What’s the average Peterborough house price? first time buyers spend extra £29,000 as average home £246,000

House prices increased slightly, by 0.3%, in Peterborough in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 15.9% over the last year.

The average Peterborough house price in October was £246,063, Land Registry figures show – a 0.3% increase on September, according to the latest available data.

Over the month, the picture was similar to that across the East of England, where prices remained static.

Over the last year, the average sale price of property in Peterborough rose by £34,000 – putting the area second among the East of England’s 45 local authorities with price data for annual growth.

The highest annual growth in the region was in Huntingdonshire, where property prices increased on average by 16.3%, to £331,000. At the other end of the scale, properties in Hertsmere gained 5.4% in value, giving an average price of £542,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates.”

First steps on the property ladder

First-time buyers in Peterborough spent an average of £206,000 on their property – £29,000 more than a year ago, and £51,000 more than in October 2017.

By comparison, former owner-occupiers paid £279,000 on average in October – 34.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Peterborough in October – they increased 0.6%, to £398,322 on average. Over the last year, prices rose by 16.1%.

Among other types of property:

• Semi-detached: up 0.3% monthly; up 16.8% annually; £251,457 average

• Terraced: up 0.1% monthly; up 16% annually; £196,387 average

• Flats: up 0% monthly; up 12.5% annually; £125,126 average

How do property prices in Peterborough compare?

Buyers paid 32.2% less than the average price in the East of England (£363,000) in October for a property in Peterborough. Across the East of England, property prices are low compared to those across the UK, where the average cost £296,000.

The most expensive properties in the East of England were in St Albans – £630,000 on average, and 2.6 times as much as more than in Peterborough. St Albans properties cost 2.8 times as much as homes in Great Yarmouth (£228,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in October

• Peterborough: £246,063
• The East of England: £362,865
• UK: £296,422

Annual growth to October

• Peterborough: +15.9%
• The East of England: +11.5%
• UK: +12.6%

Highest and lowest annual growth in the East of England

• Huntingdonshire: +16.3%
• Hertsmere: +5.4%