Slight increase in house prices in Peterborough during August

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 0.8 per cent annual growth .

The average Peterborough house price in August was £195,963, Land Registry figures show – a 0.1 per cent increase on July.

Over the month, the picture was less good than that across the East of England, where prices increased 0.8 per cent, and Peterborough underperformed compared to the 0.7 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Peterborough rose by £1,500 – putting the area 31st among the East of England’s 47 local authorities for annual growth.

The best annual growth in the region was in South Norfolk, where properties increased on average by 5.9 per cent, to £269,000. At the other end of the scale, properties in Babergh dropped 4.1 per cent in value, giving an average price of £279,000.

Owners of detached houses saw the biggest improvement in property prices in Peterborough in August – they increased 0.3 per cent, to £311,683 on average. Over the last year, prices rose by 1.2 per cent.

Flats were down 0.8 per cent monthly; down 2.3 per cent annually; £105,373 average.

First-time buyers in Peterborough spent an average of £164,970 on their property – £940 more than a year ago, and £32,780 more than in August 2015.

By comparison, former owner-occupiers paid £220,990 on average in August – 34 per cent more than first-time buyers.

In comparison, buyers did well in Peterborough as they paid 33.9 per cent less than the average price in the East of England (£296,000) in August for a property. Across the East of England, property prices are lower than those across the UK, where the average cost is £239,000.

The most expensive properties in the East of England were in St Albans – £522,000 on average, and 2.7 times as much as in Peterborough. St Albans properties cost three times as much as homes in Great Yarmouth (£174,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average August sale price of £1.4 million could buy 15 properties in Burnley (average £91,000).