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.
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.
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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.