As a property finder, I have, in the past, been tasked with helping clients find the best places to invest in property. Below I outline why some investors are shifting their attention to Cambridge and what it is about this area that’s causing an increased interest.
Cambridge, a dynamic and popular city
Due to the growing popularity of the City of Cambridge and it surrounding areas, increasing numbers of buyers are looking to invest in the local property market. A prospective landlord has a wide choice of tenants to choose from in the City including; employees of Addenbrookes hospital, the science parks, the University, schools and students.
There are several factors that dictate a sound property investment, including buying in the right location, with good transport options and easy access to local amenities. However, possibly even more important, is to ensure that your property is let without any void periods as every new tenancy incurs costs for a landlord such as; agency fees, advertising, cleaning and the check in and out of the inventory. A further key factor to consider is that your property matches the ‘type’ of tenant you require. If you are looking for professional sharers, they will tend to want to be in the centre of town in a more modern ‘lock up and go’ apartment.
Areas within Cambridge to consider for investment
Areas to think about are, for example, CB1, the modern developments around Cambridge Station and Chesterton, an area close to the new station and the Science Park to the west of the City. A family will ideally want a house with some outside space within the catchment area of several good schools. One popular area is around Mill Road which offers the ‘family’ environment with easy access to both state and private schools.
The villages on the South and West side of Cambridge are also very popular with families looking to access the private schools in the City, and for train stations such as Whittlesford and Royston to use to commute to London.
As a landlord, you will need to consider the costs that come with buying and owning an investment property such as building insurance, landlords insurance, an annual landlord license, possible service charges and, if required, the cost of engaging a third party to manage the property and address any issues with the tenant if, and when they arise. Getting your investment ‘right’ will not only influence your present rental yield, but also the potential increase in value of the property in years to come.
With the continuous lack of stock and high demand for property, and the ever-increasing growth of Cambridge on every level, investing in Cambridge could be the right move to make, but don’t wait too long!