House prices increased slightly in Watford in August, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 2.9 per cent annual growth.
The average Watford house price in August was £358,200, Land Registry figures show – a £21,492 (0.6 per cent) increase on July.
Over the month, the picture was similar to that across the East of England, where prices increased 0.8 per cent, and Watford underperformed compared to the 0.7 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Watford rose by £10,000 – putting the area 14th among the East of England’s 47 local authorities for annual growth.
Winners and Losers
Owners of semi-detached houses saw the biggest improvement in property prices in Watford in August – they increased 1 per cent (£47,367), to £476,375 on average. Over the last year, prices rose by 4.9 per cent.
Among other types of property:
Detached: up 0.8 per cent monthly; up 5.2 per cent annually; £845,178 average
Flats: remained level over the month; up 0.1 per cent annually; £262,514 average
First steps on the property ladder
First-time buyers in Watford spent an average of £317,600 on their property – £7,000 more than a year ago, and £45,300 more than in August 2015.
By comparison, former owner-occupiers paid £412,200 on average in August – 29.8 per cent more than first-time buyers.
How do property prices in Watford compare?
Buyers paid 20.8 per cent more than the average price in the East of England (£296,000) in August for a property in Watford. Across the East of England, property prices are high compared to those across the UK, where the average cost £239,000.
The most expensive properties in the East of England were in St Albans – £522,000 on average, and 1.5 times as much as in Watford. St Albans properties cost three times as much as homes in Great Yarmouth (£174,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average August sale price of £1.4 million could buy 15 properties in Burnley (average £91,000).
Factfile
Average property price in August
Watford: £358,200
The East of England: £296,411UK: £239,196
Annual growth to August
Watford: +2.9%
The East of England: +2.0%
UK: +2.5%
Best and worst annual growth in the East of England
South Norfolk: +5.9%
Babergh: -4.1%
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