Monday 23 July 2018 1:54 pm

How much does it cost to live near Richmond Park? | City A.M.

It’s little wonder that Richmond continually tops ‘best places to live’ lists. With a Royal Park that’s so big it accounts for nearly half of the total area of all London’s Royal Parks, beautiful Georgian family housing, some of the best river frontage in the capital and a thriving community-led high street, it’s difficult not to fall in love with the place.

“There is never a surplus of stock available in the market and demand consistently exceeds supply, largely because those who move to Richmond tend to stay rooted here,” says Luke Ellwood, regional head of south west London at Knight Frank.

This means central Richmond, which we’re defining as the TW10 postcode rather than the entire borough, tends to hold its value. Knight Frank’s Richmond Market Insight 2018 report says average prices have fallen by 1.6 per cent in the year to March, which is broadly in line with the 1.9 per cent falls seen across prime London.

Living close to the green spaces of Richmond Park comes at a price – buyers can expect to pay a 65 per cent premium to live in one of the substantial period family homes that line its approaches

However, the more exclusive parts, such as Richmond Hill and Richmond Green, scenic spots that have inspired painters like Turner and Reynolds, have seen less volatility and are still seen as good long-term investments, attracting celebrities and high net worth buyers. And if it’s historical properties you’re after, Richmond boasts no less than 25 Blue Plaques across the borough.

For alternative family-friendly roads, “Marlborough Road, Park Road, Montague Road and Rosemont Road have always been desirable, but even more so recently,” says Daniel Killick, sales director at Chestertons.

The deer of Richmond Park

For those with less to spend “some more value can be had purchasing 1920s or ‘30s properties of which a few gems can be found,” says Hamish Bruce from Marsh & Parsons’ Richmond office.

Detached houses also form a larger proportion of sales in TW10, comprising 8.8 per cent of sales compared to 6.2 per cent borough-wide, according to Savills Research using Land Registry figures. Million-pound plus sales are also more frequent here, with Savills recording 64 in the last year, making up over a quarter of overall sales.

“Living close to the green spaces of Richmond Park comes at a price – buyers can expect to pay a 65 per cent premium to live in one of the substantial period family homes that line its approaches, when compared to the average value of the borough in which it sits,” says Frances Clacy, a Savills research analyst.

The estate agent’s office in Richmond says nearly half of its sales last year came from families, while 10 per cent were from downsizers and 15 per cent were relocating from central London or Wandsworth.

Inside Richmond Theatre

Area highlights

Created by Charles I in the 17th century as a deer park – a vital addition to any city – Richmond Park is the largest of the eight Royal Parks. There’s so much to explore, it’s easily a day out on its own, and it’s a top UK site for ancient trees, particularly oaks. Richmond Theatre on Richmond Green is an 840-seat venue that’s been staging plays since 1889. The striking red brick and terracotta building is Grade II Listed and it’s hosting an evening with explorer Sir Ranulph Fiennes this weekend. For a cold beer by the river, there are few places as picturesque as Stein’s, a Bavarian restaurant and beer garden overlooking the Thames. You can also dine al fresco in the leafy courtyard of local favourite La Buvette, a French bistro in a side street just off The Green. Cricket fans will also be thrilled to be local to Richmond Cricket Club. Founded in 1862, it now plays in the Middlesex County Cricket League and is one of the most successful amateur cricket teams in London.

Read more: High prices in Shoreditch are driving more professionals to Bethnal Green

Area guide

House prices Source: Zoopla

DETACHED

£2.479m

SEMI

£1.482m

TERRACED

£928,992

FLATS

£612,212

Transport Source: TfL