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House prices up 20 per cent in a year in Richmond
House prices in Richmond have risen by 20 per cent since January last year.
The average cost of a house in Richmond has jumped 7.2 per cent from last month, and 19.2 per cent from this time last year, according to property website Rightmove.
The monthly rise, from £751,237 to £805,271, is above the Greater London average of 5.2 per cent and the annual rise, from £676,086, is also above the Greater London average of 11.2 per cent.
Rightmove said demand for housing was outpacing supply and pushing up prices for first-time buyers and people selling up closer to central London and moving to outer boroughs contribute to sharp rises.
Miles Shipside, Rightmove director and housing market analyst, said: “The market rebound continues.
“While February is historically a positive month for prices of property coming to market, this is the second highest February rise since our index began in September 2001.
“New sellers are now asking over £16,000 more than those who came to market a year ago, a rate of increase not seen since before the credit-crunch took hold in 2008.
“Those contemplating trading up, down or out may well be encouraged to come to market as they see their equity grow as prices rise.”
Average prices in Richmond are the sixth highest in the capital, according to Rightmove.