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Richmond prices rise 20% in a year

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Mon 10 Mar 2014

Richmond prices rise 20% in a year

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.”