Buying a Home in Peterborough Guide
You may have lived in Peterborough your whole life and know it like the back of your hand, or you may be eyeing up property in the area with very little knowledge of the city. This ultimate guide will tell you everything you need to know about buying a home in Peterborough.
Why Move to Peterborough?
Peterborough has often been overshadowed by its other county city, Cambridge. While it can’t quite offer the architectural beauty or culture of Cambridge, Peterborough still has a lot to offer, and is constantly developing. Considered a great place for start-up businesses and with a new university set to open in 2022, there is plenty of investment and development going on.
In the city centre you have the popular Queensgate Shopping Centre, and you also have the magnificent Peterborough Cathedral which towers above the city skyline. A short drive from the centre and you’ll find one of the largest country parks in the region: Ferry Meadows. This family-friendly park is perfect for those who enjoy getting away from the hustle and bustle of the city, or those who enjoy outdoor activities.
House prices in Peterborough
Generally speaking, house prices in Peterborough are lower than those in the more famous city of Cambridge, making it a more affordable option. However, prices have seen an increase in 2021.
An article published in Peterborough Today reported an increase in house prices in Peterborough in June 2021, up 2.4% from the previous month, possibly as a result of the pandemic as more people look to move away from central London. With London being under an hour away by train, it’s certainly a great contender for those who work in the capital but no longer want to live there.
With so many homes being built in Peterborough and prices likely to continue to rise, now might just be a great time to buy a home. But before spending a penny, it’s always worth getting professional advice on the local housing market and to make sure asking prices are in line with other property prices for the area.
The process for finding a property in Peterborough:
Find a local mortgage broker
Finding a local mortgage broker in Peterborough can be helpful as they will have better knowledge of the property market and effectively calculate what you would be able to afford. You can also get a mortgage agreed in principle which doesn’t guarantee you will get that mortgage, but is a strong indicator that you should be able to without any quibbles.
Speak to Agentis today to arrange your free initial consultation. As ‘Whole of Market’ mortgage brokers based in Peterborough, we work across many areas of the mortgage market and can help find the right product to suit your circumstances. We’ll also help fill out your mortgage application and liaise with your conveyancer to ensure your house-buying process runs that little more smoothly.
House hunting in Peterborough
CambridgeshireLive published an article back in 2019 covering the most and least expensive areas of Peterborough to buy property. Most expensive was Longthorpe and Netherton £255,000, with Millfield and Bourges Boulevard and Peterborough Central selling for the lowest prices – £137,000 and £130,000 respectively.
Over the past 20 years there have been many new housing developments sprouting up, including family-friendly Sugar Way in Woodston and the popular new district of Hampton. There are also plenty of apartments in the pipeline in the central Fletton Quays area – perfect for young professionals.
The best way to find what’s right for you is to visit the city and book some viewings. It can be worth listing your essential criteria to help narrow down your search.
Put in an offer
If you find the perfect property, hopefully your offer will get accepted without any hassle. It can be easy to get stuck in a bidding war. But it’s important to remember that any potential mortgage offer will only match the actual value of the property, not an over-inflated price that was the result of a bidding war.
Instruct your conveyancer
You may already have a trusty conveyancer on your books, but if you don’t it’s time to find one to get the legal processes started.
If you’re worried about your sale falling through at all, it can give you that extra peace of mind to choose a conveyancer who offers a ‘no sale, no fee’ guarantee.
Secure your mortgage
Once your offer has been accepted and your conveyancer has been instructed, it’s time to secure your mortgage. Speak to Agentis today to get your mortgage search in Peterborough off to the best start.
