Charles Proctor, Partner at Proctors’ West Wickham branch, explains why the area is becoming popular among those looking to buy to let.
West Wickham strikes the perfect balance between a small town and a large village and has a number of green spaces, including West Wickham Common, offering 25 acres of heathland within the London green belt. There are also recreation grounds and open spaces with excellent play areas for children and sports facilities such as Blake and Coney Hall Recreation Grounds.
According to the Nationwide House Price Calculator house prices have increased in the area in the last 12 months by around 10 per cent. This is not only due to good transport links to London and popular schools, but also a lack of properties on the market to satisfy demand. House prices are more reasonable than in central London (although still rising). Expect to pay between £250,000 to £350,000 for a two bedroom flat or between £600,000 to £750,000 for a three bedroom detached house in West Wickham. These prices are dependent on a number of factors; for example, expect higher prices for homes located near popular schools and train stations offering easy commutes. From West Wickham Station it takes approximately 40 minutes to London Charing Cross, Cannon Street and London Bridge. At nearby Bromley South Station, you can catch a direct train to London Victoria in just 17 minutes.
West Wickham is a small town with a strong sense of community which benefits from its location between the bigger thriving areas of Bromley and Croydon. Its bustling high street has plenty of national and local retail outlets, pubs, restaurants and coffee shops – independents as well as the big brands. West Wickham is very popular with families who are attracted by sought-after schools, including Oak Lodge Primary School and Wickham Common Primary School. Pickhurst Infant Academy and Hawes Down Infant School are also popular. There are also options for private schooling with St David’s College and Wickham Court Preparatory and Senior Schools. On the Beckenham/West Wickham border are the popular Langley Park Secondary schools and Hayes School is also nearby.
It is certainly a good time to invest in the area, particularly by Bromley South Station where the St Mark’s Square development is underway. As part of a £90million regeneration project in Bromley, the new development will boast a selection of cafés, restaurants, a multiplex cinema, hotel and around 200 new homes. This is an exciting time for Bromley, with the recent makeover in the Bromley North area and more affluent shops opening at intu shopping centre on the high street.
It is the close proximity to London that is making West Wickham and the Bromley borough a popular area for buy to let investors. The sales market for flats in Bromley is particularly strong at the moment and rental values are also increasing, again mainly due to a lack of supply and high demand. In West Wickham, family homes, particularly 1930s three bedroom semi-detached houses, go on the rental market for between £1,500 to £1,800pcm or £2,200pcm or more for a four bedroom home. The Bromley borough has a great deal to offer and West Wickham’s popularity continues to grow.
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