Traditionally, the first four months of the year are usually an estate agents’ busiest time for house sales. However, if the last three years have taught us anything, nothing is ‘normal’ and ‘usual’ anymore.
The Peterborough property market is finding that with the friction of higher mortgage rates and the effects of inflation on household budgets; things are slightly different in 2023 compared to recent years.
So, when asked, ‘What’s happening now in the Peterborough property market?’ there is a more complex answer.
The property market is fundamentally a balance of supply and demand.
In 2021/22, demand (people wanting and able to buy) was bigger than the supply of properties available to buy. Hence Peterborough house prices rose. Let us see what is happening now in Peterborough in 2023.
Looking at February’s sales numbers alone …
341 properties sold subject to contract (stc) in the Peterborough area in February. (Compared to 497 properties sold (stc) in February 2022 and 549 sold (stc) in February 2021).
(Peterborough being PE1-PE8).
Meanwhile, the number of properties coming onto the market (listed) in Peterborough has also changed.
613 properties came onto the market in the Peterborough area in February. (Compared to 588 properties listed in February 2022 and 538 properties in February 2021).
Therefore, in February 2023, 1.80 homes came onto the market (listed) in Peterborough for every home sold (stc), compared to 1.18 homes per property sold (stc) in February 2022.
Interesting when compared with the national statistics. In February 2023, 1.48 homes came onto the market in the UK for every home sold (stc), compared to 1.11 homes per property sold in February 2022.
