House buyers are having to pay nearly double the amount of money for a home in Watford than they would 10 years ago, new figures have revealed.

People looking to settle down in the town now must fork out £354,788 on average for a home, £150,000 more than what the price was in December 2009.

This equates to a 74 per cent increase in house prices over the last decade in Watford – a rate of £42.72 per day.

The figures by real estate experts Savills, which are based numbers from the Office for National Statistics, also found nearby houses in Three Rivers jumped in price by over £200,000.

People will now have to pay £520,000 for a home on average in the district compared to £301,000 in December 2009.

This represents a 73 per cent over the last decade, similar to the rise in Hertsmere where houses are on average valued at £470,000, 71 per cent higher than in 2009.

Meanwhile in St Albans houses have jumped £200,000 in price from £308,000 in 2009 to £508,000 in 2019.

And Dacorum saw an increase of £161,000 over 10 years. Houses in the area now cost on average £404,000.

Following the increase in prices, Graeme Warren, who leads the residential team at Savills Rickmansworth, said the figures showed there has been “consistently strong house price growth that has been on par with or in excess of the national average”.

He continued: “Of course the figures quoted are averages and there have been ups and downs along the way. The top end of the market will have seen lower growth given the combination of higher stamp duty and Brexit angst.

“Most recently post-EU referendum sentiment has dominated and there has been a slowdown in activity – but even this year in the face of considerable political and economic uncertainty the market has remained largely resilient.”

Mr Warren added homes in Watford, Rickmansworth and other town centres within easy reach of shops and restaurants have been popular, as well as those in well-served villages.

Looking ahead to the next 12 months, Mr Warren said the recent General Election result could bring a greater sense of urgency to the market, although there is a possibility that it will harden some sellers’ price expectations.

He continued: “We are expecting only modest price growth in 2020 on the basis that, despite domestic political uncertainty receding, some economic ambiguity will remain until a trade deal is agreed with the EU; even if, as is widely expected, the UK leaves the EU by the end of January without a further extension of Article 50.

“This could mean a bounce in demand in the first part of 2020 proves difficult to sustain through the summer months and into the autumn market.”