HOME EDI T ION
average for the region as a whole. “Due to the imbalance of high demand versus shortage of stock, it will remain a seller’s market – in the short term at least,” predicts Ed. “However – setting a realistic asking price from the start will be key to maintaining momentum as we head into 2022 and beyond.” LOOKING FORWARD When it comes to making predictions for the year ahead in the Cambridge property market, local agents are optimistic, which should be reassuring to anybody worried that the bubble is about to burst. Pointing to factors such as the robustness of the local economy and the evergreen desirability of Cambridge as a city, experts paint a hopeful picture. Andrew Tucker, residential partner at Bidwells, assures that: “The year 2022 looks to be starting as 2021 finished! We expect a continuation of a busy marketplace and demand for housing with outside space, home offices and studios. The success of corporate business in the city centre and the CB1 area, as well as Cambridge Science Parks, the Cambridge Biomedical Campus and tech companies relocating here, has provided a constant demand for housing – from rental to new homes and family property. The immediate future looks exciting across all aspects of the residential market, and we look forward to the coming year.”
the desperation for people to move house, coupled with the shortage of stock, has meant that there was little change in activity when the levy was reintroduced.” FUEL TO THE FIRE Demand outweighing supply in the Cambridge market is nothing new, but additional factors have added fuel to the fire. It’s been well documented that the pandemic created something of an exodus from London, and Cambridge – handy for commuters, offering (marginally) more space and better value for money – has proven an appealing prospect to those escaping the capital. The tech cluster continues to boom, too, luring ever more workers to our city in need of homes. All of this is driving competition. And it’s not just the volume of sales that’s increased, says Ed Meyer, head of residential sales at Savills Cambridge. “The speed at which transactions have been agreed is extraordinary,” he reveals. “From launching a property, arranging viewings, receiving an offer and agreeing a sale – in many cases this has all happened within the space of a week, with properties attracting multiple bids.” The big question is: what has the impact of this frenzy of activity been? According to Savills, average house prices in the city and its surrounds have increased by 7.7% in the last year, putting the figure at £529,431 – which is well above the
THE TECH CLUSTER CONTINUES TO BOOM, LURING EVER MORE WORKERS IN NEED OF HOMES
DES RES A selection of homes currently on the market with Cheffins
76 JANUARY 2022 CAMBSEDITION.CO.UK
Powered by FlippingBook