Strong price growth reported across prime residential market in Cambs
- Credit: Savills
The top end of the property market is continuing to prosper throughout Cambs, with an annual price increase of 8.4 per cent in the 12 months to the end of March.
The higher end of the market is defined as the top five to 10 per cent by value, and latest research released by Savills shows that Cambs' premium properties increased in value by 2 per cent in the first three months of this year alone.
This was broadly in line with national figures, which were up 9 per cent year-on-year and 2 per cent in the first quarter.
In the £2m-plus market, prices have increased by 6.7 per cent year-on-year across the East of England, with quarterly growth of 3.6 percent. Nationally there have been rises of 10.3 per cent and 2 per cent respectively.
Savills agents say this growth continues to be underpinned by high levels of buyer demand coupled with low levels of properties for sale.
Demand for homes outside London remains extremely strong, according to Ed Meyer, head of residential sales at Savills in Cambridge, said. "The need for greenery clearly continues to be a factor – as evidenced by the price rises in the £2m-plus market where best in class country houses remain highly sought after," he said.
“Such has been the speed at which new listings have been snapped up there were 12.3 per cent fewer prime properties available to buy at the end of March in the market above £500,000 outside London.
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“There is still a strong core of unmet demand at the top end of the market that, for now, remains undeterred by higher costs of debt, rising costs of living and the geo-political uncertainty triggered by the war in Ukraine. Here, equity outweighs debt as a source of funding and much higher levels of disposable income mean buyers have been more insulated against macro-economic pressures.”
Ed added: “With hybrid working patterns now embedded, a dream move to the country is still at the forefront of the mind for many buyers. However, we’re also seeing many regional cities, towns and villages showing stronger quarterly price growth, suggesting proximity to local amenities is becoming a more pressing consideration.
“Looking ahead, while the supply-demand imbalance remains a feature of the market the lack of suitable stock is expected to support further price increases. However, this rate of growth is likely to slow as the year progresses given economic concerns.”