The director of local estate agents Cheffins, Martin Walshe comments:
“Against a backdrop of uncertainty for the housing market throughout the UK, Cambridge has continued to stand firm with an incredibly healthy market and high prices being paid for the best property. We have seen a good return of active buyers since the end of the summer, along with strong sales and in certain cases for the best houses, we have even experienced competitive bidding and sealed bids. There has been no slowdown in the Cambridge market whatsoever as huge numbers of buyers chase a limit of supply. Cambridge has always had a housing shortage, and as employment outstrips development, there is strong competition for housing throughout the city.
Our buyers in the past few weeks have been made up of investors from the Middle and Far East, buyers moving from London, job movers to the city as well as the local market. We have dealt with a number of buyers from some of Cambridge’s biggest employers including ARM, AstraZeneca and the University. This activity has also been compounded by the reduction in interest rates, which has meant that people are still using property to be their principle source of investment. Location continues to be the most important thing for Cambridge property.
Newnham and de Freville are the most desirable areas, whilst a number of buyers are purchasing in Chesterton, looking to make the most of the new train station which will open next year. Additionally, presentation is still important. Well looked after family homes continue to fly off the shelves as a huge number of buyers are owner-occupiers.”