The British capital may be the most expensive in the country, and even though its prices have skyrocketed in recent years, it is being overtaken by another city that is growing even faster…
Stronger than London. Real estate in Cambridge, a city located northeast of the British capital where, in addition to the prestigious university, there is an exceptional quality of life, beautiful old buildings and cutting-edge start-ups, enjoys a strong attractiveness that has not waned for years.
Between 2014 and 2015 alone, house prices rose by 10.7% according to The Telegraph, for an average of £388,400 (about €555,000) per home, citing the Hometrack.uk price index. This is a little less than London’s annual increase of 12% with a price level that far dominates the picture (448,200 pounds per unit), or the other major British university city, Oxford (+12.8%, 378,800 pounds).
Prices up 44.7% since 2008
But it is Cambridge that is showing the strongest growth since the 2008 real estate crisis: +44.7%, reports the British daily. Exactly 0.3 points higher than London. Even if we earn less than in the British capital (37,900 euros per year vs. 46,650 euros on average), “Cambridge has gradually acquired the reputation of being the least affordable city to buy a house”, the daily explains. This is enough to attract wealthy investors, who flock massively to this market filled with high-end properties. As a result, sales are closing faster than anywhere else in the country, in just one month.
On the other hand, it is Liverpool which shows the strongest decline since the 2007 peak. With housing at less than 110,000 pounds on average, the coastal city in the northwestern part of the island has seen a 13.3% decline in the last 8 years. But the return to growth is slowly taking hold. So it is not quite crazy to invest in it, says The Telegraph, just like in Glasgow or Manchester, so many other markets are beginning to recover from the recession.