Cue Chris Rea:
"I'm moving home for Christmas,
Oh, I cant wait to swap these places."
Yes, yes, I know I’m one of the first to say “it’s too early for this” and post pictures of Easter eggs in shops in February, and Halloween decorations in August BUT…if Chris wants to be driving to a new home this Christmas, it might be time to put away the holiday magazines and get out the property brochures. As we step into the second half of 2024, let's explore the vibrant Cambridge property market and compare it with the broader Cambridgeshire region, based on the latest available date from the ONS.
Despite the uncertainty at the end of 2023 with the continued Cost of Living Crisis ™, the on-going war in Ukraine, and speculation with regards to the General Election, the property market in general has shown continued stability in the first half of 2024. The rapid growth in 2012 may have moderated but demand remains healthy with a continued influx of London buyers looking to swap city living for country living, and making the most of the on-going trend for hybrid working. With interest rates now stabilised and a cut in the base rate looking favourable in the second half of 2024, we see more buyers coming into the market. But these buyers are price sensitive; so homeowners who are over ambitious with their asking price are struggling to find a buyer.
Let's look at the key trends.Cambridge vs. Cambridgeshire:
Properties in Cambridge had an overall average price of £594,560 over the last year compared to £372,422 in Cambridgeshire.
The majority of sales in Cambridge during the last year were terraced properties, selling for an average price of £575,481.whilst the same property in Cambridgeshire was £300,084. Semi-detached properties fetching £661,778. And in Cambridgeshire £339,618.
In Cambridgeshire the majority of sales were detached, selling for an average price of £502,436, whilst in Cambridge this rose significantly to £973,000.
Overall, sold prices in Cambridge over the last year were 1% up on the previous year and 9% up on the 2021 peak of £544,333. This certainly suggests a stable market compared to the previous year's significant growth, which bucked the trend compared to most areas in the country.
Remember, these figures provide a general snapshot of the market, but local factors between villages play a significant role and can make a difference on demand and desirability.
Thinking of moving before Christmas?
With the average sale transaction taking 14 weeks (I’ll have a separate blog up soon looking at this!), now is the ideal time to put your house on the market if you wish to move before Christmas. We traditionally see an upturn in buyer activity over the summer months, as buyers return from holiday and are focused on moving.
Remember, these figures provide a snapshot of the market, and local nuances play a
significant role. For personalised advice tailored to your situation, consult a local estate agent or property expert.
Wishing you a successful and rewarding property journey!
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