 60% increase in registered buyers compared to the same time last year. Whereas ten years ago Beckenham was primarily popular among families, the market has changed considerably and affluent young professionals are increasingly moving to the area for its suburban lifestyle and good transport links into the City.
Over the past year, the number of property sales in Beckenham has risen by 10% and interestingly, many of our buyers are migrating here from South West London locations. Young professionals and families in locations such as Clapham and Putney are looking further afield as rising prices and a lack of stock push them out into Kent.
Of all of our registered buyers, an average of 50% are buying for the first time. Offering better value for money, good transport links that go direct to London Bridge and a lovely residential feel, many who have lived amid the buzz of London but who now seek something a bit less frantic are moving here. Properties in the area tend to be either late Victorian or Edwardian houses and flats along with a selection of homes from the 1920s. A good quality three bedroom family home with garden now costs in the region of £600,000, while a one bedroom garden flat will start from around £275,000.
Families typically look to be located within the catchment area of good local schools and for that reason, homes in and around Langley Secondary School or Balgowan Primary School tend to be the most sought after and often achieve a premium.
Ged Sturdy, our lettings manager here says that, “Beckenham surged onto the lettings market scene in 2008 when the national credit crisis hit. Rents have have been extremely healthy this year, with an increase to prices of 3% to 5% per annum overall throughout this period.
He notes further that, “The quality of letting applicants has increased greatly, as those who would have been first time buyers in a more stable sales market chose to rent. In the past few years we’ve seen a large increase in the number of landlords as they attempted to make their money work for them in a climate of rock bottom interest rates. Beckenham is no longer considered a cheap area to live and the average two bed flat costs in the region of £1,150 per month in rent, while a three bed family home is usually valued at around £1,600 per month.”