House prices in Peterborough out performing UK average

House prices increased by 1.6 per cent in Peterborough in October, according to the Land Registry.

The boost continues a longer-term trend, which has seen property prices in the area achieve 0.3 per cent annual growth despite the pandemic.

The average Peterborough house price in October was £200,033 – a 1.6 per cent increase on September.

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Over the month, the picture was better than that across the East of England, where prices decreased 0.9 per cent, and Peterborough outperformed the 0.7 per cent rise for the UK as a whole.

However the city’s prices still remain comparatively low to that of teh rest of the region. Over the last year, the average sale price of property in Peterborough rose by £510 – putting the area 44th among the East of England’s 50 local authorities for annual growth.

The best annual growth in the region was in North Hertfordshire, where property prices increased on average by 9.8 per cent, to £370,000. At the other end of the scale, properties in Luton lost 2.7 per cent of their value, giving an average price of £227,000.

Owners of detached houses saw the biggest improvement in property prices in Peterborough in October – they increased 2.1 per cent, to £320,676 on average. Over the last year, prices rose by 1.5 per cent.

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Semi-detached homes were up 1.6 per cent monthly; up 0.7 per cent annually with an average sale price of £202,849. Terraced properties were up 1.5 per cent monthly; up 0.2 per cent annually; with an average price of £159,820. Flats wer up 0.9 per cent monthly; down 3.3 per cent annually selling for an average of £106,900.

First-time buyers in Peterborough spent an average of £168,000 on their property – £290 less than a year ago, but £33,390 more than in September 2015.

By comparison, owner-occupiers moving home paid £226,160 on average in October – 34.6 per cent more than first-time buyers.

Buyers paid a third less than the average price in the East of England (£301,000) in October for a property in Peterborough. Across the East of England, property prices are lower than those across the UK, where the average cost is £245,000.

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The most expensive properties in the East of England were in St Albans – £527,000 on average, and 2.6 times as much as in Peterborough. St Albans properties cost three times as much as homes in Great Yarmouth (£176,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average October sale price of £1.3 million could buy 14 properties in Burnley (average £93,000).