Richmond and the surrounding areas – a house price update
If you’re selling your home, or looking to list it very soon, you’ll want to know how your local area is performing in terms of house price growth.
A popular, desirable and high-demand area, with steadily rising home values to boot, is likely to improve your chances of selling with relative ease and for the best possible price.
With this in mind, here at Parkgate Estates we provide a quick update on the house price situation in Richmond and the local areas surrounding it.
Richmond prices show steady growth
Richmond, a picturesque, affluent riverside town in south-west London, has long been a favourite among commuters thanks to its eclectic shops, upmarket restaurants and sense of tranquillity despite only being a short distance from the centre of the capital.
It also offers proximity to Richmond Park, the largest of the royal parks and famous for its red deer and reputation as a place of national and international importance for wildlife conservation.
Richmond’s overall average price will please local homeowners thinking about selling up. It currently stands at around the £930,000 mark, up 3% on the year before according to Rightmove.
What’s more, it’s up some 5% on 2015 when the average house price was just over £898,000. Given its position on the outskirts of London, it seems to have avoided some of the slowdown in prime parts of the capital where tax changes and Brexit uncertainty have both bitten.
While homes (especially semi-detached properties) in Richmond go for well over £1 million, it’s not an exclusive enclave like some other parts of London. It has a more village-like feel and a strong sense of community. It’s also a hotbed for flats, which – with an average price of around £590,000 – might prove more affordable to some buyers while still giving sellers a good price for their home.
Thanks to its strong transport links, riverside location, easy access to green space and varied high street, Richmond remains a very popular area among buyers. This high demand should keep prices on a steady upward curve in 2019 despite external challenges.
Richmond upon Thames scores highly on quality of life
The London Borough of Richmond upon Thames – which includes Richmond, East Sheen, North Sheen, Sheen Park and Mortlake among its many locations – was recently revealed as London’s second strongest performer in Halifax’s latest quality of life survey.
The research analysed a range of data to rank the areas with the best quality of life, covering the labour and housing markets, the environment, education, health, personal wellbeing and leisure.
Things like low crime rates, high employment levels, smaller primary school sizes, strong exam results and good health and happiness were most likely to propel places into the top 50. In a competitive field, Richmond upon Thames secured 40th spot. Only one other London location – Westminster in 15th position – bettered that.
Of course, it stands to reason that a borough which scores highly on quality of life will be popular among property buyers, so Richmond upon Thames’ performance in the survey should be cause for celebration if you are looking to sell here in the coming months.
Demand is likely to be high and buyers are likely to be competing hard for homes in desirable areas, which together should improve your chances of achieving your asking price or above.
Overall, Richmond upon Thames as a whole has an average asking price of just over £800,000 – up by around 4% since 2016 despite the ongoing uncertainty caused by Brexit during that time.
Its areas vary, too, from the buzzier, more residential feel of East Sheen – with its very long high street – to village-esque, family-friendly Mortlake, a popular part of south-west London thanks to its lovely riverside walks, good local schools, and superb transport links.
Putney recording steady growth
Although Putney, another area we cover at Parkgate Estates, isn’t in the London Borough of Richmond upon Thames, it sits very close by. The leafy area falls under the jurisdiction of the London Borough of Wandsworth, but also benefits from a riverside location away from the hustle and bustle.
Situated close to Wandsworth Park – another of the capital’s loveliest green spaces – Putney has a nice mix of independent and chain shops, as well as a local library, a cinema, entertainment venues and a number of local schools (both primary and secondary) and nurseries.
In addition, it boasts terrific transport links, with Putney station (South Western Railway services), East Putney station (District Line) and Putney Bridge (also District Line) all in the local vicinity.
Property prices have also been rising strongly of late, with sold prices in Putney up 6% on the previous year, according to Rightmove. The current average price is a shade over £750,000, with flats the most popular property type for buyers.
Terraced houses are also in demand, while semi-detached properties – with an average price of more than £1.5 million – attract a more niche, high-end buyer demographic.
It was also recently revealed that Putney will be part of a government-backed pioneering project to build rooftop properties in London on top of existing buildings. This should bring further press coverage to the Putney area, which could in turn lead to an upsurge in buyer interest.
For more information about selling your property in Richmond, Sheen, Mortlake and Putney, please get in touch with Parkgate Estates on: 0208 940 2991.
To find out how much your home could be worth in the current marketplace, you can also request a free and instant online valuation.