Description:

First time buyers in the Bromley area are still struggling to get on the ladder with the property market in its current state.

Activity in this market sector has not increased in the borough which suggests that the group are finding it difficult.  With the average property price in Bromley pushing the £300k barrier, first time buyers are often being asked for deposits in excess of £70k, making it all but impossible for new people in the market to become property owners, where as current property owners are still enjoying some equity in their current properties.

A report that has recently been commissioned by the Chartered Institute of Housing found a new section of society are suffering most from this problem.  Identified as ‘in-betweens’, these people are not in the position to qualify for social housing, but are still too poor to take the first steps in becoming a property owner.

The institute has advised that the “golden age of home owning” is coming to an end, a trend that is all too evident in Bromley Borough with the obvious increase in ‘To Let’ signs in the residential streets.