Mark Simmonds may have complained about house prices in London, but there is another spot in the UK where the rise in house prices overshadows even that of the UK capital. Yes, over the past seven years, property values in Cambridge have increased about 32.5 percent, as opposed to the 29 percent rise London has seen. The average property value in Cambridge is now over £345,000.
Factors that could have contributed to this rise in values are the fact that Cambridge University is one of the most famous of its kind, how well connected it is to other parts of the UK via train and the employment it offers.
Cambridge’s rise in housing prices was uncovered by Hometrack, in its UK Cities House Price Index, which shows how average house prices have changed since their pre-crisis 2007 peak. Other cities that have seen a rise in housing value include Bristol, Bournemouth and Oxford, the latter also boasting a prestigious university. Cities like Manchester, Liverpool and Leeds, however, have yet to re-reach the values they had back in 2007, with Glasgow being the city with the most notable drop. Average house prices for the country as a whole have increased by nine percent in the last year, leaving the average at over £180,000.
Not only has Cambridge managed to reach higher property values than London, London’s rise in house prices may even be slowing down. It has also been noted by Foxtons estate agent that there is a noticeable decrease in London property sales.
Cambridge may have seen a substantial increase in house prices, but it still has a fine university, good connectivity and a pleasant town. Would you live there, or are planning to?
Gareth Paul Barsby