As one of the fastest-growing cities in the UK, Peterborough is a real jewel in the crown of British urban development. Its excellent infrastructure and transport links make it an attractive destination for investors and homebuyers alike.
The Peterborough property market remained remarkably resilient despite the global pandemic a few years ago. Demand for apartments and homes continued as Peterborough house prices rose from the national average.
With property prices increasing, however, the question on everyone’s mind is whether this hype will continue. In this blog, we’ll look closer at whether Peterborough’s housing market will continue to boom in 2023.
The Property Market In Peterborough In Previous Years
The Peterborough property market experienced a notable price increase in 2022, as the average property price in the area stood at £279k. This £10.9k surge in price occurred amidst a 4% increase in Peterborough property prices compared to 2021.
One of the main factors behind this growth was the extreme imbalance between supply and demand in the housing market, meaning more individuals were seeking to buy homes than homes available.
However, experts anticipated a shift towards a more balanced real estate market in the near future of 2023, allowing prospective buyers and investors the chance to find their perfect property.
What Can We Expect For The 2023 Housing Market In Peterborough
The housing market will always be a hot topic, especially during these uncertain times. According to Rightmove, we can expect to see average asking prices drop by 3% this year, which could potentially result in a decrease in mortgage rates as well.
Mortgage lending is also expected to fall by 15%, which would bring it back to pre-pandemic levels. However, a conflicting report from Halifax forecasts that the average house price growth could drop by 8%.
With inflation also predicted to decrease, it’s no wonder that it’s tough to predict where the market will go. It’s essential to keep an eye on these changes and make informed decisions when it comes to buying or selling a home.
What Does This Mean For Buyers & Investors Of 2023?
As the winter season draws to a close, many people have started to put their homes up for sale. 2022’s Boxing Day saw a remarkable 40% increase in the number of homes on the market, leading to an improved supply of properties available for purchase.
Whether you’re a first-time homebuyer or a tenant looking to Let, the Peterborough housing market in 2023 may be the perfect time to make your move.
With more options available to choose from, you can take your time and make an informed decision about your new home. Don’t miss this opportunity to find your new potential home.
What Can We Expect From the 2023s Property Market?
In conclusion, it looks like the property market in Peterborough is set for a turbulent time.
UK house prices and mortgage rates are expected to soon drop, with uncertainty around how much this fall will be. This can work to some buyers’ advantage if they are able to secure a suitable loan rate at lower prices.
That being said, buying during times of market turmoil & cost of living crisis always presents risks, and so anyone looking to enter the market should make sure they do their research first.
After all, picking out your dream property is only part of the job; making sure it’s an affordable one is another part of the equation that requires attention if success is to be enjoyed.
So if you need help with any of the processes, feel free to reach out and contact Smart Move today.
