How the property boom is affecting Watford

Real estate company Zoopla has said that 1.5 million UK house sales are expected across 2021, up 45 per cent on last year.

It reported that average annual transactions rarely exceeded 1.2 million over the last decade – meaning 2021 could potentially have the highest level of activity since 2007.

The sector’s rosy outlook has also been mirrored by rising interest in and around Watford.

People are moving out of London to buy family homes with gardens (Image: North Somerset Times)

Rebecca Morley, from Marshall Vizard in Station Road, said: “The sales property market in Watford is definitely busier than we might have been expected, given the events of the past year.

“This has in part been fuelled by the stamp duty holiday, but as this reaches the end, we are still experiencing high levels of viewings and multiple offers on properties, some exceeding the asking price.

“There are lots of genuine and enthusiastic buyers out there, with not enough stock to show to them, so if you are serious about selling your home, it is undoubtedly worth getting it valued and on to the market.”

There are 473,000 more transactions expected to complete in 2021, according to Zoopla, lifting the total value to £461 billion.

There has been a huge increase in flats being built in the Watford area

Executive market manager Jack Cairns, from Taylors Sales in The Parade, said: “Everybody has been taking advantage of the Stamp Duty holiday and a lot of people have high liquidity at the moment from not spending much money during lockdown, going out and so on.

“For us it has been really good in the Watford area – the busiest we’ve seen since 2014, there are so many flats being built.”

Demand for family houses continues to exert upward pressure on prices, with average annual values up 5.2 per cent compared to a 1.1 per cent increase for flats.

Director of Dey King and Haria, Samuel Dey, said: “If the activity and volume of sales agreed in the first quarter continue throughout the year then we will be on course for our busiest year since 2013 when we started the business.

Dey King & Haria estate agents in The Parade, Watford

“We are finding that the mid to higher end of the house market is most active with properties going under offer within a week achieving asking price and above.

“The stamp duty incentive has stimulated the market, however we saw huge pent-up demand coming out of the first lockdown.

“I think the ability to work remotely during the pandemic has prompted moves for a lot of people and also the desire to have more outside space.

“A significant number of our buyers are moving from London and are considering Watford for several reasons - great schools, transport links, shopping facilities and value for money in contrast to London house prices.”