New homes in Richmond upon Thames
New homes in Richmond upon Thames
Spotlight on Richmond upon Thames
Desirable and affluent, Richmond upon Thames is always in demand. With its pretty riverside, quaint shops, almost-countryside atmosphere and good schools, people move here for the lifestyle. If you’re looking for a prime investment option, this sought-after borough could be ideal for you.
The Capital’s happiest, most vibrant place to live
Richmond upon Thames was recently named as the happiest place to live in London, with residents being among the healthiest and wealthiest in the country. Rightmove surveyed Londoners on topics such as local community spirit, friendliness of neighbours, quality of sports facilities, safety, transport and green space, before declaring Richmond the city’s happiest borough.
It’s also been named one of the most vibrant places to live and work in England. According to a ‘vibrant economy’ index which identifies areas with the best balance between economic growth, social equality, health and happiness, Richmond’s residents were judged to be among the happiest in the country. In a list compiled by accountants Grant Thornton, Richmond took London’s top spot behind only Cambridge and Oxford.
Strong demand protects property values
In recent times,market uncertainty and last year’s stamp duty increases have made buyers more cautious, which has caused a fall in asking prices. Yet Richmond’s underlying demand has insulated its property prices from the worst of prime London’s falls. According to Savills, over the past year prime central London prices fell almost 3.9% whereas Richmond’s prime market actually gained 1.9%. This strong performance has been driven by the borough’s large, distinctive properties that are still drawing wealthy buyers.
Silicon-on-Thames, part of London’s growing technology industry
Perhaps surprisingly for a leafy suburb, Richmond upon Thames has an influential tech scene. Home to web giants eBay and PayPal, along with notonthehighstreet, Graze and Gumtree, it has earned the nickname Silicon-upon-Thames. The arrival of these firms has helped to give Richmond a more youthful feel, attracting younger affluent buyers who are keen to start a family in the area.
Commuter heaven with impressive employment figures
One of the borough’s major attractions is its ease of commute.Trains to Waterloo take barely 16 minutes from Richmond and 23 minutes from Twickenham. From Richmond Underground station, trains on the District line take 33 minutes to get to Westminster.
Employment figures across the borough are excellent. In 2013, it had the Capital’s lowest unemployment rate, highest male employment rate and the third highest gross annual pay after Kensington and Chelsea and the City of Westminster. Around 72% of the borough’s population work in managerial, professional and technical positions, compared with 48% in outer London as a whole.
Richmond Park – the biggest enclosed space in London
Richmond upon Thames is famous for its greenery. There are over 500 hectares of formal parks, sports grounds, playgrounds and nature conservation sites for residents to enjoy. The most visited open space is Richmond Park. Famously home to herds of red and fallow deer, the park is the city’s largest Site of Special Scientific Interest, a National Nature Reserve and a European Special Area of Conservation. Homes nearby are highly sought after. According to Savills, those with a view of the park command a 24% premium.
Pretty riverside spanning both banks of the Thames
With 21 miles of stunning river frontage, Richmond upon Thames is the Capital’s only borough where residents live on both banks of the Thames. Richmond Riverside is a beautiful place to have a leisurely lunch in an al-fresco restaurant, a drink in a historic pub or simply catch the sun on one of its many stretches of lawn. Adding to the area’s charm, the Grade I listed Richmond Bridge is the oldest surviving bridge on the Thames.
The strong reputation of Richmond’s schools is arguably the main draw for many buyers and tenants. During the 2012/13 academic year, its primary schools had the highest average score in London for academic achievement – ahead of Kensington & Chelsea. As for its secondary schools, Richmond’s home to five of London’s top 30 wards for average GCSE scores.
Current asking prices and rental yields
The current average value of properties in the London borough of Richmond upon Thames is £888,790. It has increased 3.81% in the last 12 months and 44.63% in the last five years. For a two-bedroom apartment, the average asking price is £588,752 and the average asking rent is £1,982pcm, which means the gross rental yield is currently 4.00%.
This content is correct as of March 2017