Watford house prices and rents both on the rise - ONS data

Provisional figures from the Office for National Statistics show the average private rent in Watford reached £1,710 per month in the year to October – up 8 per cent from £1,580 a year prior.

It was also up 31 per cent from an estimated £1,310 a month five years ago.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: "Getting good news about your rent is about as common as discovering your housemates have washed up for you, or your landlord suggesting you get a dog.

"It means for many, the only way out of the endless cycle of rising costs is to buy, but this is far easier said than done when rents absorb so much of your income."

Meanwhile, monthly ONS data revealed a increased in house prices from August to September, with a property in Watford now setting you back an average of £397,442 compared to £393,499.

• Town centre's Citipark Sutton 'to be sold for redevelopment'
• Woman left with black eye after smashing into Croxley bike rack

It comes as Propertymark, which represents estate agents, said selling property or turning to the short-term letting market is becoming a "more attractive" option for landlords.

Its chief executive Nathan Emerson, said: "Selling up altogether or turning to the short-term letting market is becoming a more attractive option for landlords due to the challenging legislative changes and increased financial liabilities they face."

The autumn Budget and the election of a Labour government has put housing firmly at the forefront of the agenda once again.

Since last month's Budget there has been plenty of speculation about how upcoming changes to stamp duty will impact the housing market.

 Brandon Bordoley, (Image:  Brandon Bordoley) However, Brandon Bordoley, senior branch manager at Connels in The Parade, Watford, feels that house prices will see little change in Watford.

He said: "I think prices will stay static over the next year or two. However, I do think buyer demand will naturally increase  between now and the end of the first quarter of 2025 for buyers wanting to make the most of the current stamp duty thresholds."

Deputy Prime Minister and Housing Secretary Angela Rayner has told councils that they have a "moral imperative to build new homes", provisionally raising housing targets across the country.

Watford's housing target has decreased slightly, with the government setting it at 800 new homes per year - down from 850.

This is at odds with the rest of the East of England, with the region having to collectively build nearly 10,000 new homes a year.