There has been a buzz surrounding Peterborough for some time, following announcements of various development plans taking shape in and around the city. Peterborough, which was previously best known for having good transport links to bigger and brighter nearby cities, is undergoing a huge period of regeneration by Peterborough City Council.
There are plans to regenerate 20 acres of derelict land at Fletton Quays in Peterborough’s city centre, of which has been awarded £120million. £100million is also being spent on a leisure-led development in the centre of Peterborough called North Westgate.
Peterborough City Council also have plans to increase the housing supply by 30% in the next 16 years, and the development of 5,600 houses is already underway to the south of the city.
The redevelopment plan will see several key areas of the city centre set to be rejuvenated which will undoubtedly deliver new jobs, homes and outlooks for people living in Peterborough and generate interest from outsiders hoping to take advantage of our 45 minute commute to central London.
With low property prices and a lower cost of living, it is no surprise that workers in London are now considering making the move from the capital to Peterborough.
Peterborough benefits from excellent transport links being close to the A1 and East Coast Mainline. Commuters can get to both Cambridge and London in under an hour, and other major cities such as Birmingham and Leeds are also within a 90-minute reach. Peterborough is also positioned in an area where there is a strong economy; Cambridge has an excellent jobs market, high salaries and low unemployment rate, and London is easily accessible which opens an additional job market.
The area has a higher percentage of young people compared to England, standing at 41% aged 29 or under compared to the 38% national average. These are generally the types of people that choose to rent property, due to the flexibility renting offers.
Peterborough has been identified as a buy to let hotspot due to its location, population demographic, affordable housing and regeneration plans. Buy to let property in Peterborough is expected to achieve good capital growth, and with yields projected of over the national average, it’s not surprising that investors are getting excited about the East Anglian city.
Due to the redevelopment Peterborough is experiencing, and increased demand for property, it’s no surprise that house prices are climbing. Whilst it remains one of the most affordable places in the East of England to purchase property, since the turn of the millennium house prices have increased by 229%. According to home.co.uk, in May 2018 sold prices in Peterborough were up 13% compared to January 2017.
When this growth is coupled with house prices which are below the national average and a strong demand for rental properties, Peterborough offers profitable buy to let solutions.
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