Posted: 05.05.21 at 13:56 by The Editor
We know the beautiful Borough of Richmond-Upon-Thames is a fantastic place to live, and property here doesn’t come cheap. Many people acknowledge that the “cost of living” is higher here than in many parts of the country. But what exactly does “cost of living” mean, and what are the trade-offs for buying a property in a place that’s higher up on the cost of living scale?
The cost of living varies a great deal across the UK, and is usually defined as the cost of essentials such as housing, food, and transport in an area.
Of course, the cost of living in a particular area is offset by the typical local wage or salary rate. Houses can cost more in an area, but if salaries generally tend to be higher there, the effective cost of living is no higher than another area where houses cost less, but salaries are lower.
So what are the typical prices you’ll pay in our lovely Borough, compared with some other areas in Surrey?
Well, according to RightMove’s latest data, this is what we’re looking at for average house prices in Richmond:
Compare this with Leatherhead, just down the M25, and it’s a different story:
And then further east in Croydon, it’s another story again:
The difference is clearly huge in terms of property price, and the cost of food has a similarly wide range. In Richmond, on average you’ll pay about £60 for a meal for two in a mid-range restaurant, and £4.50 for a bottle of beer with it. It’s about 95p for a litre of milk, and £1.20 for a loaf of white bread.
In Croydon, expect about £47.50 for a meal for two, and £4 for your beer. Milk is likely to be about the same, but bread comes in under £1 for a standard white loaf.
Fuel costs vary a great deal, too. In pre-COVID times, it was usually about £1.26 a litre for petrol in Croydon, and this goes up to over £1.50 per litre in Richmond.
There are plenty of Surrey towns that come in somewhere in the middle. It’s clearly more expensive to buy a home, eat and travel in Richmond, compared with other areas of Surrey – so what do you get in exchange?
There are a great deal of reasons. Yes, it’s more expensive – but areas like Richmond, Twickenham, St Margaret’s, Teddington and Hampton just can’t be beaten for what they have to offer.
I think it comes down to this magic combination: outdoor space – Richmond Park and Bushy Park, the leafy streets, and the riverside scene; community – great schools, and a wealth of family activities; culture - theatres, local businesses, independent restaurants and rich, royal history, including nearby Hampton Court – all finished off by the area’s fantastic position on the outskirts of South West London, and speedy access into everything the capital has to offer.
So if you have the option, it’s really no competition. Set your heart on the Borough of Richmond-Upon-Thames, and find your perfect property here with us.
You can get in touch with Darren via his website or by dropping him a message on Facebook, Instagram or by calling 020 3879 1239.
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