The housing market has had a tumultuous and unpredictable year – seeing lockdowns lift, stamp duty holidays come into place and stock shortages up and down the country. Despite these changes, the housing market in general has remained hot with Cambridge selling a total vale of £1,148,002,537 worth of property.
Sales Market
Over the last 12 months the average sales price in Cambridge was £430,866 with the highest value recorded by the Land Registry being £1,120,000 for a flat/apartment and £3,950,000 for a house. 13% of these sales were flats/apartments achieving an average sales price of £280,667 whilst houses achieved an average price of £459,881. See the chart below for a break down of average prices by property type in comparison with the region and market as a whole:
A total of 2,686 transactions total took place this year making it an almost +3% higher change from last year with a +4% average higher sales price. High Street, CB21 saw the most action with the most number of transactions recorded.
Looking at the transactions that took place this year, March had considerably more action following a good end to last year (2020). However, the market seemingly took a steep drop in July onwards just as the Stamp Duty Holiday was due to come to an end on September 30th.
If we break down these transactions by property type, we can see that Terraced properties were the most popular in Cambridge, closely followed by Detached – similar to the rest of the region.
Lettings Market
Over the last 12 months, the average rent achieved for properties let in Cambridge was £1,145 per month. This is a +7% change on the previous year. The Cambridge branch has personally seen a high number of Landlords taking their rental properties off the market, either to move in to or to sell which in turn has driven up rental prices due to stock shortages.
In our opinion, student accommodation has stayed relatively stable however, we anticipate an increase in average rents for those that include electricity in the rental price as electricity prices rise.
From the chart below, we can see the average rent by room and by property type. If you were looking to invest in the Cambridge market based on this chart, you would potentially be looking for a 2 bedroom flat/apartment to try achieve the best yield. In some areas, our branch has seen that Landlords had managed to get an additional £1200 a year in rent for their 2 bedroom properties.
44% of properties let in the past 12 months were flats/apartments, achieving an average rental value of £1,084 per month whilst houses achieved an average rent of £1,198 per month. 51% of Cambridge tenants are aged between 18 and 29 with 33 years being the average.
For more information and advice about purchasing or renting out a property in 2022, give our expert team a call on 01223 352225.
*Information taken from and sourced by DataloftInform
