Richmond property price update – January 2022
With the uncertainty created by Covid-19 over the last two years, it became very clear, very quickly that homeowners were once again eager to get moving with their plans once the economy opened back up.
Following a busy last half of 2021 we wanted to take a look at the property market to provide an update for those thinking of listing their homes and making the decision to move this year.
So, what’s happening with the Richmond property market in 2022?
This ‘Parkgate Estates Richmond property market update’ aims to provide some clarity that we think will help no end when it comes to making the decision get your property on the market.
Richmond property prices are on the rise
During the last twelve months the average price of a home sold in Richmond-upon-Thames has risen to £938,000, up 3.4% according to the latest data from Zoopla for January 2022. Zoopla also report a rise in the average price for flats in Richmond up 3% at £456,724.
Looking more closely across a range of figures published recently, we can see a positive picture emerge for the Richmond area.
Land Registry figures reported by Hamptons show the average Richmond property price standing at £803,700 which is far higher than the London average of £523,300. They also report the average house sold at £1,108,451.
Interestingly, Richmond had 486 house sales over £1m+ from January to August 2021 which is the highest on record. The Savills prime London index, which puts the average value of a house at about £2.8m, rose 3.2 per cent in the third quarter and 7 per cent year on year.
The bounce-back across the UK market after the difficulties of the last two years has been considerable according to figures published by Zoopla following the re-opening of the economy. Property sales rose 88% with an especially strong upturn in the south and some northern towns.
The Royal Institution of Chartered Surveyors (RICS) has been one of the most positive voices about property values throughout the crisis, predicting that property sales would rebound to their previous levels in ‘around nine months’. Supporting the belief that early 2022 will be a strong time for property sales.
Mortgage brokers too have taken a similar position about the strength of the market, again citing six months as the most likely timeframe for a property market bounce back in the Mortgage Broker Benchmark study.
With such a positive outlook for early 2022 by leading bodies, and with such a solid annual increase in property prices, now is a good time to talk to us about selling your home.
What makes Richmond so special?
Richmond has many draws. For a start it’s a picturesque riverside town located in south-west London with amazing transport links and is a firm favourite among commuters thanks to its many and varied selection of independent shops, cafés and restaurants. Living here, you get a real sense of the tranquillity Richmond has despite being a short distance from the centre of London.
This sense of calm is created by Richmond’s proximity to the river, the abundance of gorgeous walks and the expanse of 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: The ‘Happiest Place to Live in London’
The Parkgate team really love the village-like feel and the strong sense of community in the Richmond area, with some of us living locally. So, we know it well and love the quality of life here. It’s therefore, no surprise to us that Rightmove’s annual ‘Happy at Home’ Index announced in November that Richmond was the happiest place to live in London for the 7th time in a row.
The Rightmove Index measures a series of factors, from the friendliness of the locals to the quality of local amenities, to access to open space. All of these factors help to establish which are the happiest communities in the UK. And while, nationwide, the historic town of Hexham, in Northumberland, took top spot, leafy Richmond was the runner up.
In 2019 Halifax issued their annual ‘Quality of Life Index’ placing Richmond 2nd in London for overall quality of life. Like the Rightmove Index, 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. The 2021 version of the Index is due in February 2022.
With such high-profile endorsements, Richmond property owners only stand to benefit from increased interest in the area. Good schools, excellent transport links to other parts of London and the UK, low crime figures and the general quality of this location all combine to add to the desirability of the area when it comes to buyers looking for the best options for their families.
The wider local area around Richmond
The Richmond area has a number of very distinct local areas which includes East Sheen – with its very long high street and residential feel, to the wonderful ‘village-esque’ and very family-friendly Mortlake, thanks to its lovely riverside walks, good local schools, and superb transport links. And then there is Twickenham across the Thames, another location that benefits from the tranquillity of the river, great parks and good housing stock and it’s just a stone’s throw from central Richmond.
Competition for properties stands to be high, especially in such a competitive market and even more so now that Richmond has been identified as such a wonderful place to live.
Get on the market with Parkgate
For more information about selling your property in Richmond, Twickenham, Sheen, Mortlake and Putney, please get in touch with our multi award-winning team at Parkgate Estates on 0208 940 2991.
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