Richmond house prices increased slightly in July

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

House prices increased slightly, by 0.5%, in Richmond in July, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.4% over the last year.

The average Richmond house price in July was £770,107, Land Registry figures show – a 0.5% increase on June.

Over the month, the picture was different to that across London, where prices increased 1.1%.

Over the last year, the average sale price of property in Richmond rose by £26,000 – putting the area second 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 5%, to £905,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.8% of their value, giving an average price of £1,345,000.

First steps on the property ladder

First-time buyers in Richmond spent an average of £601,000 on their property – £18,000 more than a year ago, and £68,000 more than in July 2018.

By comparison, former owner-occupiers paid £890,000 on average in July – 48.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Richmond in July – they increased 0.9%, to £1,716,841 on average. Over the last year, prices rose by 3.6%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Richmond compare?

Buyers paid 44.1% more than the average price in London (£534,000) in July for a property in Richmond. Across London, property prices are high compared to those across the UK, where the average cost is £290,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 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 (£343,000 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 July

Richmond: £770,107
London:£534,265
UK: £289,824

Annual change to July

Richmond: +3.4%
London: -0.8%
UK: +0.6%

Highest and lowest annual growth in London

City of London: +5%
Kensington and Chelsea: -10.8%