Richmond house prices dropped more than London average in September

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped by 1.1% – more than the average for London – in Richmond in September, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.4% annual decline.

The average Richmond house price in September was £756,317, Land Registry figures show – a 1.1% decrease on August.

Over the month, the picture was different to that across London, where prices decreased 0.3%, and Richmond was lower than the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Richmond fell by £10,000 – putting the area 16th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 6.4%, to £509,000. At the other end of the scale, properties in Kensington and Chelsea lost 20.6% of their value, giving an average price of £1,203,000.

First steps on the property ladder

First-time buyers in Richmond spent an average of £588,900 on their property – £9,100 less than a year ago, but £45,500 more than in September 2018.

By comparison, former owner-occupiers paid £874,800 on average in September – 48.5% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Richmond in September – they dropped 1.7% in price, to £1,684,181 on average. Over the last year, prices dropped by 1.2%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Richmond compare?

Buyers paid 40.7% more than the average price in London (£537,000) in September for a property in Richmond. Across London, property prices are high compared to those across the UK, where the average cost is £291,000.

The most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and 1.6 times the price as in Richmond. Kensington and Chelsea properties cost 3.5 times the price 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 September

Richmond: £756,317
London:£537,424
UK: £291,385

Annual change to September

Richmond: -1.4%
London: -1.1%
UK: -0.1%

Highest and lowest annual growth in London

Tower Hamlets: +6.4%
Kensington and Chelsea: -20.6%