redwing

Cambridge

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As our new builds are sticking thread has been hived off to some distant corner, I thought I'd start a new Cambridge thread for you all in the place you'd probably look for it.

Oh, and why can I no longer find all the local stuff in one forum? If there's one forum that's got so large it has become unmanageable, it's not this one.

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Thanks for the link. 2,300 homes of which 60% houses/ 40% flats. Is it me, or does there seem to have been a vast increase in house building in and around Cambridge in the last 5 years? I can't remember anything on this scale since Bar Hill and Kings Hedges in the 60s/70s.

Definitely, there was almost nothing built in the preceding 5 years either. Clay Farm and Arbury Park are the biggest new developments in Cambridge City itself for a very long time too.

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House prices create a tale of two cities

From the Cambridge Evening News 28/12/08

CAMBRIDGE is now the sixth most expensive city in the UK, with average house prices breaking the £300,000 barrier for the first time.

A survey by Nationwide showed average house prices stood at a £306,134 at the end of 2007 - a nine per cent rise of last year's figure of £281,227.

It means the average cost of a home is now a staggering ELEVEN times the average national wage of £27,146 - making it virtually impossible for thousands of first-time buyers to get a foot on the housing ladder.

Only Belfast, Oxford, London, Brighton and St Albans were a more costly place to buy than Cambridge - with the Northern Irish capital seeing the fastest house price rises of £200 a day.

While rocketing prices are good news for some city residents, there are fears that rampant house inflation is damaging Cambridge, turning it into a society of the haves and have-nots.

Shop manager Emily Leslie (24), who rents a house with friends in Victoria Park, Cambridge, was dismayed to hear prices had continued to soar.

She said: "It's quite disheartening because I was starting to think about buying a home, but it's just too expensive.

"The only way I could afford to buy somewhere is by clubbing together with friends. My housemates and I talked about it, but the financial burden was still too heavy for somewhere in central Cambridge.

"It is definitely driving people away from Cambridge. They might come back from London once they've made some money, but is it a good thing for the city to lose so many young people?

"It seems that all people in their 20s and 30s in Cambridge are renting, which just means you are throwing your money away. But what else can you do?"

Coun John Hipkin, former Mayor of Cambridge, also believes the price rises are harming the region.

He said: "House prices are far too high.

"All the people that a successful economy needs, such as teachers, nurses and other key-workers, cannot afford to live in the city and are forced to move increasingly further out into places like the new Northstowe town.

"This is economically unsustainable as the city will struggle to cope with them pouring into work in the city each day.

"We are seriously behind the very modest target of 12,500 new homes by 2021 and significantly behind the Government's desired total of 19,500.

"We need to get a move on with our major housing projects, such as the Niab site, off Huntingdon Road, and other big developments in South Cambs."

The £68 a day rise throughout 2007 meant average house prices increased by almost £25,000 - with many people earning more from their homes than from their jobs.

It follows a rise of £99 a day last year, which saw average house prices rise from £243,915 to £280,079 in 2006.

But Martin Walshe, residential director at Cambridge estate agents Cheffins, said: "These reports can often be misleading because the market is very fragmented.

"Certain parts of the market went up by large amounts, while others saw very little change.

"Homes in Newnham costing between £500,000 and £1 million were largely unaffected by interest rate rises because the sales were done in cash, without mortgage. These prime spots continued to rise sharply.

"But the middle sector between £200,000 and £500,000 saw a marked downturn after the introduction of Home Information Packs and the interest rises in the middle of the year. These big differences can distort the real picture - not everyone will experience such rises.

"We've had a surprisingly successful December and it seems confidence is creeping back in the market for 2008.

"With forecasts of further interest rate cuts, I think we could have another strong year. However, it will be good if prices remain stable for a while."

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Great idea to have a Cambridge thread. I doubt any of the bourgeois home owners or local council in Cambridge are worried in the slightest about a potential dwindling of the young local population in the city however. Cambridge have a fresh influx of students every year, many with wealthy parents ready to invest in the property market, grabbing the type of property normally attractive to first time buyers, so there's probably less chance of a market crash here in my view.

I'm originally from Durham, which follows a similar, if slightly less fierce model to Cambridge, a relatively small city centre with a high proportion of students. The locals found themselves pushed out to the fringes of the city, just like Cambridge, however Durham does not suffer from the 'South Cambridgeshire' effect where city types transform into country lovers and push up house prices further, so even moving to the fringes of town is problematic down here. That's unless you want to risk life and limb commuting on the A14 every day during peak rush hour or worse still, live in Hertfordshire (Royston for example!).

My husband works on the Science Park near Milton and as we'll be parents this year, had contemplated moving closer to his work to reduce the commute, but even rental prices are extortionate if you want anything other than a 1 bed flat...

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Cambridge have a fresh influx of students every year, many with wealthy parents ready to invest in the property market, grabbing the type of property normally attractive to first time buyers, so there's probably less chance of a market crash here in my view.

Don't be so sure about that, Cambridge went way down in the last crash. I'm inclined to think that the parents of wealthy students amplify the effect in both directions. Something else to consider is that there's now lots of specialist student accommodation in Cambridge that didn't used to exist - and there's going to be loads more in the CB1 development too.

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Don't be so sure about that, Cambridge went way down in the last crash. I'm inclined to think that the parents of wealthy students amplify the effect in both directions. Something else to consider is that there's now lots of specialist student accommodation in Cambridge that didn't used to exist - and there's going to be loads more in the CB1 development too.

I have to agree. I watched a house in Mawson Road (CB1) through 2006/2007. It was empty the whole academic year. It had been advertised as a student shared house.

Students at the big university are almost all housed in hall, or Uni-owned properties. ARU is catching up with its own student halls (which I have the feeling are privatised) leaving less demand from students for the residential neighbourhoods.

And, as students face increasing levels of debt to get their BA(hons) from the a former Arts and Technology College, I get the impression that they are tending to go to their local uni and stay living with their parents.

And being an expensive town to live in, I would guess that ARU is going to struggle to get students from further afield.

The local free sheet dropped through my door late last week. It had an outer wrapper - A full 4 page advert from ARU trying to persuade us that it would be a really neat idea to enrol as nursing students there. A bit desparate looking, don't you think?

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A bit desparate looking, don't you think?

Yes, definitely, they borrowed big time to build all that new stuff down East Road, maybe it's catching up with them? Separately, and very childishly, do you think there's an Anglia Ruskin School of Eduction?

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Yes, definitely, they borrowed big time to build all that new stuff down East Road, maybe it's catching up with them? Separately, and very childishly, do you think there's an Anglia Ruskin School of Eduction?

Yes there is. I got my PGCE there. My employer at the time paid for it. And I no longer use it.

Frankly, I'd been teaching already for 5 years and I learnt nothing useful during my year at CCAT/AHEC/APU/ARU. It's still on my CV though.

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In about 1977/78 I knew a couple who rented a house in York Street. They were about 19-22 years of age.

It was a 2-up, 2-down affair, walking along from the Newmarket Road end, it was probably one of the first 20 on the left, close to what used to then be the service entrance to the Beehive Store.

Beyond the 2-down, there was a tiny, tiny kitchen which had been added on. I only visited once. There was a tin bath on the living room wall. There was no bathroom :)

At the time they moved out, their landlord offered the house to them to buy. I can't remember how much, but it was £6-8,000. They declined. I remember thinking at the time I'd have bought it at that price!

To put that in persepctive, within a year or so, in my first job as a PA I was earning £3,000 (although I was the person earning the most from the others in my secretarial college class). A good Legal Secretary would expect to get £2,500/year. But remember, this was back in the days when we were properly qualified PA/Secretaries, not just people who can roughly cobble together a letter of sorts if put in front of Word!

This posting had no point other than for me to stroll down memory lane.

Thank you.

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Just a brief annecdote for you. I was on the bus on Saturday and a little old dear (about 75) was chatting to the bus driver. She was saying how great it was that house prices were "rapidly falling" in Cambridge as she was hoping to move into the city. She mentioned that she hoped she wouldn't have to drop the price of her property too much but it would all be relative anyway.

I was just amazed to hear a little old dear talking about that.

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Im not trying to make this a political issue...

I don't see why not, I mean, it really _should_ be a political issue given that it's primarily political actions that have caused the problem (lack of targeting asset price inflation in the BoE rules, planning restrictions and probably a load of other stuff I've forgotten). Agreed Labour don't have a leg to stand on though - not that any of the other parties are much better in this point though.

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I don't see why not, I mean, it really _should_ be a political issue given that it's primarily political actions that have caused the problem (lack of targeting asset price inflation in the BoE rules, planning restrictions and probably a load of other stuff I've forgotten). Agreed Labour don't have a leg to stand on though - not that any of the other parties are much better in this point though.

What a bunch of A$$holes - Hipkin was being Ironic - basically saying housing had become so expensive that £300K was the affordable end of the market.

to$$ers - mid u the Lib dems are not much better.

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In about 1977/78 I knew a couple who rented a house in York Street. They were about 19-22 years of age.

It was a 2-up, 2-down affair, walking along from the Newmarket Road end, it was probably one of the first 20 on the left, close to what used to then be the service entrance to the Beehive Store.

Beyond the 2-down, there was a tiny, tiny kitchen which had been added on. I only visited once. There was a tin bath on the living room wall. There was no bathroom :)

At the time they moved out, their landlord offered the house to them to buy. I can't remember how much, but it was £6-8,000. They declined. I remember thinking at the time I'd have bought it at that price!

To put that in persepctive, within a year or so, in my first job as a PA I was earning £3,000 (although I was the person earning the most from the others in my secretarial college class). A good Legal Secretary would expect to get £2,500/year. But remember, this was back in the days when we were properly qualified PA/Secretaries, not just people who can roughly cobble together a letter of sorts if put in front of Word!

This posting had no point other than for me to stroll down memory lane.

Thank you.

No need to apologise ScaredEitherWay. I've spent the last 10 years living round York Street in rentals so found that very interesting. Here's a memory of mine. Back in 1998 a 2 bed maisonette in Sleaford St came on the market for £98k and we'd have loved to have bought it but it was >3x our salaries (£15k each, we were early 20s) and we had no deposit or mortgage offer. It sold in about a week. That was before prices went *really* crazy.

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The New Builds really are sticking.

Take a look on Rightmove, select Cambridge and look for new homes added in the last 7 days.

Bidwells are getting desparate and have listed/relisted nearly 60 new builds in the last couple of days or so.

The bu55er is, that because newbuilds are so stupidly over-priced it's going to skew my weekly median price.

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I'm gobsmacked by the prices of some of those properties. I really am.

Chuckled when I read this:

Accordia Living challenges the traditional concept of a new home with dynamic architecture, innovative apartments and townhouses designed to bring the outside into your life.

Is that their way of saying you don't get a roof? ;)

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Walking down Regent St last night I couldn't help noticing that Connells are no longer there.

Did I miss this news?

The Cambridge branch is no longer on their website. They are 'owned' I think by the Skipton BS.

Along with the empty Ellis and HAART shops on Regent St., I reckon it'll only be a few more before it starts to look like a ghost town.

Perhaps the EAs will claim they don't need High St anymore now that everything's on the interweb.

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Walking down Regent St last night I couldn't help noticing that Connells are no longer there.

Did I miss this news?

Yes, I posted about it just before Christmas. They've gone to Cambourne....lots of property there....

http://www.housepricecrash.co.uk/forum/ind...st&p=893014

BTW, Cambridge Evening News is changing it's tune with this article today

Property costs leave many out in the cold

http://www.cambridge-news.co.uk/cn%5Fnews%...e.asp?ID=249082

FIRST-TIME buyers need a household income of more than £73,000 to buy an average home in Cambridge, a new study claims.

A report from the National Housing Federation (NHF), which represents housing associations, says first-time buyers in the city "face a life on hold".

House prices in Cambridge are 10 times the average salary and 4,743 people are on the waiting list for council housing, the report says.

The NHF bases its calculation of the £73,000 income needed on a 95 per cent mortgage of 3.5 times combined salary.

But mortgage brokers and estate agents in the city do not believe the situation is that bleak. Jennifer-Rose Mitchell, of Cambridge mort-gage brokers Turney and Associates, said: "Most lenders are offering three or four times income. The clients we have are always able to get a mortgage.

"We do have quite a few first-time buyers that are quite young. Their average income tends to be £30,000 to £40,000 between them.

"That would not be for a house in the city centre. First-time buyers tend to be further out, in places like Milton or Chesterton."

Nick Redmayne, a partner at Redmayne, Arnold and Harris, thinks the recent slow-down in the market will help people struggling to get onto the housing ladder.

He said: "First-time buyers have found it tough for the last two or three years. But if prices stay stable and do not go up for a while, that will help them."

The NHF believes first-time buyers will face more hard times in future. It wants the Government to raise its targets for new homes.

Gina King, head of the group's eastern region, said: "With house prices in the region set to rise faster than anywhere else in the country over the next five years, we face an unhappy prospect of longer waiting lists, more overcrowding and more adult children unable to move away from the parental home."

However, the new study came as the Royal Institution of Chartered Surveyors reported house prices are falling at their fastest rate since the crash of the early 90s.

Mr Redmayne has seen no sign of such plunges in Cambridge.

Kim Stollard, director of operations at Cambridge Citizens' Advice Bureau, said: "The number of people walking into our bureau asking for help finding accommodation - which is not something we do - is huge. It is not just buying a house, renting is also incredibly expen-sive. What it means is you can be a single person or couple on a relatively decent wage and still be on the poverty line because your housing and living costs are so high."

Edited by Not amewsed

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"Gina King, head of the group's eastern region, said: "With house prices in the region set to rise faster than anywhere else in the country over the next five years, we face an unhappy prospect of longer waiting lists, more overcrowding and more adult children unable to move away from the parental home."

:huh: That's not what I'm seeing on Rightmove.

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"That would not be for a house in the city centre. First-time buyers tend to be further out, in places like Milton or Chesterton."

Ah yes - like me back in 2003. Those anywhere closer are renting or old :)

As for Regent St, I think the number has probably halved. Pocock, Tylers, Rooke, Haart, Russell, Bairstow still there but Bush, Tucker, Connells, Ellis, Your Move, B&B have moved or gone.

I'm lacking some bear food, tasting of Cambridge reduced prices though I must admit. Any juicy examples?

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Msgin's observations...

As a rightmove-a-holic. I try and limit my lookings to once a week so it stays "fresh". I was quite surprised this week in the change in the market. This is all for a radius of 0 miles in central Cambridge for 3+ bed properties.

No.1

http://www.rightmove.co.uk/viewdetails-178...11&tr_t=buy

was £389,950

then £375,000

now £365,000

backs on to Elizabeth way and another house on the same road was up for £275,000 whilst this was on at £389,950.

No.2

http://www.rightmove.co.uk/viewdetails-149...=4&tr_t=buy

Can't believe it's still there, was £795k now £650k. Still hasn't sold after being on at this price for maybe 6 months. Must be due a reduction. It basically has no garden which might be why it is sticking.

No.3

http://www.rightmove.co.uk/viewdetails-182...=6&tr_t=buy

This was on at £525k now down to £475k

No.4

http://www.rightmove.co.uk/viewdetails-178...=9&tr_t=buy

£425k down to £405k

pretty sure it's a developers jobbie.

No.5

http://www.rightmove.co.uk/viewdetails-176...14&tr_t=buy

Was on at £375k then £350k now £340k

I'm surprised about this one, I like it a lot.

These are just a very small sample and really only houses that I would consider living in and have kept an eye on (basically 3 bed+ older style properties). There must be a hell of a lot more in Central Cambridge. I also noticed a sudden rise of newly listed properties.

I hope all the links work.

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Nice work - there's some proof out there if you look for it then! I am interested in 3 types, probably not the 3 bedroom types although who knows :)

1) What I could get mortgage free - very little!

2) What is around the price I sold my house for - mixed view there at the moment but I didn't get a bad price.

3) What I can get below the £250k threshold which will be my self-imposed limit if things don't become too radical in next 2-3 years.

There are a fair few Victorian houses coming up for £250k which didn't happen too often 6 months ago, but it's still slow progress.

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There are a fair few Victorian houses coming up for £250k which didn't happen too often 6 months ago, but it's still slow progress.

Agreed. I have noticed a lot more of these available. They were all £275K at the peak last spring. So asking prices are already 9% down.

That's pretty quick progress imo. We'll still have to wait at least 2 years before it's worth even starting to look at buying back in.

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