Latest figures show small house price drop in Peterborough

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.7 per cent annual decline .

The average Peterborough house price in May was £191,529, Land Registry figures show – a 1.4 per cent decrease on April.

Over the month, the picture was similar to that across the rest of the East of England, where prices decreased one per cent, and Peterborough underperformed compared to the 0.3 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Peterborough remained level – putting the area 39th among the East of England’s 45 local authorities for annual growth.

The best annual growth in the region was in South Norfolk, where properties increased on average by 7.6 per cent, to £279,000. At the other end of the scale, properties in Broxbourne dropped 4.6 per cent in value, giving an average price of £335,000.

Winners and Losers:

Owners of terraced houses fared worst in Peterborough in May – they dropped 1.7 per cent in price, to £152,247 on average. Over the last year, prices dropped by 1.8 per cent.

Among other types of property:

Detached: down 1.6 per cent monthly; down 1.7 per cent annually; £303,639 average. Semi-detached: down 1.3 per cent monthly; down 1.3 per cent annually; £194,126 average. Flats: down 0.9 per cent monthly; down 2.1 per cent annually; £105,998 average.

First steps on the property ladder -

First-time buyers in Peterborough spent an average of £161,700 on their property – £2,800 less than a year ago, and £35,600 more than in May 2015.

By comparison, former owner-occupiers paid £215,400 on average in May – 33.2 per cent more than first-time buyers.

How do property prices in Peterborough compare?

Buyers paid 34.1 per cent less than the average price in the East of England (£291,000) in May for a property in Peterborough. Across the East of England, property prices are lower than those across the UK, where the average cost was £236,000.

The most expensive properties in the East of England were in Three Rivers – £508,000 on average, and 2.7 times as much as in Peterborough. Three Rivers properties cost three times as much as homes in Great Yarmouth (£172,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.4 million could buy 16 properties in Burnley (average £88,000).