PROPERTY
© BIDWELLS
We expect to see rents continue to rise throughout 2024
THE FUTURE While the market dynamics may be in flux, an interest in Cambridge as a destination is sure to persist. “National investor activity remains subdued, but positive sentiment towards Cambridge persists, particularly among overseas investors,” surmises Alex. “We’re looking forward to 2024 with optimism and hope to see the market moving in a more positive direction,” closes Fiona, as Urban&Civic’s new Waterbeach development approaches a crucial period of welcoming its first few waves of new residents. While things may be looking bright for sales, the rental market faces another year of escalation. “We expect to see rents continue to rise throughout 2024 as further developments in Cambridge come to fruition,” Joanna comments. This continued demand for rental property could be promising for Barbouris, as it endeavours to shift the perception of HMOs from a last resort to a first choice. “We hope that by constantly raising the bar of the properties we are willing to work
Summer was met with a steady market, but with a drop in the number of buyers choosing to view properties. This had the knock-on effect of developers offering incentives and reducing their prices alongside vendors. “We expected a seasonal surge in September which never came,” continues Andrew. Instead, buyers chose to wait for further reductions to see what level interest rates might drop to as the rest of the year unfurled. Despite this stasis, many are optimistic about what the beginning of 2024 heralds for the housing market. “My expectation is we will see an upturn in activity in the first half of 2024; as rents increase, buyers will become impatient with not securing their future move and be comforted that the interest rate rises have now come to an end!” anticipates Andrew. Echoing that sentiment is Fiona Reardon-Rose, communications & partnerships manager at Urban&Civic. “We’re already starting to see mortgage rates stabilising, and that will hopefully create a more buoyant market,” she says.
HAVEN The rise in rent could shift the perspective of HMOs as a more favourable alternative
with, more landlords will be inclined to take more care with their properties and improve the standards of living across all HMO rental properties in the area.” In the face of the historic highs reached over the course of the last year and with a wealth of new developments in the pipeline, it remains to be seen how the Cambridge property bubble will continue to keep afloat.
78 JANUARY 2024 CAMBSEDITION.CO.UK
Powered by FlippingBook