Richmond house prices increased slightly in January

House prices increased slightly, by 0.6%, in Richmond in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.4% annual growth.

The average Richmond house price in January was £775,371, Land Registry figures show – a 0.6% increase on December.

Over the month, the picture was better than that across London, where prices decreased 1.8%, and Richmond outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Richmond rose by £86,000 – putting the area second among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Islington, where property prices increased on average by 13.4%, to £760,000. At the other end of the scale, properties in Tower Hamlets lost 5.1% of their value, giving an average price of £438,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Richmond in January – they increased 1%, to £900,096 on average. Over the last year, prices rose by 14.8%.

Among other types of property:

Detached: down 0.7% monthly; up 15.4% annually; £1,683,719 averageSemi-detached: up 0.2% monthly; up 14.1% annually; £1,113,698 averageFlats: up 0.7% monthly; up 8.8% annually; £510,552 average

First steps on the property ladder

First-time buyers in Richmond spent an average of £607,000 on their property – £60,000 more than a year ago, and £79,000 more than in January 2017.

By comparison, former owner-occupiers paid £893,000 on average in January – 47.2% more than first-time buyers.

How do property prices in Richmond compare?

Buyers paid 52% more than the average price in London (£510,000) in January for a property in Richmond. Across London, property prices are high compared to those across the UK, where the average cost £274,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 1.8 times as much as more than in Richmond. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£346,000 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 January

Richmond: £775,371London:£510,102UK: £273,762

Annual growth to January

Richmond: +12.4%London: +2.2%UK: +9.6%

Best and worst annual growth in London

Islington: +13.4%Tower Hamlets: -5.1%