Parkgate Estate Agents in Richmond - May Property Price Reporttlake

Industry insights

Richmond Upon Thames house price update – May 2022

With summer upon us, it’s time to look again at the property market in Richmond. Our friends at Rightmove have published the latest property trends information for May.

So how is it looking for the local Richmond Upon Thames area?

In April we reported an impressive upswing in the spring market with property prices rising at around 3.4% on average in the Richmond area. The first few months of this year had seen heavy competition for properties from buyers and as the year has progressed the average time to secure a buyer has dropped dramatically since January from 68 days to just 48 days in May.

Here is our May property market update (May 2022) with an outline of the local and national market trends.

Demand remains high for Richmond properties

Since we began reporting on Richmond property prices at the beginning of this year, we’ve seen the average price rise from £926,339 to £971,917. It means that the annual average increase for Richmond now stands at 6.5% with a slightly slower month on month increase of 1.8% in line with the London average.

Interestingly, Rightmove reported that the majority of sales in the borough were terraced houses selling at an average price of £926,339. Flats reached a new high of just over £510,000 with semi-detached homes now averaging £1,311,156.

When compared with the period before the pandemic in 2019, prices have risen by an average of 8%. Consistent high buyer demand for very limited available stock for sale suggests sustained price falls are unlikely in the foreseeable future, but Rightmove is suggesting prices may level off over time. They also report that the number of transactions nationally remains steady, but availability is now down 51% on the same period in the 2019 market.

Our summary of the market

We think the Rightmove May 2022 report shows continuing positive buyer activity despite four consecutive interest rate rises and property price growth in Richmond remains in line with London averages. And we are continuing to see a fast turnaround in properties once they come on to the market. With this in mind we believe now is a good time to talk to us about selling your home.

You can download and read the full Rightmove May 2022 report here.

Search our current properties to buy or let in the area.

Why is Richmond a popular buyer destination?

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.

Get on the market with Parkgate

For more information about SELLING or LETTING your property in Richmond, Twickenham, Sheen, Mortlake, and Putney, please get in touch with our multi award-winning sales and lettings team on 0208 940 2991.

Get an instant online property valuation

Selling or letting soon? Find out how much your property could be worth to buy or rent in the current marketplace by using our free and instant online valuation.

Moving to Richmond?

The Parkgate team can help you find the ideal property to buy or let. We all know Richmond and the surrounding areas really well and can speak from experience and provide a comprehensive overview of the benefits of living in this beautiful location.

Talk to a member of the team today and register with us: 020 8940 2991.

Emre OvacıkEmre Ovacık
08:38 01 Sep 23
Very responsive, informative and always kind people. We didn't have much time, but they helped us with creating some time in their agenda and squeezing us in. We rented our place just in time, thanks to them.
Branka ObradovicBranka Obradovic
12:21 22 Feb 23
Parkgate has been my agent of choice for a number of years now and has secured good tenants for my properties. They are hard working, respond in a timely manner and best of all are always friendly rather than aggressive or overbearing, which is the case with many of their competitors.
Jorge RodriguezJorge Rodriguez
15:01 02 Feb 23
Excellent service throughout.We rented a property that they manage for 4 years.Parkgate team is very professional and approachable. Way better than dealing with a big agency, they offer a more personal approach, always available and willing to solve any issues.From the tenancy agreement to handing the property back, it has been a real pleasure working with them.
Catherine BrownCatherine Brown
12:16 30 Aug 22
I have had an eight year relationship with Parkgate, in fact they originally sold my flat to me 12 years ago in Putney. Their service and professionalism is unrivalled. They managed the leasing of my flat from 2014 and assisted me to negotiate the successful sale just now in 2022. Chris has been there throughout with an open door and no request too trivial to assist. Klaudia negotiated my sale and worked with amazing tenacity throughout. I would not hesitate to recommend Parkgate to anyone in the Putney/Richmond area, they know their stuff.
Ali ChampkinsAli Champkins
10:16 31 Jan 22
We have had a wonderful experience with Parkgate and would highly recommend them. Chris was brilliant on the valuation - what we liked is he was totally honest about our chances of selling and gave us the positives and negatives about our property (such as facing a council estate!). Other agents tend to just gush over the good bits which is great, but actually not that helpful.The selling process was great - we were given good feedback from the viewings and got the price we wanted within about 8 weeks.We really have nothing but praise for Klaudia and Chris, it's been really enjoyable, easy and stress free and we will be recommending Parkgate to all our friends in the area and our building.***** Thank you! *****