London Borough of Richmond Upon Thames: A Property Market Defying the Odds

What I want to talk to you about though is what is taking place in the Richmond Upon Thames Property Market.

National headlines recently have been dominated by interest rate cuts, affordability challenges caused by the end of the stamp duty holiday, and doubts about the government’s ability to deliver 1.5 million new homes as pledged by 2029.

Nevertheless, here in Richmond upon Thames, the market is telling its own story.

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A strong property market in Richmond, Teddington and Twickenham

The most recent reports about the London property market show that although things have been technically upward-moving, property prices have nevertheless remained relatively flat, especially when compared to general inflation. The Office for National Statistics (ONS) records average prices across the capital rising by just 1.7% in the year to February 2025.

Here in Richmond on the other hand, we have absolutely bucked that trend. According to the latest Land Registry data for our Borough, again as recorded by the ONS, house prices in Richmond upon Thames have risen by an impressive 6% over the same 12-month period.

From our perspective at Bartlett and Partners, this growth reflects what I’m seeing day-to-day: strong buyer interest, robust competition for properties we have on the
market, and a continued demand for quality homes in one of London’s most desirable boroughs.

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What is driving the demand for property in Richmond Borough?

There’s not one single reason that Richmond, Teddington and Twickenham continue to thrive as we are, but several key factors help explain the borough’s strength in the
current climate:

Lifestyle Appeal: With our mix of green space, excellent schools, great pubs and eateries, riverside walks and river views, and the quick access we have into central London, Richmond ticks so many the boxes for families, professionals, and downsizers alike.

Supply Constraints: Richmond Borough is a mature market with limited new development. Demand here continues to outpace supply, particularly for period properties, family sized homes and anything close to transport links and parks.

Buyer Confidence Returning: Whilst the broader UK market has cooled somewhat, Richmond’s buyer pool has remained resilient and active, particularly among the many cash buyers we see here, who for obvious reasons are less affected by interest rate fluctuations.

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Interest Rates, Mortgages, and the End of the Stamp Duty Holiday

There’s no denying that the wider economic context has been challenging. The end of the stamp duty holiday in March prompted many buyers to act quicker than they
may have, earlier in the year, leaving a void in the normally bloated buyer-pool as we have gone entered the normally buoyant post-Easter, Spring market.

Meanwhile, the Bank of England’s decision to reduce its base rate has helped calm nerves – especially combined with positive news about GDP released this week, that showed stronger growth than predicted.

Perhaps most importantly, mortgage lenders are now in fierce competition for business. Rates have fallen again as indications of base rate drops became more solid, with some high-street lenders now offering sub-4% deals again – and many looking set to drop rates a little further.

It has brought a few more buyers back into the fold over the past three or four weeks, creating renewed momentum, especially in mid- to upper-market segments,
which we are fortunate to deal with by and large in our local Richmond Borough market.

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What We’re Seeing on the Ground

At Bartlett and Partners, we’ve seen:

Increased viewing activity since March, with many buyers keen to complete before the stamp duty holiday fully ended.

Competitive bidding on well-presented and spacious homes, especially in prime pockets locally.

Sellers pricing with realism but not discounting heavily. Confidence has been strong, and when properties are marketed properly we are still seeing offers at or above asking price.

I have also noticed a definite uptick in homeowners keen to make a move before the summer. It may reflect a pent-up demand that has finally been released. With many
buyers feeling confident about locking in mortgage deals now, we are seeing chains forming and completions ticking along steadily.

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The Outlook for Richmond Upon Thames Property This Summer

As we move into the summer months, I fully expect the property market to remain not just steady in Richmond, Twickenham and Teddington, but to be buoyant -particularly compared to other parts of the capital.

The 6% year-on-year price growth may soften slightly, but frankly it is because we now have something of a cushion. Nevertheless, being here on the river, and in an area where jobs support incomes that support cash purchases or comfortable mortgage affordability, I certainly anticipate continued activity, particularly in the family and professional sectors.

The key message? Richmond Borough continues to outperform thanks to our unique of blend of lifestyle, limited supply, buyer confidence, and not least buyer affordability.

We do live in a relatively expensive area compared to others. According to ONS data, the average house price in Richmond Upon Thames now exceeds three quarters of a million pounds – £788,000. Property data site House Metric shows that our average price per square metre is £8,290, and that around half of all properties in Richmond sell for between £7000 and £10,000 per square metre.

But that is because people want to live here, and that is not going to change. That is why prices remain so strong.

If you are considering a move in or around Richmond upon Thames, or simply want a more detailed sense of what your home might be worth, please get in touch.

I am always here to offer honest advice and local market insight.