Peterborough house prices increased slightly in September

House prices increased slightly, by 0.3%, in Peterborough in September, new figures show.

Monday, 22nd November 2021, 12:02 pm
Property news

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.6% annual growth.

The average Peterborough house price in September was £213,965, Land Registry figures show – a 0.3% increase on August.

Over the month, the picture was less good than that across the East of England, where prices increased 1.7%, and Peterborough underperformed compared to the 2.5% rise for the UK as a whole.

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Over the last year, the average sale price of property in Peterborough rose by £17,000 – putting the area 26th among the East of England’s 50 local authorities for annual growth.

The best annual growth in the region was in Maldon, where property prices increased on average by 16.1%, to £382,000. At the other end of the scale, properties in East Cambridgeshire gained 0.5% in value, giving an average price of £295,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Peterborough in September – they increased 0.6%, to £344,674 on average. Over the last year, prices rose by 9.8%.

Among other types of property:

Semi-detached: up 0.4% monthly; up 9% annually; £217,671 average

Terraced: down 0.1% monthly; up 7.6% annually; £169,709 average

Flats: up 0.2% monthly; up 6.5% annually; £113,634 average

First steps on the property ladder

First-time buyers in Peterborough spent an average of £180,000 on their property – £14,000 more than a year ago, and £36,000 more than in September 2016.

By comparison, former owner-occupiers paid £242,000 on average in September – 34.5% more than first-time buyers.

How do property prices in Peterborough compare?

Buyers paid 34.8% less than the average price in the East of England (£328,000) in September for a property in Peterborough. Across the East of England, property prices are low compared to those across the UK, where the average cost £270,000.

The most expensive properties in the East of England were in St Albans – £569,000 on average, and 2.7 times as much as in Peterborough. St Albans properties cost three times as much as homes in Great Yarmouth (£193,000 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 September

Peterborough: £213,965

The East of England: £327,982

UK: £269,945

Annual growth to September

Peterborough: +8.6%

The East of England: +9.3%

UK: +11.8%

Best and worst annual growth in the East of England

Maldon: +6.1%

East Cambridgeshire: +0.5%