Cambridge house prices soar by 30% in last 7 years
03-06-2015
Property consultants Bidwells have revealed that house prices in Cambridge have risen by 30% in the last seven years, with the average price of a house in the city at £423,904.
Whilst the UK as a whole saw house prices rise 5.1% between 2013 and 2014, property figures in Cambridge soared by 10%.
Bidwells also revealed that average house prices in Cambridge are around ten times higher than earnings, compared with seven times nationally.
Head of New Homes for Bidwells, David Bentley, said that “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,” In a nod to upcoming developments, he added that “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.”
Nonetheless, the firm predicts that "in part due to the May election, it is likely that, with the constricted supply of stock moving forward, Cambridge demand will continue to outstrip supply.
The news comes less than a month after a report commissioned by Halifax before the BAFTA awards found that house prices appeared to grow in line with the popularity of films that are set there, notably Cambridge (The Theory of Everything) and Milton Keynes (The Imitation Game).