Richmond house prices increased in April

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

House prices increased by 1.4% in Richmond in April, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.2% over the last year.

The average Richmond house price in April was £764,828, Land Registry figures show – a 1.4% increase on March.

Over the month, the picture was different to that across London, where prices increased 2.1%, but Richmond was above the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Richmond rose by £9,300 – putting the area 23rd among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 10%, to £511,000. At the other end of the scale, properties in Kensington and Chelsea lost 15.8% of their value, giving an average price of £1,276,000.

First steps on the property ladder

First-time buyers in Richmond spent an average of £596,900 on their property – £4,300 more than a year ago, and £73,500 more than in April 2018.

By comparison, former owner-occupiers paid £882,800 on average in April – 47.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Richmond in April – they increased 1.5%, to £499,486 on average. Over the last year, prices rose by 0.2%.

Among other types of property:

Detached: up 1.3% monthly; up 0.6% annually; £1,711,097 average
Semi-detached: up 1.2% monthly; up 1.5% annually; £1,121,752 average
Terraced: up 1.4% monthly; up 2% annually; £876,407 average

How do property prices in Richmond compare?

Buyers paid 43.3% more than the average price in London (£534,000) in April for a property in Richmond. Across London, property prices are high compared to those across the UK, where the average cost £286,000.

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 3.6 times the price as homes in Barking and Dagenham (£351,000 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 April

Richmond: £764,828
London:£533,687
UK: £286,489

Annual growth to April

Richmond: +1.2%
London: +2.4%
UK: +3.5%

Highest and lowest annual growth in London

Tower Hamlets: +10%
Kensington and Chelsea: -15.8%