30 Oct

Cambridge sees pre-crisis price peak

Cambridge sees pre-crisis price peak

Properties in the city of Cambridge are outperforming those based in London, according to the latest figures.

Research from property experts Hometrack suggests that prices in Cambridge are now higher than their 2007 peak.

Property values in the popular university town are currently an average of £348,300 - with a 32.5 per cent increase compared to peak prices in 2007.

This means Cambridge has outperformed London, where prices have risen by 29 per cent to a peak of £398,700.

Cambridge has undergone a large programme of investment and is continuing to play a key role in attracting strong interest from large employers - all helping to push up demand for properties in the area.

According to property website Rightmove, over the summer, properties in Cambridge took an average of 27 days to sell compared to 39 days at the same point in 2013.

AstraZeneca is set to open a £330 million research facility in 2016 and will be relocating its current London offices to Cambridge at the same time.

The university is also implementing a large £1 billion development consisting of a number of high-tech research facilities, as well as 3,000 homes plus a number of schools, shops and surgeries.

Richard Donnell, research director at Hometrack, said: "Local economies drive their local housing markets. Cities are the focus for employment and business growth, which in turn creates demand for housing."

He added predictions had suggested strong growth in the South of England and this would spread across the UK. However, the research shows the rate of growth in the majority of the country is below average.

A number of other cities did surpass their pre-crisis peak, including Oxford, Aberdeen, Bristol, Portsmouth, Southampton and Bournemouth.

Hometrack's research also showed that housing prices in both Glasgow and Liverpool have performed well over the past 12 months.ADNFCR-1222-ID-801757056-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.