Ely defies economic and political knocks to remain a ‘thriving centre for innovation and investment’
- Credit: Archant
Ely’s property market continues to thrive despite a number of financial “knocks” throughout the year according a report from Cheffins.
The forecast for 2017, which comes from head of residential sales, Mark Peck, suggests that Ely is “a thriving centre for innovation and investment” which “continues to benefit from the Cambridge ripple effect”.
The report states that: “Despite the knocks, the property industry has shown its absolute resilience in the face of political and economic turmoil with sales reaching unprecedented levels following both the Budget and the Brexit vote.
“As a thriving centre for innovation and investment, the mid-Anglia region has shown how robust it is in spite of changes to the political and economic landscape.”
The report proposes that 2016 has been a year of two halves: “January to April saw the strength of the buy-to-let market, with investment properties being snapped up.
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“The summer months were busy, however following Brexit we had a marginally slower period, before a record-breaking numbers of sales throughout our five offices from September to December.
“With the vast levels of investment being ploughed into the bio-tech and R+D sectors around the mid-Anglia region, our population locally has grown and with that comes greater demand for housing.
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“Never before has the level of demand against supply seen such disparity, which has in turn pushed up pricing across all sectors of the market.
“Additionally, new homes sales have been strong as we have seen greater quality of stock come to the market, particularly around Cambridge and Ely.”
The report states that, looking ahead to 2017, “price rises and a strong market in Ely and surrounding villages looks set to advance” as a result of the “Cambridge ripple effect.
“Cambridge is our London in this area. It gives us our own micro-economy, with buyers getting pushed out of Cambridge and turning to Ely as an alternative.
“The beauty of Ely is that it is still a traditional, country market city. We have an excellent market, selling everything from continental food to bric-a-brac, to dinosaur fossils found in Fens.
“The Ely North development is set to be the biggest news for the area and will provide around 3,000 homes, a new school and new shops.
“Additionally the Ely Leisure Village is now in advanced stages and will provide a fantastic cinema and a number of new restaurants, all of which should help to increase Ely’s appeal to a wider range of buyers.
“Despite the amount of development in the area, Ely has managed to retain its rural charm and is a really relaxed, place to live.”