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What’s the future BRICKS AND MORTAR for Cambridge’s property market?
AS WE ENTER INTO A PRIME TIME FOR THE UK HOUSING SECTOR, GET THE LOWDOWN ON ALL YOU NEED TO KNOW FROM LOCAL EXPERTS
WORDS BY MIRIAM BALANESCU
STRONG FOUNDATIONS Buying a home in Cambridge can be a tricky proposition, with high demand, a growing population and low supply. Nevertheless, it can be navigated with the help of local experts – who are monitoring even the most minute movements of the market
– boding a possible crash on the horizon – although prices linger at an all-time high. Whether things continue to heat up, or demand peters out and cools off with the colder weather, hangs in the balance. “So far, the market here in Cambridge has remained incredibly robust,” says Ed Meyer, head of residential sales at Savills. “It’s true that people are asking more questions about the cost of running a property, but that’s not stopping them from moving forward and making an offer.” FACTORS AT PLAY A number of influences driving demand during the pandemic are still at work, including flexible working arrangements channelling would-be buyers away from London and increased savings during
utumn is a notoriously busy time for buying houses, with many homeowners – fresh from trips
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abroad or time lounging by the beach – geared up to sell. Year on year, September sees the market pick back up, with Rightmove recording an increase of 14% in properties listed from August to September in 2021. However, amid rising interest rates, the cost-of-living crisis and demand still soaring, Cambridge property is still all to play for. According to new research from Savills, the region’s prime residential market is ballooning, with prices at the top end increasing by 8.4% between March 2021 and 2022. Meanwhile, as reported by Halifax, national house prices dipped for the first time in over a year this July
86 SEPTEMBER 2022 CAMBSEDITION.CO.UK
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