Property prices across Watford rise in March

Prices rose by 0.7 per cent and this rise contributes to the longer-term trend, which has seen property prices in the area achieve 6.6 per cent annual growth.

The average Watford house price in March was £367,700, Land Registry figures show – a 0.7 per cent increase on February.

Over the month, the picture was similar to that across the east of England, where prices increased 1.2 per cent, and Watford underperformed compared to the 1.8 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Watford rose by £23,000 – putting the area 33rd among the east of England’s 50 local authorities for annual growth.

A general view over an area of Watford. Credit: Watford Borough Council

The best annual growth in the region was in East Suffolk, where property prices increased on average by 17.3 per cent, to £282,000. At the other end of the scale, properties in Welwyn Hatfield gained 0.1 per cent in value, giving an average price of £396,000.

Owners of terraced houses saw the biggest improvement in property prices in Watford in March – they increased 1.1 per cent, to £390,802 on average. Over the last year, prices rose by 8.2 per cent.

Among other types of property:

• Detached: up 0.8 per cent monthly; up 9.5 per cent annually; £878,208 average

• Semi-detached: up 0.8 per cent monthly; up 8.5 per cent annually; £490,822 average

• Flats: up 0.2 per cent monthly; up 3.4 per cent annually; £266,512 average

Flats in Ascot Road in Watford under construction. Credit: Stephen Danzig/Watford Observer Camera Club

Meanwhile, first-time buyers in Watford spent an average of £325,000 on their property – £18,000 more than a year ago, and £31,000 more than in March 2016.

By comparison, former owner-occupiers paid £425,000 on average in March – 30.5 per cent more than first-time buyers.

Overall, buyers paid 16.7 per cent more than the average price in the east of England (£315,000) in March for a property in Watford.

Across the east, property prices are high compared to those across the UK, where the average cost £256,000.

The most expensive properties in the east of England were in Three Rivers – £544,000 on average, and 1.5 times as much as in Watford. Three Rivers properties cost three times as much as homes in Great Yarmouth (£184,000 average), at the other end of the scale.