House prices

Watford property prices rise in March

House prices rose slightly in Watford in March, new figures show.

Prices rose 0.7 percent and that rise contributes to the longer-term trend, which has seen house prices in the region grow to an annual growth of 6.6 percent.

The average house price in Watford in March was £ 367,700, according to land register figures – a 0.7% increase from February.

Over the month, the situation was similar to that in the east of England, where prices rose 1.2% and Watford underperformed the 1.8% increase for the whole UK.

Over the past year, the average selling price of properties in Watford has increased by £ 23,000, placing the region 33rd among the 50 local authorities in the East of England for annual growth.

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

The region’s best annual growth was in east Suffolk, where house prices rose on average 17.3 percent to £ 282,000. At the other end of the scale, Welwyn Hatfield’s properties gained 0.1% in value, an average price of £ 396,000.

Terraced house owners saw the biggest improvement in property prices in Watford in March – they rose 1.1%, to £ 390,802 on average. Over the past year, prices have risen by 8.2%.

Among other types of goods:

• Detached: up 0.8% per month; up 9.5% per year; Average £ 878,208

• Semi-detached: up 0.8% per month; up 8.5% per year; Average £ 490,822

• Apartments: up 0.2% per month; growing by 3.4% per year; € 28,512 Average

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

Apartments at 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 homeowners paid an average of £ 425,000 in March, 30.5% more than first-time buyers.

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

In the East, house prices are high compared to those in the UK, where the average cost is £ 256,000.

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

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