Richmond house prices dropped slightly in November

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

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.2% over the last year – the highest in London.

The average Richmond house price in November was £778,347, Land Registry figures show – a 0.3% decrease on October.

Over the month, the picture was different to that across London, where prices decreased 2.2%, and Richmond was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Richmond rose by £31,000 – 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 27.7% of their value, giving an average price of £727,000.

First steps on the property ladder

First-time buyers in Richmond spent an average of £608,000 on their property – £24,000 more than a year ago, and £88,000 more than in November 2018.

By comparison, former owner-occupiers paid £898,000 on average in November – 47.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Richmond in November – they dropped 2.1% in price, to £1,682,660 on average. But over the last year, prices rose by 1%.

Among other types of property:

How do property prices in Richmond compare?

Buyers paid 54% more than the average price in London (£505,000) in November 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 1.4 times the price as in Richmond. Kensington and Chelsea properties cost 3.2 times the price as homes in Barking and Dagenham (£354,000 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 November

• Richmond: £778,347
• London:£505,283
• UK: £284,950

Annual change to November

• Richmond: +4.2%
• London: -6%
• UK: -2.1%

Highest and lowest annual growth in London

• Richmond: +4.2%
• City of London: -27.7%