Cost of living crisis: Peterborough house prices increased more than UK average in July this year

Peterborough house prices increased by more than the UK average in July this year, according to new figures.

The average Peterborough house price was £243,726 in July, Land Registry figures show – a 2.3 per cent increase on June.

On average, house prices in the East of England region rose by 1.2 per cent, and by two per cent across the UK.

In the UK, house prices surged by 15.5 per cent in the year to July – the biggest rise in 19 years.

Over the last year, the average sale price of property in Peterborough increased by £33,000.

Winners and losers

Owners of semi-detached houses saw the biggest improvement in property prices in Peterborough in July – seeing an increase of 2.5 per cent, to £249,092 on average.

Over the last year, prices rose by 17 per cent.

Detached property owners saw an increase of two per cent monthly – up 17 per cent annually, to £392,910 on average.

Terraced properties grew by 2.5 per cent monthly – up 15.3 per cent annually, to £194,909 on average.

Flats were up 2.2 per cent monthly – increasing by 11.2 per cent annually, to £125,130 on average.

First-time buyers

First-time buyers in Peterborough spent an average of £205,000 on their property – £28,000 more than a year ago, and £53,000 more than in July 2017.

By comparison, former owner-occupiers paid £276,000 on average in July – 34.5 per cent more than first-time buyers.