House Prices Report for Peterborough – 2022-2023
Owning property in the UK is a dream for most people. When it comes to buying or selling property in Peterborough and other property hotspots in the country, most people are reluctant to make a move given the inconsistent property price in the market.
The pandemic forced most property investors and homebuyers to think of what they wanted in a property. With most people opting for more space in their homes, the demand for larger spaced houses has increased since 2019. Most people made that move to buy a new house and relocate to less congested neighborhoods.
Peterborough is one of the property hotspots in the UK. This is where most people are always looking forward to owning property for various reasons, such as high demand for rental and increasing rent price.
What is the average property price in Peterborough?
According to Rightmove, the average property price in Peterborough has been £231,837 for the last year. Here is a breakdown of the average selling prices for different properties in Peterborough:
- Terraced properties: £180,022
- Detached: £341,105
- Semi-detached: £221,012
- Flats: £121,105
The overall property sold price in Peterborough for the last 12 months was similar to the previous year. The sold price was at least 12% up on the 2019 peak of £207,543.
Why should you invest in Peterborough property?
Are you a landlord or looking forward to owning your first home in the UK? Well, buying property in Peterborough should come top of your list. As a landlord, owning property in this part of the UK will grow your investment portfolio.
Peterborough is a modern city having one of the fastest growing populations in the UK. The city has an enticing and sustainable environment that most homebuyers prefer. There is a variety of well-performing businesses in Peterborough, making it one of the growing cities in the country. Here are the other reasons why you should consider owning property in Peterborough.
1- Increasing rental prices
The rental price keeps increasing in Peterborough due to the increasing demand for buy-to-let in the city. The rental price is £724 and is bound to increase in the coming months. The rental prices have been on the rise by 2.27% YoY.
Ideally, the rental prices in the city have increased by at least 26% since 2009. When you invest in property here, you should expect a monthly yield of up to 5.33%.
2 – Increasing tenant demand
Another reason you should consider buying a home in the UK is increasing tenant demand. Tenant demand in Peterborough has increased by at least 30% from May 2020. This data should make it easy for you to gain confidence if you want to buy property on this side of the UK.
The high tenant demand in the city means that landlords can be confident their property will be occupied.
3 – Commuter town
Peterborough has been recognized as a commuter town in the country. The city is most attractive to London commuters because of the redevelopment of the station quarter. It takes less than one hour to commute from Peterborough to London by train. It means those working in London can live in Peterborough and work in the capital.
Final Thoughts
Are you planning to buy property in the UK? Peterborough is one of the places you should consider when buying or selling priority. The average property price here is within the national average, and there are plenty of property hotspots you can consider.
When buying property in Peterborough, you should consider working with a property solicitor in Peterborough such as AVRillo conveyancers. Your solicitor will take you through the conveyancing process to save you time and money.
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