Richmond house prices dropped in July

House prices dropped by 1.9% in Richmond in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 4.7% annual growth.

The average Richmond house price in July was £754,361, Land Registry figures show –a 1.9% decrease on June.

Over the month, the picture was worse than that across London, where prices increased 1.1%, and Richmond underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Richmond rose by £34,000 – putting the area 27th among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Harrow, where property prices increased on average by 14%, to £547,000. At the other end of the scale, properties in City of London lost 11.5% of their value, giving an average price of £808,000.

Winners and Losers

Owners of flats fared worst in Richmond in July – they dropped 2.2% in price, to £491,396 on average. But over the last year, prices rose by 1.6%.

Among other types of property:

Detached: down 2.1% monthly; up 7.1% annually; £1,679,205 averageSemi-detached: down 1.9% monthly; up 7.1% annually; £1,103,960 averageTerraced: down 1.5% monthly; up 5.8% annually; £868,910 average

First steps on the property ladder

First-time buyers in Richmond spent an average of £589,000 on their property – £21,000 more than a year ago, and £43,000 more than in July 2017.

By comparison, former owner-occupiers paid £870,000 on average in July – 47.8% more than first-time buyers.

How do property prices in Richmond compare?

Buyers paid 38.8% more than the average price in London (£544,000) in July for a property in Richmond. Across London, property prices are high compared to those across the UK, where the average cost £292,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 1.8 times as much as more than in Richmond. Kensington and Chelsea properties cost 3.9 times as much as homes in Barking and Dagenham (£346,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in July

Richmond: £754,361London:£543,517UK: £292,118

Annual growth to July

Richmond: +4.7%London: +9.2%UK: +15.5%

Best and worst annual growth in London

Harrow: +14%City of London: -11.5%