Peterborough is a new town, as it was first established in 1967. With every year that has passed, it has expanded, and it is still growing quickly today. The current population for Peterborough is around 202,000. In fact, the council in Peterborough claims that the city is the fifth fastest-growing place within the UK and that 19,400 more properties are going to be required over the following 16 years. Because of this, you can expect a lot of properties to crop up in the area during this period.
Average property prices in Peterborough, Cambridgeshire
In terms of property prices, the average asking price for properties over the past year in Peterborough are as follows:
- £129,682 for flats
- £186,243 for terraced houses
- £212,040 for semi-detached properties
- £339,484 for detached houses
This means that the average asking price for a property in general in Peterborough is £238,884 for 2020.
A great location
One of the reasons why Peterborough is considered a great place to purchase a home is because it delivers easy access to London. It takes 46 minutes to get to the capital on the train. This has made Peterborough a popular spot with those who are looking for an affordable place to live yet need to travel into London for work.
Part of Peterborough City Council
One thing to recognise about Peterborough is that while it is part of Cambridgeshire, it does have its own local authority, which is called Peterborough City Council. This council provides local services to the area.
Different parts of Peterborough to buy a property in
There are a number of great places in and around Peterborough for those interested in purchasing a property. We are going to take a look at some of the main ones:
The average price for housing here is between £227,000 and £375,000. Orton is a popular spot here, with excellent access to the city centre and the A1. There are both new build developments and period houses here.
The latest township is Hampton, which has its own local amenities, schools, shops, parkland, and a nature reserve.
The average price for properties in North Peterborough is between £205,000 and £280,500. Bretton is one of the suburbs here, which has a number of big housing estates that are set in a lot of green space with schools, shops, and other amenities.
Another area to consider here is Werrington, which was a village initially but has become a big residential suburb. There is still a village atmosphere here.
The City Centre & Inner Suburbs
The average price for houses in this part of Peterborough is between £192,000 and £220,000. The city centre of Peterborough is the only part of the city that is truly old. You will find pre-war, Edwardian, and Victorian housing here, so if you’re looking for a traditional property, this is the best place to focus your intentions.
The inner suburbs offer great pricing, with some of the areas to consider including Stanground, Fengate, Woodston, New Fletton, and Old Fletton.
The job market and economic outlook in Peterborough
Originally, Peterborough was a manufacturing city, which was well known for its brickworks, which include the famous Fletton brick and the London Brick Company. In 2020, though, the economy is very much service-orientated.
Peterborough has a number of different business sectors that perform well. This includes financial services, energy and environment, digital and creative, food and drink, agri-tech, manufacturing, and advanced engineering.
How to get a mortgage in Peterborough
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If you like the sound of everything that Peterborough has to offer and you would like to secure a mortgage in this part of the country, YesCanDo Money is here to help.
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