As a close, vibrant town located near London, first-time buyers and London commuters are beginning to snap up lower house prices in and around the Watford area.
“We saw a huge influx of buyers and pockets of Watford experienced fast growth,” explains Steve Rosenthal, Taylors. “There’s very much a feeling that Watford will hold its value well, and by around 2020, its house prices will reflect those of a London borough.”
When it comes to property development, it’s fundamentally important that the right type of property is on offer and available to those looking to settle within Watford.
First-time buyers are a growing sector within the property market, however, affordability firmly remains their main priority when it comes to purchasing their home.
“Buyers tend to look at West and Central Watford for flats, as there’s been a lot of new development over the past few years,” said Tony Wood, Connells.
Watford has incredibly strong transport connections with London and other neighbouring counties, with the M25 and M1 passing straight through it. Furthermore, it boasts direct train services that get commuters into the capital in just 20 minutes.
Although buyer activity hasn’t resulted in an increase in house prices, property developments are attracting high-volume of offers from first-time buyers looking to take advantage of Brexit and the uncertainty it has caused across the property market.
Dipping property prices has enabled the market to become more affordable for first-time buyers looking to capitalise on this current property market. In fact, new builds are expected to rise again in 2019 as property developers look to offer affordable, smaller properties for this growing sector.
Government schemes and initiatives are continuing to encourage first-time buyers into investing in property. As mortgage rates remain historically low, it’s a favourable environment for younger buyers. Furthermore, landlords are beginning to reduce the number of purchases, given more freedom and opportunity to first-time buyers.
“Landlords are clearly buying far few properties and that leaves a gap in the market for first-time buyers,” explains Miles Shipside, Rightmove. This comes as landlords spending is down 40% compared to the same period in 2015. “The fall in prices gives an opportunity for those stamp duty-free first-time buyers to negotiate harder.”
With a 62% and 52% increase in sales for semi and terraced housing, it’s clear that younger buyers and London professional worker are looking to find a property to settle in for the foreseeable future. Watford is a youthful town that offers this particular market a number of incentives to move too. Top 10 features that will sell your property.
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