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Best time to invest in and knowing about Real Estate Professionals in Peterborough
Overall, if you are thinking of investing in Peterborough, now is the time to make a move. As the area becomes increasingly attractive to travelers, and as the CMA continues its economic growth plan, prices are likely to rise over the next decade. Between tourism and steady population growth, the region is one of the most hidden gems in Ontario.
Peterborough’s Top 3 Neighborhoods to Buy
Peterborough Central
Urban dwellers will want to check out Peterborough Central, this year’s No. 1 community. The neighborhood is within easy walking distance of all amenities and the city is very easy to reach for those working in the city.
Better still, median home prices are 14.4% cheaper than in surrounding communities, and more than 9% cheaper than median home prices in the Greater Peterborough area. Prices have risen 61 percent over the past five years – and there is still room for growth based on current prices. So this is a good buy.
Asphodel-Norwood
If you’re looking for a little more privacy, consider this year’s No.2-ranked neighborhood, located just east of Peterborough. The township of Asphodel-Norwood offers the best of rural life, with main streets, central churches, and barn-board barns in large areas but within an easy 30-minute drive from downtown.
Average home prices here in Greater Peterborough are 13% below average rates, and house hunters have a wide variety of properties to choose from, including turn-of-the-century farms, pondside farms, and four, two-bedroom-baths.
Peterborough South
If your family loves sports, live events, or shopping, the number 3-ranked neighborhood may be the ideal location for you.
Peterborough South is home to the Memorial Center, where the city’s Ontario Hockey League team, the Peterborough Pets, plays, as well as the Peterborough Lakers lacrosse team. Peterborough Memorial Center also hosts major concerts and events.
In the neighborhood is the city’s largest mall, the two-story Landsdowne Place, where you can find general chain stores.
Property breaks down very quickly in this community, with homes on the market lasting an average of 22 days in 2018. And according to our data, the neighborhood offers better-than-average Realtor Scores, along with good value and speed. The average housing price in Peterborough South is 10% cheaper than the average for the area and 20% lower than the average housing price in Greater Peterborough.
Peterborough is the best city to invest in real estate
Peterborough ranks sixth on the list of top UK cities to invest in to start a new business and buy property.
More than 670,000 new businesses are started in the UK every year, of which around 20pc fail in their first year. But in Peterborough, the business survival rate in the city is over 87.6 percent and home prices have increased by 26.5 percent over the past two years.
Job claim rates are also low, while office space costs ÂŁ17.25 per square foot, which is favorable compared to many other cities.
The top-rated city was followed by Leicester, with a business survival rate of 91.4pc, but Peterborough ranked higher than Manchester, Leeds, Liverpool, and Nottingham.
The city has seen substantial growth for small businesses while being home to large companies such as Hotpoint, British Sugar, BGL, and Perkins.
More affordable housing in Peterborough has been pushed forward with the Cambridgeshire and Peterborough Joint Authority to fund affordable housing as part of its founder transfer deal in March.
The Cities Investment Index was filled with cities that completed all data queries to evaluate working population, the business survival rate at 1 year, change in-home price, number of people per job opening, and office. Cost per square foot of space to find the best cities to invest in.
Why Peterborough is Still a Great Place
The proposed stamp duty change poses a challenge to the property investment community as it means more capital is required to invest. This could mean that hotspots may become more affordable than buying hotspots over the long term, creating new winning spots. Mortgage lender Lend Invest predicts the future of “cross-country landlords” as investors vie for the best returns.
One potential property investment location to look at is Peterborough: it has always been a great destination for rental yields and now a combination of factors, including Peterborough’s growing population and rising local home prices, is expected to star the Eastern City of the future.Â
Increase in Reputation
The city is currently being transformed thanks to a ÂŁ1 billion regeneration program which is now underway. Major developments such as Gateway Peterborough and Fletton Quays will bring new housing, leisure facilities, and employment opportunities to the city.
The ÂŁ100 million projects will include a new cinema, a public square around Westgate Church, a hotel and new offices. This development is expected to create 1,500 new jobs and help create a vibrant holiday quarter in Peterborough.
London commuter belt extension
The reconstruction of Peterborough will include an improved rail link to London, reducing travel times to 39 minutes by 2019. As the cost of living in London becomes increasingly unrealistic and as transport links with the East Coast mainline improve, more people will want to live further away. away. away. Far away for cheap accommodation and better living standards.
Growing population
The growing population of Peterborough is another factor that will drive the demand for housing. Until last year Peterborough was the fastest growing city in the UK and still ranks second only to Milton Keynes.
Peterborough City Council estimates that Peterborough’s current population is 199,200 and will increase by 21.7% in the 15 years to 2031. Population growth is due to a mix of high birth rates and migration. As the city’s image improves and people turn to employment opportunities, Peterborough’s uplift is likely to attract more people.
Real estate prices
For property investors, Peterborough is a winning destination as it combines realistic home prices with high demand for rental properties.
Property prices in Peterborough are reasonable, which means they are accessible to investors. The average house price in Peterborough currently stands at 157,800, which is 45% lower than the national average house price of ÂŁ288,000.
Increase in house price
In the latest RICS report, the East of England has been named the place where home prices are rising the fastest. RICS estimates that overall home prices in the UK should rise by 6% next year, but East Anglia could see an increase of 8% due to the strong local economy.
Buying investment property now means investors will benefit from Peterborough’s real property prices and healthy rental yields, but they can also benefit over the long term from capital appreciation.
The small impact from stamp duty hike
A current concern of investors is the 3% stamp duty surcharge which will be applicable from this April. This will affect the initial cash flow of investors and may deter people from investing in more expensive properties.
Taking into account the average property value in Peterborough of ÂŁ157,800, the new stamp duty would add ÂŁ4,700 to the upfront capital used to invest. This sounds great but the overall effect on gross yield is small because rental income will not be affected and the purchase price is low. For example, for a property purchased for ÂŁ160,000, the additional stamp duty would reduce the gross yield from 5.7% to 5.5%.
Though stamp duty has become a challenge for investors, it is still a good time to invest. Looking at the bigger picture, it is clear that the demand for rental properties will continue to grow, as will home prices.
Know the information about doing Businesses in Peterborough at https://www.peterborough.ca/