House prices in Peterborough rise almost 3%, latest figures show

Latest figures show that house prices increased by 2.8 percent in Peterborough during December.

The rise does not, however, reverse the longer-term trend, which has seen property prices in the area suffer a 1.5% annual decline.

The average Peterborough house price in December was £244,305, Land Registry figures show – a 2.8 percent increase on November.

Over the month, the picture was different to that across the East of England, where prices decreased 0.5 percent, and Peterborough was above the 0.1 percent rise for the UK as a whole.

Over the last year, the average sale price of property in Peterborough fell by £3,800 – putting the area 12th among the East of England’s 45 local authorities with price data for annual growth.

First-time buyers in Peterborough spent an average of £205,600 on their property – £2,700 less than a year ago, but £41,100 more than in December 2018.

By comparison, former owner-occupiers paid £275,300 on average in December – 33.9 percent more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Peterborough in December – they increased 3.5 percent, to £253,899 on average. Over the last year, prices rose by 0.4 percent.

Among other types of property:

Detached: up 2.5 percent monthly; down 1 percent annually; £395,343 average

Terraced: up 2.4 percent monthly; down 3.1 percent annually; £193,187 average

Flats: up 2.4 percent monthly; down 4.3 percent annually; £121,906 average

Buyers paid 28.7% less than the average price in the East of England (£342,000) in December for a property in Peterborough. Across the East of England, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the East of England were in Three Rivers – £583,000 on average, and 2.4 times the price as in Peterborough. Three Rivers properties cost 2.8 times the price as homes in Great Yarmouth (£212,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in December

- Peterborough: £244,305

- The East of England: £342,489

- UK: £284,691

Annual change to December

- Peterborough: -1.5%

- The East of England: -3.8%

- UK: -1.4%

Highest and lowest annual growth in the East of England

- East Cambridgeshire: +3.8%

- Welwyn Hatfield: -9.5%