Whenever looking for a house for sale in the UK or in Watford, it is vital you look at the market trends and house price fluctuations in the wider area of Hertfordshire too. House prices of houses for sale can change even among different streets very close to each other so, as a landlord, it would be a good idea to be familiar with the area of Watford.
In this article, we will be looking at the city of Watford in detail so you know how to navigate the area and have a better understanding on where to invest.
What is the asking price on average of houses for sale in Watford?
Before a house gets sold, the figure it sells for always starts off as an asking price. This average asking price for the houses for sale in Watford determines the eventual sale price of the house so it isn’t the most important figure but is still important to take note of. This figure is currently £467,093.
Below, there is a table showing the asking price of the different sizes of houses based on the number of bedrooms of the houses in Watford.
The average asking price for the houses for sale in the city of Watford
|Average asking price (1 bed)||£250,225|
|Average asking price (2 bed)||£380,965|
|Average asking price (3 bed)||£547,002|
|Average asking price (4 bed)||£802,484|
|Average asking price (5 bed)||no relevant data for this city|
The tables should give you a generic view of what the prices of the houses for sale are like. To close things off in terms of the house asking price, the average asking price for the house for sale in the whole of Watford is £2,835. This should show you the general prices overall and for individual types of houses too.
What are the demographics like in the city of Watford?
What’s a social grade score and how does it relate to Watford?
The social grade of a city is useful when searching for a house for sale because it tells you what kind of jobs people have in the area. For example, there could be a lot of skilled manual workers or there could be a lot of pensioners and people on benefits.
The scale goes from a social grade of an A who are high managerial, administrative or professional workers to an E where people in this category are on state pensions, casual workers or unemployed on state benefits.
The number of people in Watford in grades A or B which are the highest skilled roles in the country is 28%. Realistically, you can expect workers in this category to earn a higher salary too.
For comparison, £49,583 is the average household income of the area. You can see how this figure is congruent with the number of people in the top two categories of the social grade at 28%.
In Watford, what is the crime rate?
The crime rate of Watford must be looked at sceptically. The reason for this is that the crime rate can vary within a city greatly and the type of crime committed can also vary too.
For example, the area has a crime rate of 114, but another city may have a higher crime rate but not be deemed as dangerous due to lower level crime or minor offences being committed.
Either way, high crime rates are never a good sign so consider the rate against the UK average of 79.52 for every 1000 people as a benchmark.
Lower rates could mean things like home insurance is cheaper and you have to install fewer security measures throughout your house. Saving you money in the long run. So the statistic of crime rate (114) is both useful and is recommended to be compared to the average.
In Watford, what are the deprivation levels like?
Deprivation levels refer to the ability of the population of the city to earn enough to keep their lifestyle going. Nationwide, it is thought that the number of people at this level or not being able to meet the costs of living is around 33%. In comparison, the deprivation level of Watford is 21%.
In the city of Watford, how much green space remains for residents?
Providing the right amount of green space for people in the UK is a difficult subject because there are clear benefits for human health but at the same time, it is hard to make sure all areas of the UK can get enough greenery. This is a result of land being already in use in cities where most people live.
In Watford, 24.4 is the amount of acres of outdoor space there is for every 1000 people. Charities such as ‘Fields in Trust’ recommend there to be at least 6 acres. This should allow you to conclude whether this green space is sufficient for you if you are interested in buying in Watford.
Have the people of Watford grown in numbers?
In total, the number of people in Watford is 142,263. This figure can be used to estimate the appreciation of the houses but it is also important you look at the population growth figure in order to make this more accurate.
Whether a large population benefits you as a landlord is dependent on what you want from a home. A large population is great if you have children who prefer the bustle of crowds in cities but there are also those who purposely want to buy somewhere rural.
You may also be able to find a balance of both where there are shops, restaurants and entertainment and also rural areas all within a short distance which may be the case ni Watford, depending on where exactly you are.
How has Watford changed in the past five years?
Five years provides enough time for a city to grow dramatically. It may be the case that the population grows or shrinks but the city of Watford has changed by 1%. Read more here
It is also helpful to compare this data to a longer time period like 10 years like in the below subheading. If the population trend of growth or decline has been there for a longer period of time you’ll be able to tell if 1% is a recent change or not.
Click here to know more on the UK population trends.
In the last decade, what is the difference in population in Watford?
8% has been the population growth change in the past 10 years.
Usually, this is more of a conservative figure compared to the five year change of a city.
Industrial changes can also be the reason for this shift but it could also be due to immigration or emigration. Bringing people in or out of the area.
The recent global pandemic has also shifted the number of people living in cities as people realise they can now work remotely. It may be that the people of a Watford have seen a more desirable way of working, moving to make themselves more comfortable in their careers.
For example, the population of the South west of England has seen a massive increase in population because workers want to move there to benefit from the slightly better weather, lower house prices and also the rural area. Nonetheless, they can also benefit from travelling to the capital city of the UK, London.
In the city of Watford, the demographics are unique and must be looked at by themself to make a conclusion about the area before buying a house. This is because the growth could be greatly different to the wider area of Hertfordshire for example.
These demographics for Watford may impact the price of a house, how this house grows over time and the profitability of a house if you are buying it for an investment so knowing the area is crucial for a landlord making a purchasing decision in the city of Watford in Greater London.
Is the education level of Watford important when buying a house?
The number of people as a percentage who have been through university and gained a degree is 33%. The ability to buy a home is greatly influenced by the number of people who have degrees. £49,583 is the amount people in Watford are earning.
As you can tell, this figure along with the number of people who have degrees roughly correlate. For reference, the percentage of people who have degrees in the UK is 22.6% and the average household income is.
As a general rule, the bigger the difference between this 22.6% figure and the percentage of people with a degree in Watford, the bigger the difference in the ability to earn and hence buy a house. A higher number of degrees will increase the potential for people to earn and hence the buying power of the population. This will also push up the price of houses in the area.
Nonetheless, making accurate estimates for the appreciation of homes must be done with other pieces of data in mind such as the rental yields or perhaps the crime rate of the area to name some examples.
How much do people in Watford earn?
While not always the case, the amount people earn can be associated with better schools in the area and perhaps a nicer environment to live in.
£49,583 is the average household income of the area. And the higher this figure is the more likely it is that there is a higher percentage of people with a social grade score in the A or B categories which is 28% for Watford.
Always consider average rental yield when searching for houses for sale in Watford
In Watford, how has the number of houses changed?
Whenever you are thinking about looking for houses for sale in Watford, think about how the city is growing and how this may impact the overall growth of the area.
Comparing the growth at different time periods would be a great way to assess whether the growth has slowed down, remained the same or perhaps stagnated over the years.
|1 year||3 years||5 years|
|Watford growth rate||1%||13%||14%|
As the population of Watford grows, this may also push up the price of the houses for sale. More people would be looking to buy homes and permanently live in the area. This demand helps a home appreciate. However, this isn’t always true because some cities build a lot of houses too to match the supply.
Assuming you are not looking for a house for sale in a certain area because of private reasons such as being close to a family member or you have been relocated to a new office, these are some of the factors to consider in order to understand if an investment is worth your money.
Investors typically look at data such as the average rental yield, the average asking price of rent per month, rent turnover and sale turnover. These KPIs give property investors a solid idea of how the market is performing in that area.
For the city of Watford, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; Greater London. As well as Hertfordshire, to give a smaller scale area to compare the data to.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
Assuming that in the future you want to re-sell the house you will eventually purchased in Watford you might be interested in the number of sales per month (98) that happen in the local housing market. Comparing this figure for Watford with the above table gives you a good understanding of the profitability of the area.
In general, what do houses for sale sell for in Watford?
As well as looking at the asking price for house for sale in Watford, a sensible homeowner or investor will also consider the final price a house sells for. This final price may be influenced by elements like the amount people are earning in the area and what opportunities for employment there are in Watford.
Houses for sale, are sold on average in Watford, after the influence of these factors, at £420,721 as a result. And may be on the rise or decline depending on a combination of variables such as the crime rate, or population growth which was 8% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£719,804|
|Aerage sold price (semi-detached)||£513,259|
|Aerage sold price (terraced)||£395,744|
|Aerage sold price (flat)||£285,799|
This table above shows the average sale price for each variation of houses for sale in Watford.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£4,807|
|Aerage sold price/sqft (new build)||£5,120|
|Aerage sold price/sqft (old stock)||£4,742|
This final table looks at the price per square foot of houses for sale. Looking at the final table, you can take a further average and conclude that the average price per square foot of houses in general in Watford is £5,003.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
Advice from experts on properties for sale in Watford
Nowadays, there are so many properties on the real estate market that it can be difficult to decide which one is the best house for sale for you.
So, who can help you navigate the process of choosing a house for sale?
The number of professionals that offer real estate investors advice and assistance is broad and when it comes to dealing with houses for sale, the process can be complex.
Find here a list of those that can help when buying a house for sale:
- Moneylender – lends you the sum of money you need to buy the house for sale you are looking for
- Insurance agent – A firm that provides several insurances and protections for the house for sale that might become your future house
- Solicitor – A person or company that will sort out the legal work needed before buying a house for sale
- Civil engineer – Also called surveyor, he or she will provide you with an independent valuation of the house for sale you are willing to buy
- Mortgage advisor – Realistically, you will need a mortgage in order to afford to buy a house for sale. Mortgage advisors will guide you and propose the best mortgage deals based on your financial records
- EPC specialist – Especially nowadays, getting professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering buying is crucial
Thinking about other cities with houses for sale?
We have prepared a list of cities in Greater London, the same UK region of Watford that can help you evaluate the different houses for sale listed in the region:
- Arkley in Greater London
- Abbey-Wood in Greater London
- Swanscombe in Greater London
- Fetcham in Greater London
- Becontree in Greater London
Alternatively, you can visit our webpage dedicated to houses for sale in the UK, houses for sale in the UK.
A house for sale that is right for you
Find here below a list of criteria that we suggest you consider before looking for houses for sale in Watford
affordability – the UK gov website comes in helpful when you want to understand (see what house for sale you can afford)
Geographic Location – the county and region across the UK you are considering to invest in are crucial factors to consider when browsing houses for sale.
Transport network of the house for sale – Hopefully, the pandemic stays in the past. Therefore, working from home may become less predominant than a couple of years ago. Check the commuting time of the house for sale you are considering buying.
Bedrooms in the house for sale – are you looking for houses for sale for yourself, for a couple or for the whole family? This condition will narrow down the number of houses for sale relevant to buy.
EPC of the house for sale – today more than ever, the energy performance of the properties for sale on the market should be one of the first things you check.
Broadband speed – having a good internet connection is crucial nowadays. Always check the available subscriptions available for the areas of the house for sale you want to purchase
Are you a car owner? – if yes, you will have to check for parking availability of the house for sale. Does it come with a garage included in the price?
Conservation areas – when browsing for houses for sale, we suggest you take a look at the National Heritage list. When a house for sale is included it means that it is not possible for the future homeowner to make changes to the property, both inside and outside.
Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.