Cambridge House Prices in 2022

The average house prices in the East of England have been on the rise since the onset of the pandemic. Cambridge is one of the towns in this part of the UK experiencing a significant change in property prices. 

Cambridge has been experiencing an increase in house prices, expected to scale up in the next five years. As property prices continue to skyrocket in most cities, it has become challenging to get up the property ladder from most people.

Average house price in Cambridge 

Notably, the house prices in East England, Cambridge, are expected to increase by at least 10.4%. Some reports by property experts like Savills show that there will be an increase in average house prices to £420,276 by the end of 2026. The current overall average house price in Cambridge is £538,726.

You should always consult licensed conveyancing solicitors in Cambridge like AVRillo before completing a deal as they can speed up the property buying process. 

There are different types of property you can buy in Cambridge. Most of the sales in the city in the last 12 months were terraced properties, selling at an average price of £556,016. According to Zoopla, these are the average prices of different types of property in East England.

– Detached: £674,244

– Semi-detached: £458,419

– Flats: £280,191

– Terraced: £444,885

Flats are the most affordable property in Cambridge. The average sold price of all time in Cambridge is about £266,058. This is the amount of money you should be willing to part ways with if you want to own property in East England. 

In the south of Cambridge, the average house prices rose by 13.5% from £387,877 to £440,157, and Huntingdonshire witnessed an increase of 13.2% from £266,014 to £301,155.

At least 4,573 properties have been sold in Cambridge in the last 12 months, showing a significant rise in property demand. The average price per square foot was £405.38 compared to the national average, which stands at £329.2.

Why you should consider buying property in Cambridge?

Cambridge is the city to invest in for the future. This city currently has some of the cheapest property offers, making it ideal for first-time homebuyers. Houses are more affordable than in other cities like Oxford, London, and Manchester. Property prices in Cambridge are expected to escalate in the coming years.

These are the reasons why Cambridge is your last stop when looking for property to invest in:

  • Increasing rental demand: There is an increasing demand for rentals in the city: At least 15% more tenants register for rental homes yearly. There are 30% more properties coming to the property market to fill the city’s rental demand gap.
  • A buoyant property market: You want to invest in a property market with the most favorable rental yield. According to the data from Land Registry, the Cambridge property market is expected to grow by 26.5% from 2020-2025.
  • More homes are under construction to meet the influx of rental demand. At least 14,000 homes are planned for Cambridge by 2031.
  • The employment rate in the city is likely to increase in the coming years
  • Rising property prices: Property prices in East England are rising fast than the cost of living. Since December 2020, property prices in Cambridge have increased by at least 7%. Since 2007 property prices in East England have increased by 48%.

Final Thoughts 

If you’re looking forward to buying property in the UK, Cambridge is where you want to spend your money. You can buy many types of property in this city and make your way to the property ladder. You should hire a property solicitor to take you through the conveyancing process if you plan to buy property in the UK.

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