Watford house prices have rallied more than the East of England average as they continued their monthly rise.

The average property values in the town increased by 3.3 per cent to £393,023 in June, up from £387,277 in May, according to the latest available Land Registry figures.

Although prices have bounced back since they slumped to £376,035 in April, they did not reverse the longer-term trend which has seen local values suffer a 1.1 per cent annual decline.

Over the month, Watford beat the average for the East of England, where prices increased 0.1 per cent and the 0.5 per cent rise for the UK as a whole.

First-time buyers in the town spent an average of £349,500 on their property, which was £2,600 less than a year ago but £41,400 more than in June 2019.

By comparison, former owner-occupiers paid £448,800 on average in June – 28.4 per cent more than first-time buyers.

Owners of flats saw the biggest rise in property prices in June as they increased 3.6 per cent to £286,214 on average.

Detached, semi-detached and terraced properties also saw monthly increases of 2.7 per cent, 3 per cent and 3.3 per cent respectively.

How do property prices in Watford compare?

Buyers paid 15.8 per cent more than the average price in the East of England (£339,000) in June for a property in Watford. Across the East of England, property prices are higher than those across the UK, where the average cost is £288,000.

The most expensive properties in the East of England were in St Albans – £576,000 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 (£212,000 average), at the other end of the scale.

Factfile

Average property price in June

  • Watford: £393,023
  • The East of England: £339,440
  • UK: £287,924

Annual change to June

  • Watford: -1.1 per cent
  • The East of England: +1.2 per cent
  • UK: +2.7 per cent

Highest and lowest annual growth in the East of England

  • Broadland: +8.6 per cent
  • Ipswich: -7.1 per cent