House prices in Peterborough increased slightly in June

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 0.5 per cent annual growth.

The average house price in the city in June was £195,839, Land Registry figures show – a 0.4 per cent increase on May.

Over the month, the picture was less good than that across the East of England, where prices increased two per cent, and the city 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 £980 – putting the area 29th among the East of England’s 45 local authorities for annual growth.

The best annual growth in the region was in Brentwood, where properties increased on average by 6.6 per cent, to £447,000. At the other end of the scale, properties in North Norfolk dropped 3.7 per cent in value, giving an average price of £245,000.

Owners of detached houses saw the biggest improvement in property prices in Peterborough in June – they increased by half a per cent, to £311,526 on average. Over the last year, prices rose by 0.9 per cent.

Among other types of property, terraced house went up 0.4 per cent monthly; up 0.8 per cent annually; £156,554 average.

Flats remained level over the month, down 2 pe4r cent annually; £106,096 average.

First-time buyers in Peterborough spent an average of £165,140 on their property – £670 more than a year ago and £35,980 more than in June five years ago.

By comparison, former owner-occupiers paid £220,470 on average in June – 33.5 per cent more than first-time buyers.

Buyers paid 33.8 per cent less than the average price in the East of England (£296,000) in June for a property in Peterborough. Across the East of England, property prices are lower than those across the UK, where the average cost is £238,000.

The most expensive properties in the East of England were in St Albans – £520,000 on average, and 2.7 times as much as in Peterborough. St Albans properties cost 3.1 times as much as homes in Great Yarmouth (£166,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.4 million could buy 15 properties in Burnley (average £92,000).

Factfile -

Average property price in June:

Peterborough: £195,839; the East of England: £295,856; UK: £237,834.

Annual growth to June:

Peterborough: +0.5 per cent; East of England: +2.6 per cent; UK: +3.4 per cent.

Best and worst annual growth in the East of England:

Brentwood: +6.6 per cent; North Norfolk: -3.7 per cent.