Watford house prices have seen the highest rise in the East of England as they jumped by £11,000 in a month.

In May, the town’s property values increased by 2.3 per cent to £387,277 from £376,035 in April, but stayed below their average of £397,881 in March, according to the latest Land Registry figures.

The rise did not however reverse the longer-term trend, which has seen property prices in the area suffer a 3.2 per cent annual decline.

Average values for the eastern counties have risen 0.6 per cent in May against a 1.2 per cent increase nationally.

In the last 12 months, the average sale price in Watford fell by £13,000 – putting the area 41st among the East of England’s 45 local authorities with price data for annual growth.

The highest annual growth in the region was in East Cambridgeshire, where property prices increased on average by 10.1 per cent, to £358,000. 

At the other end of the scale, properties in Hertsmere dropped by 11.8 per cent, giving an average price of £452,000.

First steps on the property ladder

First-time buyers in Watford spent an average of £344,000 on their property – £11,000 less than a year ago, but £36,000 more than in May 2019.

By comparison, former owner-occupiers paid £444,000 on average in May – 29.3 per cent more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Watford in May as they increased 2.7 per cent to £908,821 on average. Over the last year, prices dropped by 4.6 per cent.

Among other types of property:

  • Semi-detached: up 2.7 per cent monthly; down 3 per cent annually; £520,058 average
  • Terraced: up 2.3 per cent monthly; down 3.9 per cent annually; £408,885 average
  • Flats: up 2.1 per cent monthly; down 2.8 per cent annually; £280,035 average

How do property prices in Watford compare?

Buyers paid 14.7 per cent more than the average price in the East of England (£338,000) in May for a property in Watford. Across the East of England, property prices are higher than those across the UK, where the average cost is £285,000.

The most expensive properties in the East of England were in St Albans – £570,000 on average, and 1.5 times the price as in Watford. St Albans properties cost 2.7 times the price as homes in Great Yarmouth (£214,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Figures: 

Average property price in May:

  • Watford: £387,277
  • The East of England: £337,757
  • UK: £285,201

Annual change to May:

  • Watford: -3.2 per cent
  • The East of England: +1.9 per cent
  • UK: +2.2 per cent

Highest and lowest annual growth in the East of England:

  • East Cambridgeshire: +10.1 per cent
  • Hertsmere: -11.8 per cent