The average house prices in the UK, particularly the East of England, have been rising for the last few years. Cambridge is a university city in the UK experiencing an increase in house prices. House experts believe that property prices in the UK will most likely increase in the coming years.
If you want to own property in the UK, it may not be easy, given the increase in property price. The house price is expected to grow by at least 8% in Cambridge and other towns in the UK. Estate agents like Savills predict that house prices will increase to £420,276 by the end of 2026 compared to the current property price average of £380,685.
These figures may look like they are a bit higher than what most homebuyers expect. However, according to Rightmove, property price in Cambridge for the last 12 months has been £535,954. The current house price in the UK is forecasted at about 13.1%, which means that the house price in the city is lower than the national average.
Before you make your decision to buy a property, ensure to get in touch with AVRIllo conveyancers because they are the best conveyancing solicitors in Cambridge for a hassle-free conveyancing experience.
House prices in most cities are expected to increase by at least 3.5% in 2022. The increase in property prices across different cities will likely increase the UK property price average by 2026.
Why you should invest in Cambridge property
Student population
Do you want to own property in the UK? Cambridge city is one place you should be looking forward to buying a property if you want to climb the property ladder.
Most people know Cambridge as a university city. The University of Cambridge admits over 20,000 students, and Anglia Ruskin University also brings over 22,000 students to the city. With this influx of student population in Cambridge, you should expect increased rental demand from students looking for accommodation.
Amenities
Another reason you should consider buying property in Cambridge is the many amenities available in the city. The city is well connected with the M11 and A14, less than an hour from the capital, London, by the Thameslink train.
Cambridge is also expected to have a new railway line; the East West Rail project is expected to connect the city to Milton Keynes and Oxford. The excellent transport network in Cambridge is something investors should consider most when buying property in the UK.
Property value
There is high demand for property and buy-to-let in Cambridge, which is the cause of the increasing property price.
According to Zoopla, the current house price for Cambridge is £484,923. Detached properties in the city go for £674,244, and semi-detached properties go for £458,419. Only London has more expensive property than Cambridge. A recent study shows that property prices in Cambridge have risen by at least 85% since the financial crisis.
However, this does not mean you can’t find inexpensive property in Cambridge. All you have to do is get the right agency to help you get property in an ideal location. For only £280,191 you can get some good flats in the city.
Final Thoughts
Buying property in Cambridge is a worthy investment. There are different places where you can buy a property, like the suburbs, north and south Cambridge. With the high property prices in this city, investors can also consider buying property in other areas like Ely, Camborne, and Huntingdon.
Property prices in Cambridge will keep rising for the next five years as the property market continues to boom. If you intend to buy property in the UK, this may be the right time to make that decision. Get a property solicitor to help you buy property in a record time.