HOME EDITION
A year in the Cambridge property market LAWRENCE BROWN, DIRECTOR OF STRUTT & PARKER, REVIEWS THE UPS AND DOWNS OF THE PAST 12 MONTHS
those looking to sell in the coming months can seek reassurance from three key takeaways. Firstly, while values are likely to soften, this adjustment is coming off the back of solid quarterly growth for over three years. Secondly, regardless of economic headwinds, there will always be buyers who need to move. Lastly, we remain in a very supply-constrained market. Even if demand falls, it will still outweigh the number of available homes. With the mortgage market somewhat difficult to navigate currently, I’d be happy to introduce potential buyers and sellers to our independent mortgage broker partners. For those seeking advice on what product they should be looking at, an independent mortgage broker can provide unbiased and broader options. MAKE A HOUSE A HOME The Cambridge property market is famously robust, so signs of slowing demand from buyers does little to alter the sellers’ market
different strategies to maintain momentum. It’s important to note that there was an increase in the number of properties that underwent price reductions, compared to the first half of the year. As we head towards the end of the year, there is still activity in the market and we continue to see new enquiries and offers. While this may taper off as we move into the thick of the festive season, a quieter period isn’t guaranteed – in my near 20 years as an agent, I’ve even seen offers between Christmas and New Year! With this in mind, my office remains positive for the last few weeks of 2022 and continues to call out to buyers both within Cambridge and our neighbouring offices. Looking ahead to 2023, while many external factors may remain uncertain,
hat an interesting and fast- changing housing market we have seen in 2022! The combination of low stock
levels and high numbers of buyers meant we started the year with prices continuing to rise – with many offers coming in at over guide price. In more recent months however, there’s been a steady increase in properties coming to the market – an average 6% increase each month, up nearly 70% from January until the end of October. And with more properties available to meet the demand, we’re seeing sale prices realign with guide prices. Behind all of this is an ever-shifting economic backdrop: from rising inflation and sizeable base rate increases, to global political uncertainty impacting financial markets. Despite this, we saw high levels of sales transactions in the third quarter of this year – in fact, our Cambridge office had the best month in October since June 2021. This is likely due to the recent economic uncertainty motivating active buyers who have mortgage offers in place to move quickly, as well as our team adopting
While values are likely to soften, this is coming off the back of solid growth
CAMBSEDITION.CO.UK DECEMBER 2022 97
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