The amount that first-time buyers need to put down to secure a property in Watford has been revealed by new research.

In May, the average starter home cost £353,547 in Watford, meaning young people would need to put down £35,354 for a 10 per cent down payment, according to data by Which?.

Three Rivers offered the most expensive property around the town as first-time buyers would need to deposit £41,736 to get on the property ladder, while the average down payment came in at £35,273 in Dacorum and £37,857 in Hertsmere.

Although Watford property values have increased 1.2 per cent since April, prices locally are still down 2.9 per cent overall from May 2023.

Neil Marshall, partner at Watford estate agents Marshall Vizard, said he had noticed a trend of young people returning to the property market recently.

“Obviously rents have increased substantially over the last couple of years and that has perhaps pushed some people out of rental stock and into buying properties,” he added.

“We had seen a bit of a dip when the interest rates went up but since then we’ve seen quite a lot of stability so going forward, we’re hopeful this year should be a good time to buy.”