Aside from the City itself, which only has a population of less than 10,000 people, residents of Richmond upon Thames have been found to be the happiest with where they live, and although property in the area certainly falls on the side of expensive, with the average price of all properties here being around £900,000, there are still signs of notable growth to be had.
What’s more, many of the landmarks and sites in the area are protected, so Richmond Park, Kew Gardens, and Richmond Theatre are not only popular but they are here to stay. Look at a site like Featherstone Leigh and you will find that there is a varied and wide selection of properties available. Demand for rental properties is currently higher than demand for property to purchase, so if you are looking to buy a home in leafy Richmond upon Thames, then you are especially in luck.
In 2014, the average flat sold for just over £500,000 while the average price for a terraced property was £900,000 and semi-detached prices averaged over £1.3m. The average price across all property types was just under £900,000, and while this does make it one of the more expensive areas to consider purchasing, it is still less expensive than nearby Petersham or even Sheen Park, where you would have to pay £1.6m and £1.2m respectively.
House prices rose across the board, with few exceptions, and analysts put this down to a general recovery in the economy, and to improvements in employment and other economic factors. All London boroughs saw double digit growth in average house prices, but Richmond was among the highest increases.
Experts expect these increases to continue further, and the signs so far this year agree with the forecast. Buyers looking for properties that want to avoid a potential mansion tax on properties, that have been mooted by Labour governments, may consider Richmond to be at the top end of their budget. The mansion tax is likely to be placed on properties with a value of £2m or more, so the average property would have to double in value before the owner was hit with this additional cost.
What Richmond Has To Offer
There are many reasons for Richmond’s popularity. There aren’t too many other places in and around London where you can see deer in the parks, and the leafy Surrey suburb is considered much slower paced than a lot of other areas, so is ideal for those that don’t necessarily want the hectic nightlife, although popular bars and other venues can still be easily found. There is a good selection of different property types, while areas like Twickenham can expect some redevelopment and growth in coming years.