“Whilst headlines have been dominated by news of spiralling interest rates, the cost-of-living crisis and thousands of mortgage deals falling through, thankfully, the Cambridge market has held relatively firm.
No one can deny the impacts that the social, economic and political landscape has on the housing market. However, Cambridge and the surrounding area acts as its own ecosystem. With a market driven by huge levels of employment, underpinned by the science parks throughout the Cambridge Cluster, coupled with the lifestyle the area brings, we have seen demand stand fast throughout the past six months. There has also been a marked increase in the number of buyers looking for new homes in particular. With energy efficiency now one of the most important things on buyers’ wish lists, new properties with eco measures are sought after. As the past two years has been dominated by demand for outside space and home offices, ground source heat pumps, triple glazing, electric car charging points are now all big ticks for buyers.
The numbers of off plan sales we have achieved over the past year has been indicative of market confidence. With many of the sites offered to the market selling completely off-plan, these buyers clearly have no concerns over falling house prices, even if they do need to wait six months for the property to be complete. A great example of this is the Joinery Cottages development in Fulbourn by Logan Homes. The properties were all reserved either off-market or within a week of launch for full guide price, demonstrating that prices in our region have remained constant. This is being helped by the numbers of buyers still heading to the area from London and the Home Counties, who are now competing with our active local market, as well as those coming to the area for work.
Next year’s market is still somewhat unknown; however, I am confident that the attractiveness of Cambridge and the lifestyle it offers, its easy commute into London and its incredibly strong job market will ensure that house prices and demand for quality new homes will continue to grow. There are some fantastic new sites launching to the market in the coming months, including an exclusive development of just four homes on Babraham Road in Cambridge which have been built with high levels of energy efficiency and operate entirely on electricity which enables owners to recover a significant amount of their energy cost by deploying solar arrays if they wish to. Buyers have a choice of just four, two- or three-bedroom single-storey homes which have been developed to an exceptional specification and are so conveniently located less than one mile from Addenbrookes hospital and are well-placed for access to major road and rail links. Prices start from £475,000. We are also delighted to be launching a site on the High Street in Harston for Enterprise Property Group, which will consist of eight stunning two, three- and four-bedroom homes in this highly desirable south-cambs village, also perfectly placed for access to Addenbrookes and major routes. Price on application and early interest can be registered now.”
For more information, contact Christina Ballands at Cheffins on 01223 214214, christina.ballands@cheffins.co.uk or visit www.cheffins.co.uk