Peterborough 'hot spot for FTBs'

29-Oct-2008

First-time buyers (FTBs) are flocking to Peterborough after news of affordable house prices in the cathedral city.

Research by haart estate agents has shown that house prices in Peterborough have fallen by up to 25 per cent, with FTBs also able to purchase two bed en-suite apartments for three quarters of the price they peaked at during 2007.

Indeed, the number of FTBs looking to buy in the city has increased by 180 per cent in October alone, the estate agents said.

Peterborough offers FTBs excellent shopping facilities and amenities, as well as being 50 minutes away from London by train, the group noted.

Neil Schreiber, branch manager at haart's Peterborough branch, said the city's affordable house prices make it an "absolute haven" for FTBs in the current market.

"First-time buyers are already returning, as they recognise the excellent opportunity to get onto the housing ladder," he added.

The news comes after Land Association figures released this week show that house prices are falling at an annual rate of eight per cent.

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