How’s The Market? (In Watford)
How’s the Market? (in Watford)
Here’s a questions that I get asked more often than anything else. As I spend most of my time talking to landlords and investors I’ll consider my answer from their point if view which is more likely to as a buyer rather than as a vendor.
If you look at the Watford property market over last 12 months the figures from land registry show that the average house price in Watford was £359,642 in November ’16 and as of November 17 -it was £356,538. No big changes there about 0.9% less.
If you look month by month there was fluctuation with some months showing up to +1.4% increase and others showing up to -1.2% decrease. So no big monthly changes there.
From the investors point of view, your assets may not have increase in price dramatically so not the best year in the last few. However if you are looking to acquire more properties then this could be good news as prices have dipped a little and the market is not a buoyant which means there is potentially to add to your portfolio with a better deal and lower offers being considered which was definitely not the case 12 months ago pre stamp duty increase.
You only have to check your updates on rightmove to see how many price reductions there are on a daily basis and there are more than meets the eye as some local agents have turned off their ‘Reduced Price’ tag so you may not even know it’s been reduced.
So is this a good time to hold property? In the short term perhaps not but most investors tend to take a longer term view on things unless they are developing/flipping for profit. Is this a good time to buy property? My view is when isn’t a good time to buy property!
If you’re considering an investment this year but are unsure about the market and would like an impartial second opinion on your choice of property then I’d be happy to have a chat with you. You can reach me (James) on 01923 375 300.