Average house price in Peterborough rose by 14.9 per cent over the year - putting the city among the country's strongest growers

The average house price in Peterborough increased by 14.9 per cent over the last year - putting the city among the top 20 towns and cities with the strongest house price growth in England and Wales.

New data shows the average house price in Peterborough this year to November had risen to £289,994 – up by £37,599 from £252,396 in the previous year.

The figures also show that since March 2020, the growth in the average house price in Peterborough was £59,459 – an increase of 25.8 per cent.

According to the Halifax, which compiled the figures, the increase of 14.9 per cent was eighth out of the top 20 with York, which enjoyed a 23.1 per cent house price hike, topping the league table.

Neighbouring Cambridge, which was placed 10th, saw its average house price over the year rise by 14.8 per cent from £463,144 in 2021 to £531,730 this year – a rise of £68,586.

Peterborough’s traditional rival in the fastest growing towns and cities league, Milton Keynes, was ranked 16th.

Its average house price went up by 13.5 per cent from £366,902 last year to £416,496 this year – an increase of £49,594.

But nearby Leicester topped the top 20 lowest average house price growth league table with a 3.6 per cent fall.

The cost of an average house in Leicester fell from £281,305 in 2021 to £271,092 last year – a loss of £10,212.

Across the East of England, the average house price in 2021 was £378,278 but that rose to £421,710 this year – a rise of £43,431 at a rate of 11.5 per cent.

Since March 2020, the region’s average house price has risen by 21.5 per cent – a price increase of £74,520.

For the first time, no London boroughs appear in the top growth areas for year-on-year house price increases while towns and cities in the East and West Midlands enjoyed significant growth.

These include Kettering, up 15.9 per cent to £326,895, Derby, up 15.8 per cent to £277,49, Wellingborough, up 15.5 per cent to £306,985 and Birmingham, which was up 13.8 per cent to £269,385.

Kim Kinnaird, mortgages director at the Halifax, said: “Overall 2022 was another year of rapid house price growth for most areas in the UK.

"And unlike many years in the past, the list isn’t dominated by towns and cities in the south east.

“While existing homeowners will welcome the increased value of their home, such a jump makes it much more challenging for those looking to step onto the property ladder or move into the city.”

However, a new survey from the Nationwide has highlighted a slowdown in the annual house price growth.

It says a fourth consecutive monthly decline in December saw a drop in annual house price growth to 2.8 per cent from 4.4 per cent in November.

It says all regions recorded a slowdown in annual price growth in the final quarter of the year but that East Anglia was still the strongest performing region with average prices increasing by 6.6 per cent.