>

£220,000 added to average sale price of detached homes in just 12 months

By Rory Poulter

27th Mar 2022 | Local Features

House prices are surging across Richmond at a faster rate than the rest of the country with an average rise of more than £85,000 over the past year.

New figures from the Office for National Statistics (ONS) put the average house sale price for the entire borough at £775,371 in January, which compares to £689,780 a year ago.

The average annual increase for January was 12.4%, which compares with an average of 9.4% for England and just 2.2% for London.

The Richmond borough has come top of a number of measures looking at quality of life, health and education, making it a popular choice for families.

However, high house prices mean it is it particularly difficult for young people raised in the area to get a foot on the property ladder.

The ONS figures show that sale prices for flats and maisonettes rose by an average of 8.9% in Richmond over the past year, which compares to just 0.2% as an average for London.

As a result, the average sale price for flats rose by about £40,000 to £510,552.

Looking at bigger properties, the average sale price for terraced houses is up by 14.8% or more than £100,00 to £900,096.

And the average sale price of a detached property leapt by 15.4% in the past year with the cash figure up by over £220,000 to £1,683,719.

This suggests that detached properties were increasing by an average of around £18,300 a month over a 12 month period.

One of the factors driving up prices has been a shortage of properties, particularly bigger family homes.

According to Zoopla, among the few detached properties currently available at around the average sale figure is a 4 bed house in Bainbridge Close, Ham, at £1.6m.

Share:

Subscribe to our FREE WEEKLY Newsletter!

Keep your town in your pocket.

Related Articles

Local Features

Monty’s spin on the shock win for Liam Smith over Chris Eubank Jr

Local Features

Monty’s spin on the World Cup stadium beer ban

Nub News Logo

Sign-up to the Kingston Nub News weekly newsletter

Subscribe now for weekly updates of local news and sport from your town. Plus what's on near where you live - and local homes for sale. All delivered straight to your in-box, every Friday.

We won't pass your details on to anyone else. By clicking the sign-up button you agree to our Privacy Policy.