The Buying Agents, claim that Cambridge could become the UK’s next ‘super city’ as it has recently become a new hub for both buy to let investors and young families looking to up size outside of London. Figures from Rightmove show a house price increase to an average of £274,768 in Cambridge, with the average property selling in less than 10 days, according to The Buying Agents regional data.
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The combination of limited supply and rising demand has driven up the cost of property in the city centre which has, in turn, also heightened demand for one and two bedroom rental properties. With the benefit of proximity to good transport links, a thriving student community and new jobs created from recently established business parks in Cambridge city centre, landlords can expect to benefit from strong and sustained tenant demand over the next few years, The Buying Agents has said.
Henry Sherwood, Managing Director of The Buying Agents
‘When it comes to young couples and families, Cambridge seems like the obvious choice when you can be within commuting distance of the City of London and have more than enough space for children to grow up in. We therefore expect demand from these buyers to continue in the next few years and would even go as far as to say that Cambridge could soon become the UK’s next emerging ‘super city’.’
Average rental yields on one or two bedroom properties in Cambridge currently stand at anything from 4.5- 5%, according to latest figures from Rightmove, which have been a major attraction for landlords both within the UK and overseas. Investors from countries such as Japan and Hong Kong, for example, have recently been drawn to property in Cambridge with many opting to expand their portfolios in this region rather than Greater London, The Buying Agents has claimed.
Two bedroom flats in Cambridge are available to buy from around £225,000 compared with London where an average two bedroom flat can be purchased for more than double the amount. This has been a major attraction for a number of buy to let investors seeking a return on the value of their properties. Similarly, a four bedroom family home in Cambridge with a garden will cost around the same price. Consequently, The Buying Agents has also experienced an increased demand from couples and young families migrating away from London with a requirement to stay within easy commuting distance of their workplace.
source:The Buying Agents www.thebuyingagents.co.uk