Watford had the lowest house price growth in the region over the past year, figures show.

House prices increased by 2.2% in Watford in June – more than the average for the East of England.

But growth over the past year has been 6.5%, the lowest in the East of England, where there is an average of 9.7%. The UK average is 7.8%.

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The average Watford house price in June was £397,706, Land Registry figures show, with the 2.2% increase bucking the trend across the East of England, where prices rose 0.5%, and above the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Watford rose by £24,000 – putting the area bottom among the East of England’s 45 local authorities with price data for annual growth.

The highest annual growth in the region was in Great Yarmouth, where property prices increased on average by 18.5%, to £226,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Watford spent an average of £351,000 on their property – £20,000 more than a year ago, and £26,000 more than in June 2017.

By comparison, former owner-occupiers paid £460,000 on average in June – 31% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Watford in June – they increased 2.7%, to £428,045 on average. Over the last year, prices rose by 7.8%.

Other types of property:

  • Detached: up 1.6% monthly; up 8.7% annually; £965,140 average
  • Semi-detached: up 2.2% monthly; up 8.6% annually; £538,730 average
  • Flats: up 2% monthly; up 3.3% annually; £280,447 average

How do property prices in Watford compare?

Buyers paid 12.2% more than the average price in the East of England (£354,000) in June for a property in Watford. Across the East of England, property prices are higher than those across the UK, where the average cost £286,000.

The most expensive properties in the East of England were in Three Rivers – £601,000 on average, and 1.5 times as much as more than in Watford.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in June

  • Watford: £397,706
  • The East of England: £354,481
  • UK: £286,397

Annual growth to June

  • Watford: +6.5%
  • The East of England: +9.7%
  • UK: +7.8%

Highest and lowest annual growth in the East of England

  • Great Yarmouth: +18.5%
  • Watford: +6.5%