Cambridge property market – prices and predictions
The cost of housing is always going to be an important consideration when moving to a new city. If you’re currently planning on relocating to Cambridge for work, university or any other reason, you’ll need to factor the cost of renting or buying a home into your move.
To help you plan your relocation, we’re taking a look at the Cambridge property market and how it might behave over the coming twelve months.
Uncertainty in the housing market
Over the past few years, experts have been carefully analysing the UK property market in order to see how Brexit will impact prices and confidence. In much of the country, we’ve seen a reduced number of properties coming onto the market and less demand from buyers for the homes that are available. In many parts of the UK, sellers have had to accept lower offers for their properties in order to complete their sale.
In Cambridge, however things are looking a little brighter. According to recent research, the city is one of the few parts of the UK where the property market has remained strong despite political and economic uncertainty.
Thanks to the city’s great schools, excellent employment opportunities and fantastic location, people have continued to move to Cambridge and drive the property market forward.
The most popular neighbourhoods in Cambridge
The cost of buying or renting in Cambridge largely depends on where you live. Properties in desirable areas cost considerably more than those in less popular spots. According to @CambridgeNewsUK, ”The Market ward in Cambridge has seen property prices increase faster than anywhere else in our area in the last year,” with the average home now selling for £670,000. However, the most expensive part of the city remains Queen Edith’s, where the average home sold for £725,000 in 2019.
Other areas to see prices rise to include Castle Ward and Gamlingay in South Cambridgeshire. If you’re looking for a more affordable area to call home, look for properties in Newnham and areas of South Cambridgeshire, where prices have fallen in the last twelve months.
Buying or renting?
With the UK property market still relatively unpredictable, it can be difficult to know whether to buy or rent when moving to a new city. Purchasing a property could leave you seriously out of pocket while renting a home will tie you into a contract for at least 6 to twelve months.
If you’re relocating to Cambridge and aren’t sure whether you want to buy or rent, or where you want to live, choosing short-term accommodation could be the perfect solution. Giving you the chance to get to know the city, and its various neighbourhoods, before committing to a contract or purchase, short-term accommodation is an affordable and convenient alternative to buying or renting.
To find out more about short-term accommodation in Cambridge city centre, and about the high-quality properties we offer, explore our site or get in touch with a member of our team today.