HOME EDITION
lockdowns loosening purse strings. However, mortgage approvals have been steadily dropping for the past five months, while the stamp duty holiday came to a close in September 2021, cutting the flurry short and slowing the boom. However, with the swarm of would- be buyers in Cambridge showing no sign of waning, this area has seemingly been immune so far. “We are still having record sales, with a huge imbalance between supply and demand, ensuring prices are rising consistently,” says Richard Freshwater, director at Cheffins. “We have seen an increase in the number of properties going to competitive bids and exceeding guide prices, as buyers continue to head to the region. While UK-wide house price growth sits at around 1%, locally I would put that figure at more around the 5-6%, even 10% for the right properties in the right locations.” On top of this, Cambridge’s tech industry continues to flourish, providing a significant draw for new workers. Recently published government data reveals that the area’s population has grown by 8.9% in
The area’s population has grown 8.9% – meaning competition is strong
would be impossible to sustain that level of activity – but people are still very motivated to buy, and those who are viewing are very serious about moving. Cambridge and its surrounding villages continue to be incredibly desirable places to live – and that’s not going to change anytime soon.” HOME STRETCH With Cambridge’s property market not prepared to dip, buyers and sellers alike should be at the ready for a surge of activity come September and October. In 2021, there was an unprecedented wave of house-hunters competing for the greatest lack in available property for two decades, a demand which has not yet been eased. “The market is probably a little more price sensitive than it has been – so it’s
the past decade, meaning the competition is strong – and not just between local residents. “Demand from commuters has almost doubled in recent years,” continues Richard, “and many of these buyers are heading out to the Cambridge area with cash in the bank, ready to move.” Cambridge remains a choice location for those working both in and outside the region. “The high-quality education, employment opportunities and excellent transport links that Cambridge offers continue to be driving factors for people making the city their number one choice,” claims Andrew Tucker, partner in residential sales at Bidwells. So, what does the rest of the year hold? “It won’t be quite as busy as we’ve seen since the pandemic,” reflects Ed. “It
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