Average home sale prices in Richmond borough surge £90,000 in a year
House prices across Richmond borough continue to surge ahead of the rest of the country with the figure up 13.3% in the year to February.
The average sale prices across all property types was £765,107, which is up by almost £90,000 in a year.
The figures, which come from the Office for National Statistics (ONS) and Land Registry, provide the most accurate measure of movements in the property market.
The average increase of 13.3% for the Richmond borough compares to 8.1% for London as a whole and 10.7% for England.
Prices are rising fastest for larger family homes against the background of an acute shortage.
At the same time, Richmond borough has come top of a number of national lifestyle and health surveys, which means it is an attractive place to move to.
The official figures also offer a breakdown of sale prices according to property type – detached, semi-detached, terraced, flats and maisonettes.
The figures show:
* Detached house sale prices were up by 16.5% in a year – an increase of £236,622 in a year - £4,550 a week - to £1,672,122.
* Semi-detached sale prices were up 15.3% - an increase of £146,643 to an average of £1,104,792.
* Terraced house sale prices were up 15% - an increase of £115,043 to an average of £881,589.
* Flats and maisonettes were up 10.1% - an increase of £46,312 to an average of £505,493.
According to Zoopla, there are very few detached properties on the market in the borough. Among those available is a four bed property in Davenport Close, Teddington, at £1,695,000.
The property price increases are racing ahead of any rises in incomes, which means buyers are having to borrow ever larger sums to get the keys to a new home.
The rises are at odds with the cost of living crisis and rising interest rates, which are pushing up mortgage repayments at the same time as householders face rises in other must-pay bills, such as gas and electricity, food and petrol.
Richmond Borough Council is currently consulting on Local Draft Plan which outlines significant house building.
Its ten year housing target is 4,110 homes with up to 1,200 in each of Richmond and Twickenham; 900-1,000 in Teddington and the Hamptons; 800-900 in Barnes and East Sheen; 250-300 in Ham and Petersham; and 100-200 in Whitton.
One of the major contributions towards this target will be the redevelopment of the Stag brewery site in Mortlake. It is currently the subject of a planning application for a massive riverside development of 1,085 homes plus shops, offices, cafes and a pub or hotel.
Other schemes on the drawing board include the redevelopment of Twickenham riverside.
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