Richmond house prices increased in October

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

House prices increased by 4.6% in Richmond in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.4% over the last year – the highest in London.

The average Richmond house price in October was £806,462, Land Registry figures show – a 4.6% increase on September.

Over the month, the picture was different to that across London, where prices decreased 3.1%, and Richmond was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Richmond rose by £41,000 – 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 Hammersmith and Fulham lost 9.9% of their value, giving an average price of £716,000.

First steps on the property ladder

First-time buyers in Richmond spent an average of £627,000 on their property – £29,000 more than a year ago, and £100,000 more than in October 2018.

By comparison, former owner-occupiers paid £934,000 on average in October – 48.8% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Richmond in October – they increased 4.9%, to £1,187,263 on average. Over the last year, prices rose by 6%.

Among other types of property:

Detached: up 4.3% monthly; up 5.1% annually; £1,787,200 average
Terraced: up 4.5% monthly; up 6.2% annually; £937,424 average
Flats: up 4.7% monthly; up 4.3% annually; £519,831 average

How do property prices in Richmond compare?

Buyers paid 56.4% more than the average price in London (£516,000) in October for a property in Richmond. Across London, property prices are high compared to those across the UK, where the average cost is £288,000.

The most expensive properties in London – and the UK – were in Kensington and Chelsea – £1.4 million on average, and 1.7 times the price as in Richmond. Kensington and Chelsea properties cost four times the price as homes in Barking and Dagenham (£334,000 average), at the other end of the scale.

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

Factfile

Average property price in October

Richmond: £806,462
London:£515,504
UK: £287,782

Annual change to October

Richmond: +5.4%
London: -3.6%
UK: -1.2%

Highest and lowest annual growth in London

Richmond: +5.4%
Hammersmith and Fulham: -9.9%