There has been a real buzz around Peterborough and property investment in the city centre for a while now. It makes sense! There are some big development plans taking place in and around the city. Peterborough also has great transport links to bigger cities and is undergoing some massive regeneration works at the moment too.
If you’re considering investing in property, property investment in Peterborough should definitely be on your radar.
Works are going ahead to regenerate 20 acres of derelict land at Fletton Quays. This area has been awarded with £120 million. A further £100 million is being spent on a leisure-led development in the centre of Peterborough. This will be known as North Westgate. These are some big improvements for a relatively small city.
There are plans by Peterborough City Council to increase the housing supply in the city by 30% within the next 16 years. The development of 5,600 houses in the south of Peterborough has already begun. The redevelopment plan in Peterborough will see several areas of the city centre being rejuvenated. As this takes places, new jobs, homes and outlooks will be available to those living in the city.
This will also generate more interest to outsiders that want to move into the city and take advantage of the 45-minute commute to London city centre. Peterborough offers low property prices and a lower cost of living too. It is no surprise that those working in London are now looking to make the move from the capital to our city of Peterborough. The green spaces are a huge plus for those moving from London too.
As well as excellent train links to London, Peterborough benefits from other excellent transport links too. Peterborough is minutes from the A1 and east Coast Mainline. Those living in Peterborough can get to Cambridge within the hour. Meanwhile commuting to other cities such as Birmingham and Leeds will take no more than 90 minutes.
If you are considering investing in the rental market in Peterborough you will be interested to hear that there are a higher percentage of young people in Peterborough, compared to the rest of England. In fact, in Peterborough we have 41% of our community aged 29 years or younger. The national average stands at 38%. Younger people will tend to choose rental properties in Peterborough instead of buying a home due to the flexibility renting offers.
In recent years this area has been highlighted as a buy to let hotspot for those considering property investment in Peterborough. This is because of the location, population, demographic, affordable housing and regeneration plans.
Experts predict that the buy to let property market in Peterborough will achieve good capital growth. It is also felt that these projected yields will be over the national average.
Here at Letters Group we aren’t surprised that property investors are getting excited about Peterborough. We think it’s a great city with a lot of potential.
If you’re looking to buy a home in Peterborough or invest in a buy to let property, call our team now.