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WE SPEAK TO LOCAL EXPERTS, GETTING THE LOWDOWN ON WHAT TO EXPECT FROM THE CAMBRIDGE PROPERTY MARKET IN THE SHORT TERM AND BEYOND
WORDS BY NICOLA FOLEY
properties mean more choice – but the mood in the local market is currently one of urgency, says Richard. He explains: “On average, we see 30-40 viewing requests, for properties in all sectors of the market. The defining factor is the massive imbalance between supply and demand.” This fierce competition has been driven, in part, by a flood of buyers from London – but also by the same lifestyle factors that encouraged people to move after the first lockdown, according to Ed Meyer, head of residential sales at Savills. “Buyers continue to be motivated by the increase in homeworking, the need for more space and the desire to be close to the countryside,” he explains. “As a result, we’re arranging around
fter the incredible property boom of last year, which saw house prices reach record highs nationally and jump 7.7% in
Cambridge, a question mark loomed over what 2022 would hold. As interest rates rose, the stamp duty holiday ended and the traditionally quiet new year period arrived, many anticipated a cooling – or at least stabilising – would take place. But here, the opposite is proving true. “At the start of this year, we saw double the number of property valuations compared to 2021 or 2020,” comments Richard Freshwater, director at Cheffins. “Houses are selling like hot cakes.” On the face of it, this might be good news for homebuyers – after all, more
BUSY TIMES An influx of new buyers, plus a Covid-driven re-evaluation of lifestyle needs, has created a market high in demand
CAMBSEDITION.CO.UK MARCH 2022 79
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