House prices increased by 2.5% in Richmond in May, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 5% annual growth.

The average Richmond house price in May was £723,775, Land Registry figures show – a 2.5% increase on April.

Over the month, the picture was better than that across London, where prices decreased 0.7%, and Richmond outperformed the 0.9% rise for the UK as a whole.

Over the last year, the average sale price of property in Richmond rose by £35,000 – putting the area 16th among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Hammersmith and Fulham, where property prices increased on average by 14.9%, to £781,000. At the other end of the scale, properties in City of London lost 16.6% of their value, giving an average price of £766,000.

Winners and Losers Owners of terraced houses saw the biggest improvement in property prices in Richmond in May – they increased 3.2%, to £830,801 on average. Over the last year, prices rose by 7.6%.

Among other types of property: Detached: up 1.7% monthly; up 3.9% annually; £1,525,199 average Semi-detached: up 2.1% monthly; up 5.2% annually; £1,024,497 average Flats: up 2.3% monthly; up 2.8% annually; £488,119 average First steps on the property ladder First-time buyers in Richmond spent an average of £572,000 on their property – £23,000 more than a year ago, and £45,000 more than in May 2016.

By comparison, former owner-occupiers paid £827,000 on average in May – 44.6% more than first-time buyers.

How do property prices in Richmond compare?

Buyers paid 45.4% more than the average price in London (£498,000) in May for a property in Richmond. Across London, property prices are high compared to those across the UK, where the average cost £255,000.

The most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and 1.7 times as much as in Richmond. Kensington and Chelsea properties cost 3.9 times as much as homes in Barking and Dagenham (£309,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.2 million could buy 12 properties in Burnley (average £100,000).

Factfile Average property price in May Richmond: £723,775 London: £497,948 UK: £254,624 Annual growth to May Richmond: +5% London: +5.2% UK: +10% Best and worst annual growth in London Hammersmith and Fulham: +14.9% City of London: -16.6%