Peach played briefly as an associate schoolboy for Chelsea, before moving to Gillingham as an apprentice in May 1966, turning pro in February 1969. He also played minor counties cricket for Huntingdonshire. In 1972, he was sent off in successive seasons in matches at Hartlepool United, a coincidence in an era when sendings-off were still very uncommon. He was rated the best player in the Fourth Division and came to the attention of Lawrie McMenemy who made him his first signing for Southampton in January 1974, for a reported fee of £50,000.
Southampton
He made his debut in a match that is memorable to Saints fans for all the wrong reasons as Southampton lost 7–0 away to Ipswich. Peach soon settled into the team initially in midfield before becoming an imaginative, quick thinking attacking left-back and the club's regular penalty taker. His first penalty was probably the most famous, when he belted home the second goal against Crystal Palace in the F.A. cup semi-final on 3 April 1976, which took the Saints to the final against Manchester United. Peach also played in the losing League Cup final against Nottingham Forest on 17 March 1979, scoring the opening goal. He and Nick Holmes are the only two players to have played in two Cup Finals for Southampton. He played several times for the England under-21 and 'B' teams, and was in the England squad on their tour of South America in June 1977, although he never played. On 18 August1979, he became the highest scoring full-back in the history of the Football League when he scored a penalty against Manchester United.
He was transferred to Swindon Town for £150,000 in March 1980. Signed by Bobby Smith to replace Town legend John Trollope, circumstances were against Peach from the very moment he joined the club; his time at Swindon had the worst possible start - his debut coming in 6–2 defeat at Millwall. That defeat, along with the size of the transfer fee, got Peach off to a terrible start with the fans - and he was never a popular player throughout his whole Town career. By March 1982, Swindon were in financial difficulties and Peach was released to Orient on a free transfer to reduce the club's wage bill, after a disappointing period at the County Ground. In moving to Orient, he swapped a team heading for relegation to Division 4 for one heading for relegation from Division 2. While at Orient, he became the first player to have played on every Football League ground.