Why are the house prices rising in Cambridge?
When we think of busy and lively places to live in the UK we often think of London. This is one of the most significant reasons why London’s property prices are so expensive. Below London, we would find Cambridge is the second most expensive place to live in the United Kingdom. With the average property price being around £430k.
So what makes the house prices in Cambridge so expensive and does it mean Cambridge is a nice place to live?
To get a better understanding, let’s see how everything compares on a county and then national level. Therefore, we can understand if house prices increasing in Cambridge is actually that important.
(All figures correct as of July 2022)
House prices in Petersfield, Cambridge
This area has recently become in high demand. It’s one of the many areas that has seen an increase in the average price of a property in Cambridge alone. So what’s causing this newfound interest?
This neighbourhood has quickly become a trendy spot to visit and even settle down. Here’s what it has to offer:
- Nice array of pubs, coffee shops and restaurants
- Interesting assortment of market stores
- Friendly community
- Bolstered commercial development
Through gentrification, we are seeing an area being developed and offering foods from around the world. The area we find that has the most to offer is Mill Road. Ranging from fresh fish to classic Italian and even Persian food. There’s always a nice merging of cultures on display.
With all this to offer, we have found that property prices in Petersfield were up in the past year by 8% with the average property costing £480,750.
House prices in Staithe, Cambridgeshire
After talking about an 8% increase in Petersfield, let’s talk about other properties in the area. Staithe has had a year to June 2021 increase of 36%. The average cost of a property had risen from £156,500 to 213,000 during that period of just 12 months.
The property price in these three other wards in Cambridgeshire also had larger increases than in Petersfield!
- East Cambs (17%)
- Fenlands (15%)
- South Cambs (13.5%)
- Huntingdonshire (13.2%)
So how expensive is Cambridge?
Now that we have looked at the surrounding areas it’s probably best to focus on Cambridge specifically. Fortunately for what is available, the average price only increased by 2% which is in line with the national average. These results are taken between the dates of May 2021 and April 2022.
Despite this, the average property price for a house with a Cambridge postcode is still £101,000 more expensive than the average for England and Wales. This significant difference shows you just how expensive Cambridge is compared to the rest of England.
However, the overall identical increase when compared to other areas and wards within the same county puts it into better perspective.
Likely we will see the housing market increase the value of all houses due to the lack of supply for the current demand. This will occur for quite a while until more housing is made available.
So if you were considering moving to Cambridge now would be your best chance to find a home. Newnham has not only the most expensive properties in Cambridge but in the whole of the county ended up with a 14% decrease from £955,000 to £821,000. It is arguably the best area in all of Cambridge and Cambridgeshire to live in. This is why we are so surprised to see the average cost of these houses so decrease by so much.
Is Cambridge a nice place to live?
Cambridge is a wonderful town to visit but is there enough to appeal to those who would want to live there? The simple answer is yes. It’s a place full of rich history with a beautiful landscape. Here are a few of our favourite things about Cambridge:
- The host of unique independent shops
- Cambridge market
- The greenery always makes this location picturesque
- Cycling is encouraged and loved by the community
- Great schools even at infant and primary school level
- Has one of the most globally recognised universities
- Cambridge is home to the beautiful River Cam
- With the railway station, everything is easy to reach, even a train to London takes under an hour
According to the Independent, the largest portion of people decide to move due to wanting easier access to shopping and other facilities. Living in Cambridge means you’ll find yourself never wanting to move again. Everything is easily available and close by, so you would never need to move again.
To fully experience what Cambridge has to offer you would need more than just a day. Additionally, it is routinely voted one of the best places to work in, making it easy to settle down here. Glassdoor even voted it the second-best town to work in during 2020.
If you need any more convincing check out our article on the advantages of living in Cambridge.
Now that you know the house prices in Cambridge
Understand that house prices do fluctuate but will always increase over time. So why not move here and enjoy the benefits of this beautiful town? Cambridge Removals and Storage can make moving into your dream home in Cambridge a reality.
We have 47 years of experience in moving within Cambridgeshire leading us to build a strong reputation of reliable removal service. We specialise not only in business removals but domestic ones too.
Ready for any situation thrown at us we can also offer you professional storage solutions. For more information on services we provide, you can call a friendly member of our team at 01223 882 118.
