As we all know, Cambridge is one of the most sought after locations in the UK. With a fantastic cultural scene in line with British Heritage, it is no surprise when we learn that housing is on the increase in the City.
Most of the sales in Cambridge over the past year were on apartments and flats. These sold on average for £342,120. Terraced properties had an average sale price of £540,000 along with semi-detached housing coming in at an average £544,418.
To put this into further context, over the past year, house prices in Cambridge have risen a staggering 16.4% according to the latest figures. The year before that, they rose 8% since 2015. In this time, properties on Cambridge were averaging at £473,390 collectively. This makes Cambridge the highest rising City for its property within. A true reflection of the innovation and exciting job prospects within the City.
That being said, rent in Cambridge certainly seems like the better option. For many financially, a rental plan is a much more sustainable and viable option as opposed to getting grounded through a high-cost mortgage.
Many long-term renters within Cambridge have expressed their views and opinions on why they chose to go for the method of renting, and many if not most resonated with one another in that for them, and each of their individual situations, be it financially, family orientated or something completely different, renting was the only sustainable method of ensuring they can continue to grow and be a part of what is an ever thriving City.
Overall, we’re not sure where we’ll be next year. Many argue there’s a housing bubble, soon to pop, and of course the factor of Brexit leaves for somewhat of an uncertain future. That being said, for many years now, we’ve only seen an upward trend coming from the City’s properties.