House prices dropped in Watford at the start of the Covid-19 crisis in March, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the borough suffer a 2.9 per cent annual decline.
The average Watford house price in March was £334,610, Land Registry figures show – a 2.8 per cent (£9,600) decrease from February.
Owners of detached houses fared worst in Watford in March – they dropped 3.1 per cent (£24,800) in price from the previous month, to £775,802 on average.
Among other types of property:
• Semi-detached: down 2.8 per cent (£12,600) from February; down 2.0 per cent annually; £439,109 average in March.
• Flats: down 2.5 per cent (£6,400) from February; down 3.9 per cent annually; £251,081 average in March.
First steps on the property ladder
First-time buyers in Watford spent an average of £298,000 on their property – £9,800 less than a year ago.
By comparison, former owner-occupiers paid £382,500 on average in March – 28.4 per cent more than first-time buyers.
How do property prices in Watford compare?
Buyers paid 14.9 per cent more than the average price in the East of England (£291,000) in March for a property in Watford. Across the East of England, property prices are high compared to those across the UK, where the average cost £232,000.
Some of the most expensive properties in the East of England were in Three Rivers – £512,000 on average, and 1.5 times as much as in Watford.
In Hertsmere, properties costed £439,321 on average.
Factfile
Average property price in March
• Watford: £334,610
• The East of England: £291,254
• UK: £231,855
Annual growth to March
• Watford: -2.9%
• The East of England: +1.6%
• UK: +2.1%
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