Average Peterborough house price rose in June to £241,998 - as terrace home owners saw biggest profit

House prices increased slightly, by 0.1%, in Peterborough in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.3% over the last year.

The average Peterborough house price in June was £241,998, Land Registry figures show – a 0.1% increase on May.

Over the month, the picture was different to that across the East of England, where prices increased 1.3%, and Peterborough was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Peterborough rose by £10,000.

The highest annual growth in the region was in East Cambridgeshire, where property prices increased on average by 6.7%, to £352,000.

At the other end of the scale, properties in Fenland lost 4.1% of their value, giving an average price of £227,000.

First steps on the property ladder

First-time buyers in Peterborough spent an average of £202,900 on their property – £8,300 more than a year ago, and £42,700 more than in June 2018.

By comparison, former owner-occupiers paid £274,000 on average in June – 35.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Peterborough in June – they increased 0.4%, to £191,116 on average. Over the last year, prices rose by 2.8%.

Among other types of property:

• Detached: down 0.1% monthly; up 5.1% annually; £393,231 average
• Semi-detached: up 0.1% monthly; up 5% annually; £247,758 average
• Flats: up 0.4% monthly; up 3.5% annually; £123,960 average

How do property prices in Peterborough compare?

Buyers paid 31.1% less than the average price in the East of England (£351,000) in June 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 £288,000.

The most expensive properties in the East of England were in St Albans – £575,000 on average, and 2.4 times the price as in Peterborough. St Albans properties cost 2.7 times the price as homes in Great Yarmouth (£217,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

• Peterborough: £241,998
• The East of England: £351,213
• UK: £287,546

Annual growth to June

• Peterborough: +4.3%
• The East of England: +1.1%
• UK: +1.7%

Highest and lowest annual growth in the East of England

• East Cambridgeshire: +6.7%
• Fenland: -4.1%