Many factors influence the demand for rental property in an area, and how suitable that area is for landlords investing in buy-to-let property. However, the condition of the local jobs market, and the ease of getting from A to B are huge factors.
At Just Lets, we are focused on the Peterborough lettings market, and we aim to assist landlords as best we can. A large part of this is knowing the local area, and how the community is doing. We are therefore pleased to see signs of positivity in Peterborough, and we believe this will be good news for locals and landlords alike.
If you want to make the most of letting opportunities in and around Peterborough, rely on the local firm who knows what matters to the community. We are here to assist landlords as best we can, so if you need any guidance or services, please contact us today.
Employment positivity in Peterborough
Data from the Office for National Statistics (ONS) provides the following information:
- For July 2021, an estimated 101,130 people in Peterborough were on company payrolls
- This is 663 more than were listed in June 2021, representing an increase of 1%
- In February of 2020, 99,976 were recorded, which means employment levels in Peterborough are now higher than the pre-pandemic level
- There has also been an increase in median monthly salary for payroll workers in Peterborough
- The July 2021 figure of £1,695 is £152 higher than the February 2020 figure of £1,847
While it is important to note these figures do not include self-employment numbers, which is likely to have grown in recent times too, it provides an important overview of the local economy.
The Confederation of British Industry (CBI) released a statement via their head of employment, Jennifer Beckwith, who said: “With employment up and unemployment down, the labour market is showing further signs of recovery. Yet, with vacancies at a record high, employers are concerned that staff shortages are stalling their ability to grow and support the country’s wider economic recovery.”
Chancellor Rishi Sunak also spoke of the improvements for the job market in July, saying; “The figures show that our plan for jobs is working – saving people’s jobs and getting people back into work. I know there could still be bumps in the road, but the data is promising – there are now more employees on payrolls than at any point since March 2020 and the number of people on furlough is the lowest since the scheme launched.”
Government funding to improve Peterborough roads
A sum of half a million pounds will go some way to improve the road network in Peterborough. The local council has successfully applied for this cash from the Government, and the junction between Taverners Road and Lincoln Road.
Central Ward councillor Mohammed Jamil spoke about the forthcoming work, and believes it will be welcome news for residents. The councillor said; “The junction between Lincoln Road and Taverners Road is one of the most heavily used roads when going when the west of the city to the east of the city. As a consequence, this is also one of the most polluted parts of the city with very high levels of pollution from the traffic. As Central Ward councillors we would welcome any efforts to bring about an improvement in the quality of the air for the residents of Central Ward. We understand that any work that takes place will mean some short-term inconvenience but it would be better for the long term.”
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.
You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at firstname.lastname@example.org or call us today on 01733 346255.