The Cambridge Property Market Continues to Soar

The Cambridge property market continues to be hot for potential home buyers and sellers in the UK, as property values continue to increase and the five year forecast remains positive. Home buyers have a variety of reasons for purchasing in the area, while the majority are using the home for their main residence. The area has much to offer for residents and lettings remain popular also. Anyone looking to buy property within the UK should definitely speak to house agents Rochford, as doing so may lead to one finding their new home in a short period of time.

Home prices have gone up 5.4 percent over the past year with a five year growth rate of 27.5 percent in terms of average values. Through 2018, experts predict the average growth rate will be 23.3 percent with 16 percent of buyers coming from outside of the UK. Seventy eight percent plan on using the home as their main residence with 14 percent making a purchase for investment or redevelopment purposes. Eight percent state they plan on using the home as a second residence.

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Letting prices have increased by 2.9 percent over the previous year, with the market showing average values have gone up by 7.4 percent over the past five years. The five year forecast for the letting market shows growth to be anticipated at 21 percent. Of those surveyed, 76 percent say they are letting as part of a relocation process, while an additional 8 percent state they are letting due to an employment relocation. Seven percent opt to let as they feel it is more affordable.

Cambridge has a mixture of old and new to offer residents. In addition to being an ancient area renowned for learning opportunities, the area is home to many ultra-modern businesses. Affluent buyers tend to relocate to this area, with a huge demand seen for family residences, and the southern side tends to be popular with many as it offers easy access to London for those who commute and excellent schools for those with children. The surrounding areas remain popular with many also. If the time has come for you to purchase a new home, consider Cambridge. With so much to see and do in this area and a wide range of homes to choose from, you are sure to find plenty to love.