Living in Cambridge: everything you need to know about house prices in the university city 53 minutes from London
Less than an hour from King’s Cross, a move to Cambridge means a more affordable home, no relying on the Tube or Uber to get about and a choice of good schools.
THE COMMUTE
Cambridge to London rush-hour trains take from 53 minutes. An annual season ticket costs £5,272.
MARKET FORCES
Cambridge property prices soared post-recession in strong demand from a blend of exiled Londoners, research and development boffins flocking to the city’s business parks and relocating ex-students. But the juggernaut has stalled.
The average price of a home in Cambridge now is £439,600, down 0.2 per cent year on year, latest Hometrack data shows.
Ed Meyer, head of residential at Savills in Cambridge, says prices have been flat since 2016.
And the reason? In a word, Brexit.
“As a city we voted very strongly to Remain,” he explains. “The vote created a great deal of uncertainty, particularly in a city which is very multicultural. It caused a lot of upset.”
In fairness Brexit was not the only factor at play. Prices in Cambridge are around 35 per cent higher than they were in 2007 and this has halted many prospective buyers in their tracks.
A flood of new homes coming to the market has also diluted demand.
Once the terms of Brexit are known Meyer believes prices will start to rise again, slowly.
“Companies are still moving here,” he points out. “Once we get through [Brexit], people who are renting will start to want to buy and prices will gradually creep up.”
HOUSE HUNTING
Londoners move to Cambridge in the belief that their budget will go further, and it will — although probably not as far as they would hope.
In the centre of town Phil Evans, branch manager of TuckerGardner estate agents, says a three-bedroom Victorian terrace house will cost about £450,000 to £550,000.
There are also some detached homes dotted about, but be prepared to shell out between £1.5 million and £3 million for these.
Beyond the centre, commuters favour the south of Cambridge, close to Cambridge University Botanic Garden and the station.
Property is, however, at a premium in this area. Evans says a two-bedroom flat would cost from around £375,000, while a two-up, two-down terrace off Hills Road would cost about £650,000.
For a lot more bang for your buck Evans recommends the suburb of Chesterton, where you could pick up a four-bedroom Edwardian house for £650,000 to £700,000.
This area has potential thanks to the new North Cambridge station nearby, which gives commuters a local link and could help push up local prices.
Alternatively, if you’ve more to spend, go and house hunt in Parkside. Set next to Parker’s Piece open space and five minutes’ walk from the centre of Cambridge, a four-bedroom house here will cost £1 million-plus.
WHAT’S NEW?
Cambridge has been in the throes of a massive building boom over the last 10 years, as the city attempts to provide housing for its ever-increasing population.
Key strategic building sites have been earmarked, notably Trumpington Meadows, an entire new community by Barratt Homes with 1,200 new homes, a school, shops and a country park, some three miles south of the centre and completing next year. Four-bedroom townhouses start at £669,995.
Nearby, Great Kneighton is another behemoth, with some 2,500 new homes plus facilities including a senior school and a central square with shops, offices and a community hall.
Most of the new homes are being built by Countryside Properties and they range from starter flats to large family homes.
At Great Kneighton’s award-winning Aura development, stylish three-bedroom townhouses are priced at £674,995, and four-bedroom homes from £1.25 million — this is not a bargain basement sort of scheme — while at the Abode development, three-bedroom duplex flats start from £475,000.
A newer arrival is Athena, a collaboration between housebuilder Hill and Cambridge University in the suburb of Eddington, two miles north-east of the city centre.
The university provided the land in return for new student accommodation, and as well as new homes there will be a central market square with shops and a hotel, plus a primary school sponsored by the university.
Prices at Athena start at £299,950 for a studio flat, ranging up to £1,149,950 for a four-bedroom terrace house, and the first residents will move in by the end of this year.
On a smaller scale, Weston Homes has just launched a boutique development in the village of Cherry Hinton, just east of the city centre.
Prices at Eastfields start from £309,995 for a one-bedroom flat, with four-bedroom houses from £609,995.
One thing the city does lack is any major development right in the thick of things.
“There are no more major sites any closer to the city centre,” explains Rebecca Wilson, a director at Bidwells estate agents. “There is not the land supply. But all the strategic sites have good-quality schools and access in and around the city.”
CAMBRIDGE’S UPSIDES
You won’t get bored in this charming city. The shops, both chains and independents, are great and the foodie scene is thriving. There are some lovely country pubs to discover on the fringes.
Cambridge is home to at least a dozen annual festivals, from dragon boat racing to literature, to science, to film. Cambridge Arts Theatre offers a great programme, you can try to spot a star of the future at the Footlights theatre, run by the university, and there is live music and comedy at the Corn Exchange.
Kettle’s Yard is the place to go for contemporary art, and there are several cinemas including an IMAX.
Open space is plentiful, from the beauties of the botanic garden to the less manicured but no less lovely waterside oases of Jesus Green and Midsummer Common.
AND THE DOWNSIDES?
The population of this diminutive city in the Fens, once students are excluded, comes in at around 100,000, which means it will inevitably feel parochial compared with London.
The surrounding countryside is flat, flat, flat and, some people feel, rather featureless compared with the Cotswolds or the Surrey Hills.
City centre traffic is awful, tourists clog up the middle all summer long and the antics of some of the students can grate.
And, while it’s far cheaper than London, you will still struggle to find a family home in Cambridge for less than £500,000.
SCHOOLS
Cambridge is brimming with top-notch private schools and its state sector is of a generally high standard.
Close to the city centre the key names to watch out for include Brunswick Nursery School, Parkside Community College, St Bede’s Inter-Church School and St Matthew’s Primary School, all rated “outstanding” by the Ofsted education watchdog.
SWAP A LONDON FLAT FOR A HOUSE IN CAMBRIDGE
When Francesca and Andrew Abery decided it was time to start a family they felt Cambridge was a better option than south London.
The couple, who own a one-bedroom flat in Streatham, decided not to sell up immediately. Instead, in May, they rented out their flat.
With the proceeds they have been able to rent a two-bedroom house close to the Cambridge University Botanic Garden. They welcomed their first child, Odin, in June.
Francesca, 32, was a child protection social worker with Wandsworth council. Now she works for the cancer charity Something To Look Forward To.
Andrew, 33, is a drama teacher. After completing the last school year commuting to Camberwell he has now transferred to a local school.
The couple chose to leave London for Cambridge partly to be close to Francesca’s family. They also wanted a better work/life balance than they could find in the capital.
“We have got more space for our money now in terms of property size,” adds Andrew. “And even though we live in the city centre it is a 10-minute drive and we are in the countryside.”
The couple have been having a great summer exploring Cambridge.
“There is loads and loads to do,” says Francesca. “Obviously it is a bit different for us, because we have a child, but there are lots of pubs and restaurants and bars. There are also loads of nice places to walk, and all the surrounding villages are really nice to explore.
“We are really enjoying it. Cambridge is a lot smaller than London, so you can walk around it quite easily.”