Richmond house prices increased more than London average in June

House prices increased by 0.6% – more than the average for London – in Richmond in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.1% over the last year.

The average Richmond house price in June was £764,021, Land Registry figures show – a 0.6% increase on May.

Over the month, the picture was similar to that across London, where prices increased 0.5%, but Richmond was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Richmond rose by £8,100 – 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 City of London, where property prices increased on average by 22.5%, to £1 million. At the other end of the scale, properties in Kensington and Chelsea lost 11.2% of their value, giving an average price of £1.3 million.

First steps on the property ladder

First-time buyers in Richmond spent an average of £596,700 on their property – £4,400 more than a year ago, and £72,700 more than in June 2018.

By comparison, former owner-occupiers paid £881,400 on average in June – 47.7% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Richmond in June – they increased 0.8%, to £878,907 on average. Over the last year, prices rose by 1.8%.

Among other types of property:

• Detached: down 0.1% monthly; down 0.4% annually; £1,690,555 average
• Semi-detached: up 0.3% monthly; up 0.8% annually; £1,115,071 average
• Flats: up 0.6% monthly; up 0.6% annually; £499,642 average

How do property prices in Richmond compare?

Buyers paid 44.7% more than the average price in London (£528,000) in June 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 were in Kensington and Chelsea – £1.3 million on average, and 1.8 times the price as in Richmond. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£347,000 average), at the other end of the scale.

Kensington and Chelsea also had the highest property prices of anywhere in the UK.

Factfile

Average property price in June

• Richmond: £764,021
• London:£527,979
• UK: £287,546

Annual change to June

• Richmond: +1.1%
• London: -0.6%
• UK: +1.7%

Highest and lowest annual growth in London

• City of London: +22.5%
• Kensington and Chelsea: -11.2%