Every month a number of organisations publish house price indices, each based on a different set of data. House prices in certain parts of the capital are soaring at an annual rate of 28% while the UK national average property price rose by 8% according to Land Registry figures mentioned last week.
Property values in the borough of Lambeth have surged by 27.9% year on year to reach £540,819 on average, while those in two other South London boroughs, namely Southwark and Lewisham, are up 27.8 and 25.9 % respectively. So what about Watford?
According to The Land Registry, property values are 12.8% higher than they were a year ago in Watford, taking an average property value in the town to £331,600. Whether you are buying or selling a property in Watford, working in the property industry, or just interested in the ups and downs of the housing market as a Watford homeowner or landlord, knowing what is happening in the Watford Property market is a vital barometer to the state of the local economy.
Therefore, I made a decision to inform the people of Watford, from time to time, as to what is happening in the local property market. Using many sources of information, I will show the Watford House Price Index in what I believe is an accurate house price index. The index comprises all sales, mortgaged and otherwise, and on the final price achieved for the property. The index will be revised each month because of the time lapse between completions and registrations, which means it is eventually very robust.
Knowing this information on the Watford property market enables me to give the best advice to landlords on what (or what not to buy). As I don’t sell property, I am able to look at the whole of the Watford property market. There are lots of good agents and thankfully very few bad ones, but one thing is always the same, they are all paid by a vendor to sell you a property, not paid by you to help you buy. Therefore, when they show you that bargain, don’t get pressured into buying a property until you have a good feel for the market. We have many landlords who send me a web link of any Watford properties they are interested in and I always give my honest opinion. (It might not be what you want to hear, but will always be what you need to hear!)
