A Look At The Cambridge Property Market-00-5022

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What Cambridge has to Offer

In a word, opportunity is the magic ingredient for Cambridge’s success, an ingredient driven by the intellectual capital created by its world class University. The riverside setting is very pleasant and the college buildings are a match for anywhere in the world, but people are principally attracted to Cambridge because there’s so much interesting work. Obviously, the University directly employs many people and indirectly, many others rely on it for their income. However, there is one main development that has transformed its wealth; hi-tech industries. Currently, about 25% of Cambridge workers are employed in a hi-tech related position, a figure without parallel in the UK, and many of them are highly skilled and well paid. Just imagine the impact on the Cambridge property market!

Who Would Want to Live in Cambridge?

Anyone working in the hi-tech industry and who likes life outside a major metropolis would find Cambridge an attractive option. The Cambridge Science Park, first established by Trinity College back in 1970, consists of high-quality flexible laboratories ...
... and office space in an outstanding parkland setting. Working here is much more a pleasure than a chore. The businesses in this type of environment are software, electronics or biotechnology, leading to the name Silicon Fen or, alternatively, the Cambridge Cluster. Of course, the University itself employs approximately 11,700 staff with an estimated 77,000 other jobs depending on it, all of whom will be wanting a Cambridge property to live in.

Cambridge Property

Currently, the average property price in Cambridge is detached £525,770, semi £310,111, terraced £305,505 and flat £220,182, making an average of £321,121. The equivalent figures for nearby Bedford are respectively £342, 938, £192,746, £170,398 and £123,223, making an average of £223,059. Spot the difference; it costs roughly a third more to live in Cambridge. Also, even in a time of recession and with loans difficult to come by, on average, Cambridge’s much higher-priced properties sell in two-thirds the time of those in Bedford.

Cambridge Estate Agents

There are about 20 different estate agents currently operating in the Cambridge property market, a large number for a relatively small city and a sign of the demand for property here. Prices have fallen and it currently takes an incredible 100 days on average to sell a Cambridge house at present, incredible because it would often take only days or hours in the recent past. So, even here it has become something of a buyer’s market but only if you have no house to sell first.

How to Afford Cambridge Property

Assuming you are not a millionaire or even part millionaire, this is an expensive property market to buy into. However, being a small city the outer suburbs are actually still quite near to the centre so a short distance out will secure a much cheaper home. Be warned though that rush hour into and out of Cambridge is very slow, which is why cycling is so popular here. Alternatively, there has recently been huge housing development in the nearby cathedral town of Ely. Here, the average price is ‘only’ £242,269, not much more than Bedford yet only about 15 minutes away by train. Simples!

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Finding Cambridge property does not have to cause you any undue stress. HomesNow can put you in touch with several Cambridge estate agents who will be able to assist you in your house-hunt.