House prices in Watford have seen a drop, outpacing the average decline in the East of England. House prices fell by 1.6 percent, a figure that stands out against the broader trend in the East of England, where the decline was a mere 0.2 percent. This dip in Watford was also sharper than the overall 0.8 percent decrease across the UK.

A Year of Decline

Zooming out to the annual perspective, Watford’s property scene hasn’t been faring well. There’s been a 3.9 percent drop in property prices over the past year. To put this in perspective, the average house price in Watford in November was £387,861, down by a considerable £16,000 compared to the previous year. This ranks Watford 28th among the 45 local authorities in the East of England for annual house price growth.

Interestingly, not all areas in the East of England followed the same pattern. Maldon witnessed the highest annual growth in the region, with an average property price increase of 6.1 percent, reaching £442,000. In stark contrast, Stevenage saw a significant 9 percent drop, bringing the average property price down to £322,000.

The First-Time Buyer’s Scenario

For those just stepping onto the property ladder, Watford presented a mixed bag. First-time buyers spent an average of £342,000 on properties, which is £14,000 less than the previous year. This figure, however, is still £27,000 higher than what it was back in November 2018. In comparison, people who were moving homes (former owner-occupiers) paid a much higher average of £449,000 in November, showcasing a 31.4 percent price gap from first-time buyers.

The type of property plays a significant role in how prices have changed:

• Detached Houses: Saw the most significant price drop. They fell by 2.4 percent in November alone, settling at an average price of £941,707. Over the year, these properties have seen a 4.4 percent decrease.
• Semi-Detached Houses: Experienced a 2 percent drop in November and a 3.8 percent annual decline, averaging at £528,298.
• Terraced Houses: Witnessed a 2.1 percent monthly and a 4.7 percent yearly decline, with an average price of £415,866.
• Flats: Had the smallest decrease of 0.7 percent monthly and 3.2 percent annually, averaging £272,915.

How Does Watford Stack Up?

When compared to the rest of the East of England, Watford’s property market appears more expensive. Buyers paid 11.9 percent more than the East of England’s average (£347,000) in November. However, it’s not the most expensive in the region. St Albans tops the list with an average property price of £577,000, which is 1.5 times more than Watford and a staggering 2.7 times more than Great Yarmouth, the lowest in the region at £213,000.

UK Perspective: The Highs and Lows

Nationally, Kensington and Chelsea hold the record for the highest property prices. But let’s get down to the specifics:

• Average Property Price in November:
  • Watford: £387,861
  • East of England: £346,659
  • UK: £284,950
• Annual Change to November:
  • Watford: -3.9 percent
  • East of England: -3.3 percent
  • UK: -2.1 percent
• Regional Extremes:
  • Highest Growth: Maldon (+6.1 percent)
  • Lowest Growth: Stevenage (-9 percent)

These figures tell a story of a fluctuating market, one where Watford stands out for its more significant decline compared to both regional and national averages.