Good news for Watford homeowners! House prices in your area have seen the biggest jump in the East of England, with the average property value soaring by £20,000 in just one month!

According to the latest Land Registry figures, the average house price in Watford climbed to £387,277 in May, a 2.3% increase from April. This positive news follows a slight dip in prices earlier this year, with May’s figures still falling short of the March average of £397,881.

However, before you crack open the champagne, it’s worth noting that this recent surge hasn’t completely reversed the overall trend in the region. Over the past year, Watford has seen a 3.2% decrease in house prices, a pattern reflected across the East of England, where prices have risen by a modest 0.6% compared to the national average of 1.2%.

Here’s a breakdown of the key figures:

• Average house price in Watford (May 2023): £387,277
• Monthly change (April to May 2023): + £20,242 (2.3%)
• Annual change (May 2022 to May 2023): – £13,000 (-3.2%)

What does this mean for buyers and sellers in Watford?

While the long-term market trends are still unfolding, this recent price jump could signal a potential shift in the market. Sellers might find this a good time to list their properties, potentially attracting buyers encouraged by the upward price movement.

First-time buyers in Watford currently face an average price tag of £344,000, down £11,000 from last year but significantly higher than pre-pandemic levels.

Across the East of England, the average house price in May stood at £338,000, still higher than the national average of £285,000. East Cambridgeshire experienced the most significant annual growth at 10.1%, while Hertsmere witnessed the sharpest decline at -11.8%.

Keep in mind that these figures represent averages across the entire region and individual property prices can vary significantly depending on location, size, and condition.