The end of the calendar year is always a good time to look back, and take stock. 2022 has been a challenging year in many ways, and there is no denying the property and rental market has faced many contentious issues.
At Just Lets Peterborough, we focus on the local rental market, providing an extensive range of services for landlords, ensuring they connect with tenants. However, we know the local housing market impacts landlords and tenants.
When house prices rise, or mortgages become more unaffordable, prospective homebuyers find themselves priced out of the market. This creates greater demand for rental property, which is great news for landlords.
We offer help and support for landlords looking to connect with local tenants.
However, we also know the status of the local property market impacts landlords. If you are looking to buy rental property so you can let to tenants, you need to find suitable and affordable housing.
This is why Just Lets Peterborough stays in touch with the local property market, and because we do, you don’t have to. If you would rather focus on the important aspects of your role, allow us to manage everything else. Whatever assistance you require when it comes to managing rental property in Peterborough, we are here for you.
How are house prices faring in Peterborough?
According to Rightmove, as of December 2022, house prices in Peterborough are faring as follows;
“Properties in Peterborough had an overall average price of £240,120 over the last year.
The majority of sales in Peterborough during the last year were semi-detached properties, selling for an average price of £227,222. Detached properties sold for an average of £355,551, with terraced properties fetching £187,479.
Overall, sold prices in Peterborough over the last year were 2% up on the previous year and 15% up on the 2019 peak of £209,548.”
A modest rise in property prices over the past 12 months is a fair reflection of the market, and it is likely to be a movement that satisfies buyers and sellers. It isn’t a massive rise, so buyers don’t feel as though they have missed out while vendors will enjoy a higher price than hopefully when they bought.
What sort of property is available in Peterborough?
If you have a particular type of rental property in mind, make sure you know the property types currently on offer in Peterborough.
Rightmove has a total of 994 properties listed for sale in Peterborough, as of the start of December 2022. This list can be broken down across the following property types:
- Detached properties: 265
- Semi-detached properties: 195
- Terraced properties: 194
- Flats: 207
- Bungalows: 66
- Plots of land: 5
774 properties listed for sale in Peterborough have a garden, while 822 properties have a parking space. 678 of properties have both a garden and a parking space in Peterborough. For anyone interested in a new home, 68 properties listed for sale in Peterborough are classed as a new home.
Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
The team at Just Lets Peterborough continue to operate remotely to ensure we can continue to serve you and your tenants throughout this covid period and beyond. Please contact us through our usual channels – email us at peterborough@justlets.com or call us today on 01733 346255.
