House prices have recovered from the recession more strongly in Cambridgeshire than anywhere else in the country apart from London, according to new figures.
Data released today by the Rightmove property website put the average property value in the county at £311,933, up 22 per cent on the pre-downturn peak in May 2008.
This is in sharp contrast to many other areas of England and Wales, particularly in the north, where prices are still well down on their peak before the slump.
The economic powerhouse of Cambridge drives the boom, with house prices in the city itself now standing at an average of £419,187, according to figures released by Nationwide last month.
The Rightmove figures emerged amid claims some overseas buyers were content to buy a property and let it stand empty because it gained so much value as an investment.
Cameron Ewer, head of residential agency at Hills Road-based estate agents Strutt & Parker, said: “You can’t bury your head in the sand and say Cambridge wasn’t hit by the recession, it was, but it was far more resilient and was in a better place to bounce back when the recovery started.
“Cambridge has got good employment levels, good education, good links to London, and an international airport around the corner at Stansted, so it will always be a highly desirable area and will attract high net worth individuals.”
Mr Ewer said he expected the increase in property values in Cambridge to slow, mirroring the picture in London, but suggested now was a good time for people to move from the city to the surrounding villages, where strong growth is expected in coming months.
Source: http://www.cambridge-news.co.uk/
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