Peterborough house prices hold steady in January
House prices remained steady in Peterborough in January, new figures show.
The lack of movement maintains the longer-term trend, which has seen property prices in the area achieve 1.7 per cent annual growth – though still the lowest in the East of England.
The average Peterborough house price in January was £199,116, Land Registry figures show – largely unchanged from December.
Over the month, the picture was worse than that across the East of England, where prices increased 0.7 per cent, and Peterborough outperformed the 0.5 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in Peterborough rose by £3,400 – putting the area bottom among the East of England’s 50 local authorities for annual growth.
The best annual growth in the region was in North Norfolk, where property prices increased on average by 14.1 per cent, to £294,000.
Owners of semi-detached houses saw the biggest improvement in property prices in Peterborough in January – they increased 0.4 per cent, to £201,902 on average. Over the last year, prices rose by 1.9 per cent.
Among other types of property:
Detached: remained level over the month; up 2.8 per cent annually; £319,719 average. Terraced: remained level over the month; up 2.3 per cent annually; £159,538 average. Flats: down 0.8 per cent monthly; down 2.1 per cent annually; £105,459 average.
First-time buyers in Peterborough spent an average of £167,100 on their property – £2,000 more than a year ago, and £29,800 more than in December 2015.
By comparison, former owner-occupiers paid £225,300 on average in January – 34.8 per cent more than first-time buyers.
Buyers paid 35.9% less than the average price in the East of England (£311,000) in January for a property in Peterborough. Across the East of England, property prices are low compared to those across the UK, where the average cost was £249,000.
The most expensive properties in the East of England were in Three Rivers – £533,000 on average, and 2.7 times as much as in Peterborough. Three Rivers properties cost 2.8 times as much as homes in Great Yarmouth (£189,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average January sale price of £1.3 million could buy 14 properties in Blaenau Gwent (average £93,000).