Is now the time to bag a bargain in Watford?
House prices in Watford have taken a tumble, dropping by a whopping £20,000 in just one month. This dramatic fall is the worst in the East of England, leaving potential buyers and sellers wondering what’s next for the local property market.
Watford sees biggest annual drop in the East of England
According to the latest Land Registry figures, the average house price in Watford now stands at £376,035, a significant drop from £397,881 in March. This represents a monthly decline of 3.4%, contributing to an even more concerning annual drop of 8.6%.
Good news for first-time buyers?
This news might be music to the ears of first-time buyers struggling to get on the property ladder. The average price paid by first-time buyers in Watford during April was £334,000, a considerable £30,000 lower than the previous year.
East of England bucks the trend
Interestingly, while Watford experiences a downturn, the overall picture for the East of England is more optimistic. The region saw a modest annual increase of 0.4%, contrasting with Watford’s significant decline. Nationally, property prices rose by 1.1%.
Detached houses hit hardest
Detached homes in Watford bore the brunt of the April slump, experiencing a 4.2% monthly drop, bringing the average price down to £875,951. This follows a wider trend of falling prices, with detached properties in the area experiencing a significant 10.9% decrease over the past year.
Here’s how other property types fared:
- Semi-detached: Monthly drop of 3.8%, annual drop of 9.1%, average price £502,496
- Terraced: Monthly drop of 3.9%, annual drop of 9.3%, average price £396,748
- Flats: Monthly drop of 2.7%, annual drop of 7.4%, average price £273,115
Watford vs. the rest of the East of England
Despite the recent dip, Watford’s average house price remains higher than the East of England average (£335,000), exceeding it by 12.1%. However, it’s a different story compared to the region’s most expensive location, St Albans, where the average house price stands at a considerable £578,000.
What does this mean for you?
The recent downturn in Watford’s housing market presents both opportunities and challenges. For buyers, it could be a chance to grab a bargain, while sellers might need to adjust their expectations.
Average house prices in April:
- Watford: £376,035
- East of England: £335,448
- UK: £281,373
Annual price change to April:
- Watford: -8.6%
- East of England: +0.4%
- UK: +1.1%