Property Price Analysis

Author: Rositsa Georgieva

Property Price Analysis

Cambridge property values have rebounded stronger when compared to the rest of the major cities in Britain according to property analyst Hometrack. Prices in Cambridge have risen by 32.5% higher compared to their peak in 2007 to reach £348,300 on average. These figures beat even London, where values sit at 29% above their peak at £398,700. The other cities that have surpassed their pre-crisis peak are Oxford, Aberdeen, Bristol, Portsmouth, Southampton and Bournemouth.

Cambridge is world-famous with its university and a booming biometrical industry, with AstraZeneca opening a £330 million research facility by the end of 2016 in the city. It is moving its London corporate offices with it. Also, the university is currently working on a massive £1 billion development which includes new research facilities, 3000 homes, new schools, shops and surgeries.

During last summer, property website Rightmove stated that Cambridge had the ''hottest'' market, with houses taking an average of 27 days to sell, compared to 39 days during the previous year.

Over the last year, London, Cambridge and Bristol have seen the strongest uplifts in values out of the cities looked at, while Glasgow and Leicester have seen the lowest increases, according to the findings.

Fourteen out of the 20 cities looked at recorded year-on-year house price inflation which was below the average seen across the whole of the UK. Across the country generally, the typical house price has lifted by nine per cent or £15,300 over the last year to reach £184,580.

The average London house price has increased by 18.1 per cent, or £61,000 in cash terms, over the year to September, while a home buyer in Cambridge would need to find 17.9 per cent or £53,000 more than they would a year ago.