Despite the recession and property downturn some locations in the UK remain a strong investment, Cambridge is one such area that is relatively resilient and is regarded as a property investor’s bolthole. Redeham Homes, the leading developer in Cambridge and one of the UK’s premier private developers reports an upsurge in buyer activity at its award-winning Accordia Living development with sales and viewing figures similar to those seen in 2007.
Cambridge is a world class university city underpinned by a strong economic climate driven through a variety of technology associated industries. Following moves to grow and develop the city as a centre of high technology activity and employment, it is now renowned as having a world-class knowledge-based economy and has grown to become one of the UK’s most successful cities and an important asset for the UK economy.
Cambridge has escaped the worst of the economic downturn in 2008 and the residential market has continued to improve throughout 2009, with the city experiencing increased activity across all price ranges. The new build market in particular has witnessed an improvement in values throughout the second and third quarters of 2009, although this is also linked to the shortage of available stock coupled with the increase in visitor levels.
Bidwells Property Consultants, the leading estate agent in Cambridge reported that the strongest recovery in the UK New Homes market has been seen in Cambridgeshire, where values have grown by 1.0% and 0.8% respectively in the third quarter of 2009. Stock levels are 40% down on 2008, demand has outweighed supply in quarters two and three leading to a particularly high sales rate of available property. Competitive bidding returned for the first time since the market peaked in 2007 and selling prices are up 5%-10% this year with prime city properties achieving the upper end of this range.
David Bentley, Partner and Head of New Homes for Bidwells comments: “The New Homes market has stabilised in Cambridge up to the end of quarter three. There is a limited supply of quality and available new homes in the city and the shortage of stock is clearly influencing buyer activity levels. This increase is particularly evident at Redeham Homes’ award-winning Accordia Living development, which is renowned as the most desirable new homes development to live in Cambridge. The unique scheme is 'head and shoulders' above other developments and has no direct competition within the city - unsurprisingly this is having a very positive impact on sales activity.”
Bentley continues: “Cambridge has increasingly become regarded by individual and professional investors - both domestic and international - as one of the top locations for investment in residential property. As the city’s residential market shows strong signs of recovery it is expected that Cambridge house prices should continue to show a material rise over the next few years.
For buyers seeking to invest in a buy-to-let property in Cambridge they can be rest assured that there will continue to be a strong and stable lettings market. Rental values have, on average, risen more than 5% annually over the last five years due to Cambridge University, the academic, medical and scientific centres, the abundance of young professionals seeking to live in the city and the restrictive planning policies which have led to an underlying shortage of new housing in the city.
In short, it is those developments especially that offer a high quality product and are in prime city locations, such as Accordia Living that have continued to do well despite the recession. Sales have returned to similar levels witnessed in 2007 - an exceptional turnaround in such a short period of time.”
For those looking to expand their property portfolio in Cambridge, Redeham Homes, is currently marketing a range of stunning homes ideal for both investors and residents alike at the architecturally dynamic and Accordia Living scheme on Brooklands Avenue.
Pam Reardon, Sales and Marketing Director for Redeham Homes comments: "Not only is Cambridge an ideal place for business and property investment, it is a fantastic place to live. Competition is certainly hotting up at Accordia Living as purchasers are recognising that, not only does the Cambridge market offer a fail safe investment but our development offers the highest specification in one of the city’s best locations and that it is also going to be the last high quality new build scheme on the market in Cambridge for quite a number of years.”
Accordia Living, provides a total of 203 one and two bedroom apartments and three and four bedroom townhouses. The development is set alongside some of Cambridge’s most stunning period properties and is within walking distance of the University, the Botanical Gardens and the city’s mainline train station.
Designed by a team of renowned architects including Feilden Clegg Bradley, Alison Brooks Architects and Macreanor Lavington Architects, the scheme has a close, cohesive community with green open spaces. The existing natural landscape combined with the 700 established trees onsite has dictated the design theme for the development – a layout themed around the idea of “living in a garden.”
The architects have taken a unique approach to external spaces at Accordia Living and there is a strong landscape framework, with courtyards, roof terraces, large balconies, communal gardens and play areas scattered throughout the streets and squares - all designed as an integral part of the architecture.
Cambridge is renowned for its culture, heritage and leisure activities and is an ideal location for capital city commuters with journey times into central London in just 45 minutes. The city features three local markets, offering a mixture of local produce and goods, along with an exceptional array of high street shops, exclusive boutiques, restaurants, bars and cafes.
See Also: Property News (6699), Redeham Homes (1), Cambridge (9)
Date Published: 18 January 2010
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