House prices in Cambridge have risen 30% in the last seven years say Bidwells
03-01-2015
By Cambridge News
Demand for Cambridge properties, such as these in Orchard Park, remains high
HOUSE prices in Cambridge have risen 30% in the last seven years, according to a new report.
The figures are revealed by property agent Bidwells, which has an office in the city. It says the average house price in Cambridge is now £423,904, 30% higher than it was in 2007.
Between 2013 and 2014, prices in the city went up by 10%, twice the national average of 5.1%.
“With the benefit of a strong economy, high demand and limited housing supply, house prices in Cambridge have risen more than in any other British town or city over the past seven years,” said David Bentley, Bidwells’ head of new homes.
“Following many years of under supply, new developments around the city will see a dramatic increase in new housing provision over the next five years. This should temper price growth to more sustainable levels.
“But medium house prices in Cambridge are now at ten times higher than the level of medium earners. Across England the ratio is just seven times higher.”
Read the report at www.bidwells.co.uk.