June 18 2013 Latest news:
Thursday, February 7, 2013
The ongoing rivalry between Cambridge and Oxford has extended to the property market.
Both towns have similarities in history, education and lifestyle, yet the Cambridge property market is proven to be better value for money and this has caused an influx of investors, particularly from London.
But why are Londoners choosing Cambridge over comparable cities like Oxford or Bath?
The historic rivalry between Oxford and Cambridge is explored through property, as Cambridge prices increased in 2010 by 17%, the third highest university town yet Oxford’s price increases were not high enough to feature on the report.
The average asking price for a detached house in Cambridge is £431,947, while Oxford is asking for £577,080, making Cambridge more affordable.
Property sales in Cambridge over the last 5 years are 43% more than Oxford, with a staggering 16,149 houses sold in comparison to Oxford’s 9,289.
There is a faster rise in value for property in Cambridge, making the investment opportunity greater in the future.
On top of this, the Cambridge property market has continued to outperform the rest of the country with capital values rising by 30% since 2009.
Commuting to London from Cambridge is easier, with a 45-minute journey with regular trains to Kings Cross, while Oxford is a 55-minute journey to Paddington.
On a national level, Cambridge was the best performing location after London in 2012 (see table above), yet the difference in price between them is more than £100,000 on average.
Londoners are selling up their city townhouses for a better value country mansion in Cambridge.
Properties in Cambridge will continue to benefit from the basic law of supply and demand due to the desirability and price on offer. Investing in Cambridge now is a wise decision, before it reaches the price heights of Oxford and London.