neuvilla Posted March 22, 2017 Share Posted March 22, 2017 More encouraging news from Cambridge in this report based on land registry data: Edition 32, published March 2017 (Dec 2016 data) Cambridge has dropped from a high of 513,860 in Dec 2015, to 453,134 in Dec 2016. Sales have also dropped dramatically. Quote Link to comment Share on other sites More sharing options...
neuvilla Posted March 22, 2017 Author Share Posted March 22, 2017 Well, more accurately, prices have dropped by about 12%. Quote Link to comment Share on other sites More sharing options...
btd1981 Posted March 22, 2017 Share Posted March 22, 2017 Where is this in the report? Cursory glance over breakfast reveals only 'good' news... Quote Link to comment Share on other sites More sharing options...
neuvilla Posted March 22, 2017 Author Share Posted March 22, 2017 4 minutes ago, btd1981 said: Where is this in the report? Cursory glance over breakfast reveals only 'good' news... Page 7 for the average sold prices, and page 6 for the number of sales. Quote Link to comment Share on other sites More sharing options...
btd1981 Posted March 22, 2017 Share Posted March 22, 2017 That's interesting then: at this time Cambridge and South Cambridgeshire look set to cross? Based upon the graph, the two have been at approximate parity before, but Cambridge appears to lead the wider area up and down. Wish the data extended further back to confirm this. Or, perhaps this is a new era of relative pricing, reflecting the fact that living in Cambridge is fact, not that amazing (from my own experience of residing in the overpriced, crowded, smelly and socially divided car park). Quote Link to comment Share on other sites More sharing options...
rantnrave Posted March 22, 2017 Share Posted March 22, 2017 Throw in a sterling devaluation too and the Chinese still aren't tempted to buy back in? Quote Link to comment Share on other sites More sharing options...
Frugal Git Posted March 22, 2017 Share Posted March 22, 2017 44 minutes ago, btd1981 said: Or, perhaps this is a new era of relative pricing, reflecting the fact that living in Cambridge is fact, not that amazing (from my own experience of residing in the overpriced, crowded, smelly and socially divided car park). Yes. Cambridge isn't special at all...it's an ok place to live - a bit boring if you like topography but not bad. But where the emperor really has no clothes is re: salaries. They are, in the large part, pathetic. People have been suffering under a long standing delusion that they are lucky to be doing 'gods work' and somehow seduced themselves into thinking it was worth paying for the privilege to live here. It's totally backwards. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted March 22, 2017 Share Posted March 22, 2017 42 minutes ago, Frugal Git said: Yes. Cambridge isn't special at all...it's an ok place to live - a bit boring if you like topography but not bad. But where the emperor really has no clothes is re: salaries. They are, in the large part, pathetic. People have been suffering under a long standing delusion that they are lucky to be doing 'gods work' and somehow seduced themselves into thinking it was worth paying for the privilege to live here. It's totally backwards. You're about the only Cantabrigian that thinks so. I'm usually told to shut the f%5k up up when I try and explain that a terraced house in Cambridge could get you an executive property in its own grounds elsewhere. They tell me it's special, so i guess it must be. Quote Link to comment Share on other sites More sharing options...
Timak Posted March 22, 2017 Share Posted March 22, 2017 (edited) I'm thinking about selling/buying in Cambridge in the next few months. Valuer coming round next week. Viewing one specific property in next few days. Likely I won't end up doing it as I'll decide the sums of money involved are ridiculous. Market has slowed dramatically though and number of properties on the market much higher. However yet to see anything like 10% falls in asking price in my area of the city. Still all time high. Edit - not quite true. Last recorded sale in my street is slightly higher (3%) than current asking price of similar property. So 5% fall from peak possible. Edited March 22, 2017 by Timak Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted March 22, 2017 Share Posted March 22, 2017 1 hour ago, Frugal Git said: Yes. Cambridge isn't special at all...it's an ok place to live - a bit boring if you like topography but not bad. But where the emperor really has no clothes is re: salaries. They are, in the large part, pathetic. People have been suffering under a long standing delusion that they are lucky to be doing 'gods work' and somehow seduced themselves into thinking it was worth paying for the privilege to live here. It's totally backwards. The things is, these people (scientists, innovators) should be getting paid well, but instead the money goes to spivs in the city who buy properties in the area because of its prestige. Loose lending and speculation are the cause. Quote Link to comment Share on other sites More sharing options...
doahh Posted March 22, 2017 Share Posted March 22, 2017 2 hours ago, rantnrave said: Throw in a sterling devaluation too and the Chinese still aren't tempted to buy back in? They are subject to currency controls and can't get their money out as easily any more. Vancouver has recently had a drop of ~50% in sales of 3-bed houses, possibly in part for this reason. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted March 22, 2017 Share Posted March 22, 2017 Droptastic ! Quote Link to comment Share on other sites More sharing options...
Conquistador Posted March 23, 2017 Share Posted March 23, 2017 ONS Land Registry for borough of Cambridge actually reports a £30K bounce back in January, such that prices are only 4.5% down (-£24K) on August 2016. Looks like the city of experts took a big hit after Brexit vote (Oxford is also down 4%). Quote Link to comment Share on other sites More sharing options...
thisisthisitmaybe Posted March 24, 2017 Share Posted March 24, 2017 Unlike London, with it's dependence on bubble finance, Cambridge is a success story, with proper companies, selling internationally. Naturally prices are inflated but I think the bigger drops will be in London. Quote Link to comment Share on other sites More sharing options...
Fairyland Posted March 24, 2017 Share Posted March 24, 2017 Quote Cambridge drops 10% Can wait for that 1 to change to 5. Quote Link to comment Share on other sites More sharing options...
MuTron1 Posted March 24, 2017 Share Posted March 24, 2017 The 10-12% average price drop isn't really the whole story, though. Lower quartile prices are still rising, average price per square meter is rising and time to sell is dropping again. This would all suggest the drop is to do with the properties on the higher end skewing the average. The fact that the lower quartile is still rising in price is much more significant in terms of affordability Quote Link to comment Share on other sites More sharing options...
neuvilla Posted March 24, 2017 Author Share Posted March 24, 2017 1 hour ago, MuTron1 said: The 10-12% average price drop isn't really the whole story, though. Lower quartile prices are still rising, average price per square meter is rising and time to sell is dropping again. This would all suggest the drop is to do with the properties on the higher end skewing the average. The fact that the lower quartile is still rising in price is much more significant in terms of affordability You're right. But, I'd assume that price reductions at the top would have, maybe further down the line, some effect of prices at the bottom. Its just an assumption, and I would like to see some analysis of this sort of thing from Cambridge or elsewhere. Quote Link to comment Share on other sites More sharing options...
Timak Posted March 25, 2017 Share Posted March 25, 2017 Went to my first house viewing in over 10 years in Cambridge this morning. I had arranged to meet the agent at the property. On turning up I discovered it was an open-house viewing (nobody else knew that either). 17 lots of potential buyers shuffling around a house someone has died in very recently, the entire house stuffed with a lifetime's possessions, food still in the kitchen, expensive electronics left out on view. Agent said they had already had 2 above asking price offers that morning and it would be best and final offers by Monday. Only those who could complete asap would be considered. Ruled us out. If there is a slow down it wasn't in evidence this morning. Quote Link to comment Share on other sites More sharing options...
mathschoc Posted March 25, 2017 Share Posted March 25, 2017 Estate agents come up with a lot of bull. Quote Link to comment Share on other sites More sharing options...
RickyD Posted March 30, 2017 Share Posted March 30, 2017 I also haven't noticed any sort of slow down in the surrounding villages north of Cambridge. Properties at the lower end of the market get snapped up in no time. Quote Link to comment Share on other sites More sharing options...
Timak Posted March 31, 2017 Share Posted March 31, 2017 On 3/25/2017 at 2:26 PM, Timak said: Went to my first house viewing in over 10 years in Cambridge this morning. I had arranged to meet the agent at the property. On turning up I discovered it was an open-house viewing (nobody else knew that either). 17 lots of potential buyers shuffling around a house someone has died in very recently, the entire house stuffed with a lifetime's possessions, food still in the kitchen, expensive electronics left out on view. Agent said they had already had 2 above asking price offers that morning and it would be best and final offers by Monday. Only those who could complete asap would be considered. Ruled us out. If there is a slow down it wasn't in evidence this morning. House was on for £400k, there are 9 offers on the table and it has gone to best and final offers. Quote Link to comment Share on other sites More sharing options...
Timak Posted April 3, 2017 Share Posted April 3, 2017 Went for over 100k over asking with 9 bids. Quote Link to comment Share on other sites More sharing options...
btd1981 Posted April 3, 2017 Share Posted April 3, 2017 Crashtastic Quote Link to comment Share on other sites More sharing options...
AvoidDebt Posted April 5, 2017 Share Posted April 5, 2017 https://www.theguardian.com/uk-news/2017/apr/04/cambridge-homes-covered-with-latin-graffiti-in-protest-of-rising-prices Quote Link to comment Share on other sites More sharing options...
Conquistador Posted April 5, 2017 Share Posted April 5, 2017 Surely "protest-AGAINST-rising-prices"! Tch... Quote Link to comment Share on other sites More sharing options...
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