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Cambridgeshire house prices special: find out how much homes are worth in your area


07-17-2015

 

The News has for the first time analysed house price rises by ward across Cambridge.

And while it shows homeowners have made bundle it is little wonder the city is crippled by affordability, with average house prices under £250,000 in just one ward in the city.

Ed Meyer, head of residential at Savills Cambridge, said: "Cambridge is a global city.

"The buoyant employment market, strength of the local economy, its excellent schools and links to London and the world renowned university are all driving demand.

"This, coupled with limited supply, means house price growth in Cambridge has clearly been very strong. We are experiencing high levels of interest especially for family homes in and around the city."

The Office for National Statistics has published the average prices down to ward level for every year since 1995, including a breakdown to types of homes.

And the figures reveal some fascinating findings.

Properties in Newnham and Market are unsurprisingly the big boomers over this time period, with average prices across both wards now standing at £515,000.

The growth in this area has dramatically slowed since 2010.

However, it recovered to a record-high average last year after a series of dips following the financial crash.

Trumpington has been the big growth market in Cambridge since 2010 with average prices now standing at £425,000 – up from £295,000.

Homes in Castle and Petersfield are also now worth an average of £100,000 more than they were four years ago.

The figures for 2014 also reveal average prices of more than £1 million for two types of city property.

Semi-detached properties in Petersfield fetched an average of £1.045m, while detached properties in Newnham and Market cost an average of £1.65m.

There are claims Cambridge's rampant property market is slowing down based on the latest Land Registry figures, though.

 

The past two monthly reports from the Land Registry have shown 118 and 115 completed sales in the CB1 to CB5 postcodes.

And expert David Furlow says monthly sales have typically been between 150 and 200 over the past few years as the city's house prices boomed.

Some of the prices remain sky-high, however.

Of the 233 sales, 16 of these were worth more than £1 million, with one property in Glisson Road going for £2.45m.

Another property in Glisson Road sold for £1.9m – the second most expensive transaction.

There were a total of 63 sales of more than £500,000 with an average price for each month of £506,116 and £456,043 respectively.

"It looks like a highly dysfunctional market is about to roll over, with only 'greater fools' buying in at these levels, along with the super rich," Mr Furlow said.

"The next few months data will be telling. I wouldn't be surprised to see Cambridge fall in a similar manner to prime London over the past six months."

London's 'prime' market has slumped by almost a quarter in the first three months of 2015, which has been blamed on changes to stamp duty.

A recent report by Savills showed that prices in the East of England are set to rise by 25 per cent in the next five years, with Cambridge expected to beat that figure.

THE REST OF THE COUNTY

There has still been healthy house price growth in the rural fringes, even though average prices have been left in the shade compared to the city.

Figures for between 2007 and 2014 show an average 17 per cent increase over that time period in South Cambridgeshire and 12 per cent in East Cambridgeshire.

In the district of Huntingdonshire overall, average prices rose from £189,000 to £205,000 – an increase of 8 per cent.

The most expensive type of property outside the city is a detached home in Great Shelford.

The average price of these in 2014 was £570,000, while semi-detached properties in the village fetched £405,000.

Other rural wards where average prices for detached homes topped £400,000 were Histon, Barton and Caldecote in South Cambs, as well as the Swaffhams in East Cambs.

The area with the cheapest average price was in Huntingdon, where sales only fetched an average of £145,000 last year.

Elsewhere in the region average prices reached £315,000 in Uttlesford; £250,000 in North Hertfordshire; £162,500 in Forest Heath and £215,000 in St Edmundsbury.

The figures did not include data for Cambourne given there were no figures available back to 1995.

 



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