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Spotlight: Cambridge Residential - Spring 2015

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Thriving local economy drives strong house price growth and development boom.

■ Price growth: House prices in Cambridge increased by an average of 16.9% over the past year on the back of strong demand driven by a buoyant employment market and a strong local economy.

■ Silicon Fen attracts multinationals: The technology and bio-science industries are two of the fastest growing sectors in Cambridge, establishing the city as a global expert in these fields. This is illustrated by the arrival of 2,000 employees to AstraZeneca’s new global headquarters.

■ Rising demand for rental homes: Cambridge has a mature private rented sector, accounting for 28% of all households compared to 18% across England and Wales. This is attracting an increasing number of investors who now account for nearly 30% of buyers in the prime second hand market.

■ Housebuilding: More new homes as a proportion of existing stock were added in Cambridge in 2013-14 than any other English city. Delivery is aided by strategic pro-growth policies and co-operation across the relevant stakeholders, including a £100m City Deal.

■ Potential to unlock value: Thousands of new homes are set to emerge around the edge of the city in the next five years. At the Southern Fringe, where work is already underway, a total of more than 4,000 homes could be developed over the longer term.

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