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%