Cambridge is one of the most famous cities in the UK, thanks to the university. However, there’s a lot more to Cambridge than the university, and it’s a great place to live. Some people may choose to live there while working in London, as it’s roughly an hour away by train, but many more decide to make Cambridge their home for other reasons. Some of the biggest sectors in Cambridgeshire include the automotive, food and beverage, and technology industries, which employ a lot of people.
If you’re thinking of buying a property in Cambridge, whether you’re already a resident or considering a move to the city, make sure you know what prices you can expect.
Property Prices in Cambridge
The average price of a property in Cambridge over the last year (2019/2020) was £483,901. Prices have remained fairly stable over the last few years, although they have dropped about 1% from the high point of £512,364 in 2017. Most properties sold in the city are terraced houses, with semi-detached properties selling for almost £50,000 above the average price, at £531,834. Flats are generally considerably cheaper, averaging £328,948 over the last year, well below the average Cambridge property price.
While property prices in and around Cambridge can reach as high as a cool couple of million, the majority of properties are priced well below that. For a one-bedroom flat, you’ll be looking at starting prices of around £90,000 for retirement developments. For those who may be looking for a first home, you could be looking at a fair amount more – about £160,000, at least. However, this is still well below the starting price for a house, which is nearly double at around £310,000 for a two-bedroom semi-detached or starts at around £260,000 for a one-bedroom terraced house. If you’re looking for a detached house, you’ll find that your choices are limited, and you won’t find anything for under £375,000.
Where to Buy Properties in Cambridge
Cambridge has a variety of areas that offer fantastic opportunities, from suburbs to neighbouring villages. Here are some of the places where you might want to consider buying your property.
Chesterton is a suburb located north-east of Cambridge city centre, which has begun to develop a more distinct identity over the years. It’s popular with first-time buyers and young families, with attractions such as vegan cafes, gastropubs, and flats by the river. It also has excellent connections to the city centre.
Parkside is one of the most popular places to buy in Cambridge. Bordering Parker’s Piece common, it’s just a short walk from the city centre and is a well-established part of the city. Of course, you can expect to pay for the privilege of being so close to town.
Petersfield is an up-and-coming area of Cambridge, which is home to some excellent schools. It’s also close to Cambridge Central Station, which is great for commuters.
If you prefer a village outside of the city, Trumpington offers one option. A lot of new homes have been built there recently, and there could be more to come in the future too.
How to get a mortgage in Cambridge
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Local Amenities and Things to Do
Cambridge has plenty going on, for everyone from students to families and professionals. The history of the city doesn’t just influence the available properties. From the Fitzwilliam Museum to tours of King’s College Chapel, there’s lots for history lovers to enjoy. There’s also theatre, festivals, and other cultural events to keep you entertained, as well as some great open spaces for outdoorsy people. Shopping opportunities include both independent shops and high street chains, plus there’s a diverse range of food and drink.
As well as being home to the university, Cambridge also has a number of excellent schools. Both state schools and independent schools offer good options, including St Bede’s Inter-Church School for a state option and The Leys School for those who want to go private.
Travel in and Around Cambridge
Cambridge has some great travel links, with trains to King’s Cross every half hour during peak times. It’s next to the M11 and A14, providing links to London, Peterborough, Bury-St-Edmunds, and Ipswich. Stansted Airport is also just 20 miles away, offering great flight connections. Driving in the city can be tough, especially during rush hour, but park and ride buses and cycling are popular options.
Cambridge offers a range of exciting opportunities for those looking to buy a property, from young families to retirees.