The housing market has been unpredictable lately, so we've taken a look at how prices have differed in Richmond upon Thames. 

Falling Prices

House prices dropped slightly, by 0.4%, in Richmond in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.5% annual growth.

The average Richmond house price in June was £702,846, Land Registry figures show – a 0.4% decrease on May.

Over the month, the picture was worse than that across London, where prices increased 2.5%, and Richmond underperformed compared to the 4.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Richmond rose by £3,200 – putting the area 28th among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Harrow, where property prices increased on average by 16.7%, to £522,000. At the other end of the scale, properties in City of London lost 13.2% of their value, giving an average price of £756,000.

Winners and Losers

Owners of detached houses fared worst in Richmond in June – they dropped 1.1% in price, to £801,247 on average. But over the last year, prices rose by 1.1%.

Among other types of property:

Semi-detached: down 0.5% monthly; up 1% annually; £997,470 average

Terraced: down 0.1% monthly; up 1.7% annually; £801,247 average

Richmond and Twickenham Times: Terraced house prices are up slightly this yearTerraced house prices are up slightly this year

Flats: down 0.4% monthly; down 1.1% annually; £475,290 average

First steps on the property ladder

First-time buyers in Richmond spent an average of £556,590 on their property – £940 less than a year ago, and £28,580 more than in June 2016.

By comparison, former owner-occupiers paid £802,640 on average in June – 44.2% more than first-time buyers.

How do property prices in Richmond compare?

Buyers paid 37.7% more than the average price in London (£510,000) in June for a property in Richmond. Across London, property prices are high compared to those across the UK, where the average cost £266,000.

The most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and 1.8 times as much as in Richmond. Kensington and Chelsea properties cost 3.9 times as much as homes in Barking and Dagenham (£319,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).