There’s a certain buzz in the Cambridge property market – Recently I have been constantly approached by clients and contacts alike asking:
Is it true that the property market in Cambridge is softening?
The question can’t really be answered objectively, but it can’t be ignored either; particularly as there have been a significant amount of price reductions taking place in Cambridgeshire over the past few months.
What is influencing property prices in Cambridge?
I think that property prices in Cambridge has been influenced by several factors;
- Timing – It is common that the property market slows down somewhat towards the end of the year, when the general public is more focussed on Christmas. Larger properties with land will also start to present themselves better in Spring time.
This could lead to sellers reducing their property prices to entice buyers before they lose focus over the winter months.
- Economic and political influences – Such as the lingering Brexit debate which has left sellers and buyers alike feeling slightly uncertain to make firm decisions. But, also global issues that indirectly will affect the UK economy.
There are also other factors, closer to home, that will affect the local property market. One being the Cambridge property ‘bubble’ which has maybe not ‘softened’, but become more ‘sensible’.
This differs from Spring 2017 where vendors and agents were still putting over ambitious sales prices on the most average properties; buyers have put their foot down and are being more careful not to be swept up in the buying frenzy which has created building situations in the past.
Although the Cambridge property market is still ruled by low stock and high demand, there are still opportunities out there which the savvy buyer, who understands and researches the market properly, will be able to benefit from.
If you are planning on moving to or around Cambridge and would like professional help and advice, get in touch with Garrington today.