A reflection on the effect of the Covid-19 pandemic
In answer to the question, certainly some – predictably those on bigger new developments where prices were achieving all time highs. However the Cambridge market is a strong one.
Already many families move to Cambridge and commute back to London. The lockdown has seen everyone adjust to working from home. Space inside and out has become a key aspect for families in particular. More people will look for space, larger houses and gardens at slightly lower prices than London.
There is always movement to Cambridge on an international level and from other parts of the UK as job opportunities continue to grow in the Science and Technology sectors, this has halted but as travel restrictions ease, this market will return gradually.
Many larger Cambridge houses valued over £1.5m are one offs or in short supply – as such there are often several buyers lined up. These properties are rarely affected by any adjustment in house prices generally.
Is now the time to buy?
1/Since the housing market has reopened, stock will flood back to market over the next few weeks and months.
2/Many sales have fallen through during the Covid-19 outbreak for various reasons of uncertainty. With a tactical approach you may find a property you missed out on is more affordable.
Should I consider renting until house prices settle?
1/There’s a shortage of rental properties available right now. A lot of tenants have extended their 12 month tenancy agreements on a rolling month by month basis, poised to move when it becomes feasible. This will stabilise but predictably there will be huge demand for the fairly limited number of properties currently available.
2/Several Cambridge based companies are recruiting to fulfil research and development posts in the global race to mass produce a vaccine and cure for Covid-19. Once international travel restrictions are eased I predict the summer rush for rentals will push into the autumn.
We have just secured a rental property on a 12 month contract for a client with a 12% discount on the monthly rent, in one of Cambridges’ most sought after centrally located developments. June 2020 could be the greatest opportunity to negotiate the best price on a purchase or rental.
Please get in touch if you would like to talk about your move, we would love to help you.
Our knowledge of the local property market and contacts with agents, along with our efficiency and professionalism, enable us to secure sought after property for you.
Move To Cambridge will help you view a property and the local area objectively. We are proactive in pursuing off market possibilities and secret spots! We are genuinely independent and willing to spend time sourcing the right property for you.
We understand that the ‘settling in’ is as important as the property and we spend time actively researching your requirements and interests within your new locality.
Call 01223 290571 for your initial no obligation consultation.