Richmond house prices dropped slightly in December

House prices dropped slightly, by 0.3%, in Richmond in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 3% over the last year – the highest in London.

The average Richmond house price in December was £757,676, Land Registry figures show – a 0.3% decrease on November.

Over the month, the picture was similar to that across London, where prices remained static, and Richmond was lower than the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Richmond rose by £22,000 – putting the area top among London’s 33 local authorities with price data for annual growth.

At the other end of the scale, properties in City of London lost 17.8% of their value, giving an average price of £802,000.

First steps on the property ladder

First-time buyers in Richmond spent an average of £592,000 on their property – £15,000 more than a year ago, and £75,000 more than in December 2018.

By comparison, former owner-occupiers paid £874,000 on average in December – 47.7% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Richmond in December – they dropped 2% in price, to £1,631,369 on average. Over the last year, prices dropped by 0.4%.

Among other types of property:

How do property prices in Richmond compare?

Buyers paid 49.1% more than the average price in London (£508,000) in December for a property in Richmond. Across London, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.1 million on average, and 1.5 times the price as in Richmond. Kensington and Chelsea properties cost 3.3 times the price as homes in Barking and Dagenham (£340,000 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 December

• Richmond: £757,676
• London:£508,037
• UK: £284,691

Annual change to December

• Richmond: +3%
• London: -4.8%
• UK: -1.4%

Highest and lowest annual growth in London

• Richmond: +3%
• City of London: -17.8%