House prices in Watford have risen by 17% since 2015 and have remained largely unaffected in spite of the recent economic challenges. Sewell & Gardner’s Neil Spencer, looks at what makes the Watford property market so resilient.
With its excellent transport links, schools, retail and leisure facilities, Watford has long been a popular place to live for young professionals and families. The ability to be in London in 17 minutes from Watford Junction, and a direct line into the city on the Metropolitan Line makes it an ideal location for commuters. For those needing to travel a bit further, direct links with the M25 and M1 mean that Heathrow and Luton airports are only about 20 minutes away. It’s not all work, work, work however: Watford also boasts a huge range of leisure opportunities from dinner or golf at The Grove to the Warner Bros. Studios. For those looking for something a little more sedate, there are the beautiful open spaces and tranquility offered by Cassiobury Park, the Grand Union Canal and Wippendell Wood.
What makes Watford even more exciting however, are the plans for its continued improvement, with an estimated £1.5 billion expected to be invested in the next 10 to 15 years. Anyone who has visited Watford recently, will have seen the building work to expand the Intu shopping centre. The £180 million investment will see a new 40,000 sq ft cinema complex, with 9 screens. Debenhams, TGI Fridays, Yo! Sushi and Las Iguanas have also signed up to be part of the extension, as well as a Hollywood Bowl tenpin bowling alley.
Following the recent improvement of the area around Watford General hospital, work is now starting on Watford Riverwell, the town’s next major regeneration project. Watford Riverwell will transform over 65 acres of land around the hospital. The £350 million investment will create 750 new homes and 1,000 new jobs as well as local retail, leisure and play facilities, with lots of public green space for everyone to enjoy.
This investment in Watford’s infrastructure and facilities has naturally resulted in a significant amount of residential development to meet the demand. At our recent launch of the Aston Grange Development in Nascot Wood nearly 50% of the flats were reserved on the day. We also saw huge interest at the recent launch of Nash Trade House, a development of 38 one and two-bedroom apartments located opposite Watford Junction Station.
Whether you are a prospective tenant looking for your next home, or a landlord wanting highly marketable properties, Watford and the surrounding area is certainly a place to keep an eye on.
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