The property market dip triggered by rising interest rates appears to have reached Richmond borough.

The popularity of south west London with its good schools, riverside location and Royal Parks – coupled with an influx of wealthy buyers from Hong Kong – has insulated the area from market fluctuations.

The average sale prices across all property types in May was down by around £3,000 on the month before at £756,534.

However, the average sale prices across all property types in May was down by around £3,000 on the month before at £756,534.

At the same time, a snapshot survey of the Zoopla website found 26 properties that are listed as being reduced by at least 20% since they first went on the market.

The average sale price for detached homes was £1,683,172, which was down by around £9,000 on April and some £13,000 less than the same month last year.

The sale price figures relate to May and come from the Office of National Statistics (ONS) and the Land Registry. They are less current than other surveys, however they are considered the most authoritative measure of the state of the market as they measure what was actually paid.

The figure for terraced houses was £869,801 in May, which was down by around £2,000 on April.

Larger, detached family homes have been in high demand across the Richmond borough during past year, driving up prices, however, this went into reverse in May.

The average sale price for flats and maisonettes in May was £494,378, which down by some £1,500 on April.

The average sale price for detached homes was £1,683,172, which was down by around £9,000 on April and some £13,000 less than the same month last year.

The figure for terraced houses was £869,801 in May, which was down by around £2,000 on April.

The average sale price for flats and maisonettes in May was £494,378, which down by some £1,500 on April.

Local property expert, Stan Shaw, of Mervyn Smith & Co, who speaks on market issues for the Royal Institution of Chartered Surveyors, said the ONS figures 'feel about right' for the borough's market.

He said: "The main factor we are getting now is a build-up of stock which hasn't sold combined with quite a lot of new properties coming on to the market.

"This is giving buyers a lot more choices than they've had in a long time. This means they delay their buying decisions while looking at everything available and they might play one property off against another by offering low and seeing if someone bites.

"On the other hand, the inflation figures last week indicate we may be reaching the peak of the interest rate rises so people are now starting to think maybe mortgage rates will start to fall a bit.

"The housing market may be slower and softer but isn't now likely to fall down a lift shaft."