Why Invest in Peterborough?
The modern city of Peterborough is a new town. First set up in 1967 it has expanded year after year since – and it’s still growing fast. Peterborough’s population is now around 215,673, according to the 2001 census.
There’s a huge demand for housing to meet this growth. Peterborough City Council says that Peterborough is the country’s fifth fastest–growing city and needs 19,400 more houses by 2036.
Peterborough is 98 miles from London but the fastest train takes just 46 minutes. So Peterborough is becoming more popular with those who need to travel to London but who are looking for an affordable place to live.
More good news for buy to let landlords is that Peterborough is one of the most popular places in the UK for those coming from abroad to work.
While Peterborough is part of Cambridgeshire it has its own local authority Peterborough City Council which provides local services. Peterborough also works with the nearby booming city of Cambridge in the Cambridgeshire & Peterborough Combined Authority.
Peterborough is originally a manufacturing city, known for its brickworks including the London Brick Company and its famous Fletton brick. Today, Peterborough’s economy is mostly service-orientated.
According to Opportunity Peterborough, the economic development company, Peterborough has several high performing business sectors: Advanced engineering and manufacturing, agri-tech, food and drink, digital and creative, energy and environment, and financial services.
Peterborough city centre has benefitted from lots of redevelopment in recent years, helping to make it a better place to live and work. Regeneration work on Cathedral Square, St John’s Square, Long Causeway, Bridge Street and many other parts of town has attracted new shops, restaurants and businesses.
The centre is also due to benefit from a master plan to redevelop the Station Quarter. This will create a smart new gateway to the city and add new business space and homes to make Peterborough more attractive to London commuters. The Fletton Quays development on the River Nene will also be home to a new 1,000-job government hub.
Student property investors need to know that, although Peterborough doesn’t have its own university (not just yet!) the Anglia Ruskin University has a campus here. So there’s a student accommodation market too.
Very excitingly, plans are also in hand to set up a new Peterborough University on a brand new site with 2,000 students by 2022. This could be really good news for investors who want to invest in student houses.
