2021 has been quite the year. The UK’s housing market has gone through a January lockdown, a rise in Londoners seeking more space, and the end of the Stamp Duty holiday. In this guide, we’re looking at how Peterborough’s house prices have fared during this time, and whether there have been any noteworthy increases or declines in property value.
Record number of homes sold in one month
The UK hit a new record of homes sold in a month, with 213,120 sales registered across the country in June with HMRC. No doubt Peterborough contributed to this surge in sales. However, since then the end of the Stamp Duty holiday after 30th June saw a national reduction in transaction numbers.
Peterborough saw an increase in house prices throughout 2021
Peterborough saw an increase in house prices for most of 2021. According to The Local View, property prices in Peterborough are 3.4% higher than a year ago.
With Cambridge ranked as the 6th least affordable city in the UK, the city of Peterborough made a more affordable alternative for those looking to move to Cambridgeshire. With Peterborough being located less than an hour from London by train, it’s only natural that London city dwellers looking for areas where they could have more property for their money would consider Peterborough.
Where did house prices reduce in Peterborough?
Despite Peterborough generally seeing an overall rise in house prices, according to an article published in CambridgeshireLive, the largest property price reductions were seen around the PE5, PE6 and PE3 postcode areas. These reductions were based on the difference between the initial asking price and the end sale price. This suggests that, while the housing market was booming, some homeowners felt the need to cut their asking prices in order to make their move happen.
The least likely areas to price-drop included Boston (PE20) and King’s Lynn (PE32).
Find a local Peterborough mortgage broker today
All our mortgage experts are based right here in Peterborough and know the local housing and mortgage market. Contact us today to arrange your free initial consultation.
