Cambridge has recently been crowned the fastest selling property location in the UK by website Rightmove. Properties in Cambridge spend an average of only 27 days on the market, two whole weeks less than the average in Greater London.
It isn’t just speed which is increasing, it’s prices too. Data from Savills shows that average values in the city centre have increased 43.1% in the last five years, with the average house price in Cambridge now standing at over £419,000, according to Nationwide building society.
Savills don’t think it is going to stop here though, their forecast predicts further growth of 23.3% between now and 2018.
Local estate agents haven’t been surprised by these statistics. With the continuing need for student housing, and the boom of Cambridge as a base for leading science and technology firms, it is no wonder that properties in Cambridge are in such demand.
In addition, the city’s international status is drawing in buyers from overseas looking to expand their investment portfolios with properties outside of London. Savills states that as many as 17% of the buyers in the Cambridge market are international.
Economic growth may be seen as a good thing, but many also have concerns, especially while the properties of some of these overseas investors stand empty. First time buyers are being priced out of the markets and, as with the rest of the country, there are demands for more affordable housing.
The upward trend is set to continue, despite these concerns, and only time will tell if this will ever change.