Peterborough House Sales Up 19.9% on 2023 – Yet Challenges Still Remain

The number of agreed UK property sales until Saturday, 22nd November 2024, is 18% higher than a year ago.

Breaking those stats down even further, as of 22nd November 2024:

• 1,009,340 UK homes had been sold subject to contract (STC), an 18% increase from the 855,083 homes sold STC in the same period of 2023.
• The average UK selling price has risen significantly, reaching £362,017 in 2024, compared to £326,125 in 2023 (a rise of 11%).

That doesn't mean UK house prices have risen 11%; instead, more higher-valued properties have sold in 2024 than in 2023.

Price Per Square Foot – A Better Metric
The pound per square foot has risen by only 2.7% over the last year, climbing from £331 to £340 (in line with major house price indicators).

Regional Breakdown of Sales Growth (Jan–Nov 2024)

Every UK region saw an increase in the number of properties sold STC:

• East Anglia: Up 22.2% (highest growth in the UK)
• East Midlands: Up 21.5%
• South East: Up 19.6%
• North West: Up 18.5%
• London: Up 18.3%
• West Midlands: Up 18.2%
• Yorkshire & Humber: Up 17.6%
• North East: Up 15.7%
• South West: Up 15.6%
• Wales: Up 14.6%
• Scotland: Up 12.9%
• Northern Ireland: Up 12%

Despite the increased number of properties sold STC, the supply of UK properties on the market remains similar to last year, with 643,327 for sale in November 2024 versus 630,307 for sale in November 2023.

Buyers Have the Advantage, but Challenges Remain

The current market presents opportunities for home buyers but also lingering challenges:

• Mortgage rates are improving but remain higher than many prefer.
• Affordability is reasonable, with some lenders offering rates below 4% for larger deposits.
• Buyers today have more choice than a few years ago, with properties in some areas spending longer on the market.

For highly desirable homes, competition still exists, particularly in prime locations or properties with unique features.

Pro Tip:
Securing a mortgage agreement in principle is vital for buyers. It streamlines the property-buying process and demonstrates readiness to sellers, particularly in competitive situations.

Peterborough Sellers Must Focus on Pricing and Presentation

Sellers face a market where realism is key. As of 22nd November 2024:

• 3,907 Peterborough homes had been sold STC, a 19.9% increase from 3,257 homes sold STC in the same period of 2023.
• The average Peterborough selling price rose slightly to £286,558 in 2024, up from £278,881 in 2023 (a rise of 2.8%).
• The £ per square foot on homes sold STC in Peterborough increased marginally from £268 in 2023 to £269 in 2024.

The Local Perspective: Peterborough’s Unique Market Dynamics

Peterborough’s property market has its quirks:

• In some areas, homes are selling quickly.
• In others, buyers have more room to negotiate on price, fixtures, or completion dates.

Sellers should focus on accurate pricing and exceptional marketing, including:

• Virtual/video tours
• High-quality photography
• Targeted social media campaigns

For buyers, expanding search criteria or considering properties slightly outside your initial criteria could uncover overlooked opportunities.

A Balanced Perspective

Over 80% of sellers are also buyers, meaning a perceived loss on one side can lead to gains on the other. A lower sale price on your current property might allow better negotiations on your next purchase.

External Factors Shaping Peterborough’s Market

Peterborough’s property market reflects broader trends while showcasing resilience. Stabilising mortgage rates and a steady economy offer hope for continued activity into 2025.

Final Thoughts

Whether buying, selling, or keeping an eye on the market, success in 2025 will depend on understanding the dynamics and adapting accordingly.