All over the country predictions are that property prices will still fall or remain the same due to the economic climate. Not all places are being affected though; some are positively buoyant during these tough times. One such place is Cambridge, homeof the well renowned university. Prices did drop during the very bad times of the recession, around 16% compared to the rest of the country, apart from London, which dropped 19.2%. However Cambridge has bounced back stronger than ever in the last year with property prices rising 11% compared with the rest of the country floundering at just 1%. Agents think that Cambridge has the benefits of a first class university, good schools good quality housing stock and its own vibrant economy. All of this is based on its reputation for education, research and innovation.
Cambridge’s townhouse market is thriving, every year it is up around 18.5% and even new-build flats, which have seen perhaps the greatest drop in buying figures, have bounced back in Cambridge. They did face a downturn in 2008 back now seem back on track, for example a two bedroom flat which was bought in the beginning of 2010 for £470,000 sold recently for an impressive £535,000. This is unheard of in other parts of the country.
Cambridge will always have the prestige of the university to make sure that people hold it in high esteem. This boosts the housing market as it has international standing, specifically from Southeast Asia. Cambridge is one of the best universities in the world and this is where they like their children to attend for their education. As a result they like to invest and so Cambridge is a very profitable place for them.
Many people who live in Cambridge find it a rat race to complete on a property as there are sometimes many others looking and interested in the same property as them.A lot of young people have to settle for property just outside of the city as they are frequently priced out of the market in the city centre itself. Although Cambridge is a relatively small city the ever changing population and strong economic growth in the city means that there is always a robust property market there. A lot of people working in Cambridge are also placed in what could be called “recession proof” jobs. Due to the university many work in the medical research field and other high-tech industries and so this keeps the housing market buoyant too.
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Miss Fiona Davies is Sales Director for http://www.buildingplotsforsale.org
She has worked in the property and land sector for the last ten years.
All articles on the website are written uniquely by her.