Richmond house prices increased in August

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

House prices increased by 1.3% in Richmond in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.4% over the last year.

The average Richmond house price in August was £776,521, Land Registry figures show – a 1.3% increase on July.

Over the month, the picture was different to that across London, where prices decreased 0.1%, and Richmond was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Richmond rose by £11,000 – putting the area fifth among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Haringey, where property prices increased on average by 5.8%, to £630,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.4% of their value, giving an average price of £1,359,000.

First steps on the property ladder

First-time buyers in Richmond spent an average of £604,900 on their property – £6,400 more than a year ago, and £68,800 more than in August 2018.

By comparison, former owner-occupiers paid £897,800 on average in August – 48.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Richmond in August – they increased 1.9%, to £1,740,478 on average. Over the last year, prices rose by 2.4%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Richmond compare?

Buyers paid 45% more than the average price in London (£536,000) in August 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 – £1.4 million on average, and 1.7 times the price as in Richmond. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£349,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

Richmond: £776,521
London:£535,597
UK: £291,044

Annual change to August

Richmond: +1.4%
London: -1.4%
UK: +0.2%

Highest and lowest annual growth in London

Haringey: +5.8%
Kensington and Chelsea: -10.4%