While house prices across the UK and the East of England enjoyed a sunny increase in August, Watford saw a little dip.
Don’t panic just yet! The latest Land Registry figures reveal that the average house price in Watford during August was £393,499. That’s a tiny 0.7% drop from July. It might not be the news sellers want to hear, but it could be music to the ears of eager buyers.
A Year in Review: Watford vs The Rest
This recent dip is part of a bigger picture. Over the past year, Watford property prices have actually fallen by £4,100. This puts Watford in 34th place for price growth out of 45 local authorities in the East of England.
Meanwhile, the East of England as a whole saw an average house price rise of 1% in August, and a cheerful 1.4% jump over the past year. The UK as a whole? They’re sitting pretty with a 1.5% increase in August and a healthy 2.8% surge over the year.
First-Time Buyers: A Glimmer of Hope?
For those dipping their toes into the property market, there’s a sliver of good news. The average price for first-time buyers in Watford during August was £350,300. That’s a smidge lower (£1,300 to be exact) than a year ago. However, before you break out the bubbly, it’s still a whopping £39,700 higher than August 2019.
Detached Homes Take the Biggest Hit
If you’re eyeing up a detached house in Watford, there’s good news. This type of property saw the sharpest drop in price during August, with a 1.6% decrease.
How Does Watford Compare?
Despite the recent dip, Watford still sits above the average house price in the East of England. Buyers in Watford paid a premium of 14.3% compared to the regional average of £344,000.
And if you’re looking for the most expensive slice of the East of England property pie? Look no further than St Albans, where the average house price will set you back a cool £589,000.
Watford Property at a Glance
Average House Prices in August
- Watford: £393,499
- East of England: £344,190
- UK: £292,924
Annual Price Change (to August)
- Watford: -1%
- East of England: +1.4%
- UK: +2.8%
East of England: Biggest Winners and Losers (Annual Growth)
- Highest: Broxbourne (+8%)
- Lowest: Castle Point (-6.8%)