The housing market has been unpredictable lately, so we've taken a look at how prices have differed in Richmond upon Thames.
Falling Prices
House prices dropped slightly, by 0.4%, in Richmond in June, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.5% annual growth.
The average Richmond house price in June was £702,846, Land Registry figures show – a 0.4% decrease on May.
Over the month, the picture was worse than that across London, where prices increased 2.5%, and Richmond underperformed compared to the 4.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Richmond rose by £3,200 – putting the area 28th among London’s 33 local authorities for annual growth.
The best annual growth in the region was in Harrow, where property prices increased on average by 16.7%, to £522,000. At the other end of the scale, properties in City of London lost 13.2% of their value, giving an average price of £756,000.
Winners and Losers
Owners of detached houses fared worst in Richmond in June – they dropped 1.1% in price, to £801,247 on average. But over the last year, prices rose by 1.1%.
Among other types of property:
Semi-detached: down 0.5% monthly; up 1% annually; £997,470 average
Terraced: down 0.1% monthly; up 1.7% annually; £801,247 average
Flats: down 0.4% monthly; down 1.1% annually; £475,290 average
First steps on the property ladder
First-time buyers in Richmond spent an average of £556,590 on their property – £940 less than a year ago, and £28,580 more than in June 2016.
By comparison, former owner-occupiers paid £802,640 on average in June – 44.2% more than first-time buyers.
How do property prices in Richmond compare?
Buyers paid 37.7% more than the average price in London (£510,000) in June for a property in Richmond. Across London, property prices are high compared to those across the UK, where the average cost £266,000.
The most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and 1.8 times as much as in Richmond. Kensington and Chelsea properties cost 3.9 times as much as homes in Barking and Dagenham (£319,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).
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