New research in to house prices has found that Richmond’s property prices are likely to increase the most over the next four years.
The Barclays UK Property Predictor research, released last week, revealed that house prices in the borough are expected to increase by 39.10% from 2017 to 2021.
In seventh position across the UK was nearby Wandsworth, with a predicted increase of 31.10% over the next four years.
A spokesperson from Richmond Housing Partnership, a registered provider of social housing for the London Borough of Richmond upon Thames, said: “We have identified that rising housing costs, as laid out in the Barclays Report, means that the intermediate market are some of the most affected and need a modern solution.”
Richmond Housing Partnership’s solution to this is LaunchPod, to be launched on July 12, which is a housing product where rent will be set at 80% of the market rent and aimed at people earning £15,000-£45,000 a year.
According to online property website RightMove, the average house price in Richmond last year was £778,193, which was slightly less than Wandsworth, with an overall average house price of £789,025.
Using the Barclays UK Property Predictor data, this could potentially increase to £1,082,467 in Richmond and £1,034,412 in Wandsworth.
The report uses factors including rental trends, employment levels, commuter behaviour and current house prices to create an index of property hotspots and calculate the price changes.
From the regions of the UK, London unsurprisingly topped the list with a predicted increase of 11.88% over the next 4 years, followed by the East with 9.38% and the South East with 8.74%.
The research also found that prices will rise across the UK by an average of 6.1%, which could bring the average property value across the UK to almost £300,000.