As long predicted on this blog: (1) Cambridge (2) London. Our two favourite UK property markets since starting out our journey, dwelling prices are a third higher than their 2007 peaks in both cities.
From This is Money:
"The cities where house prices have surpassed their pre-crisis peak: Cambridge property outstrips London with 33% leap
- -Cambridge property values have reached an average of £348,300
- -Inflation outstrips even London where homes are up 29 per cent
Property values in Cambridge have rebounded more strongly than any other major city in Britain according to property analyst Hometrack.
Prices in the city have surged 32.5 per cent higher compared to their 2007 peak to reach £348,300 on average. This beats even London, where values sit 29 per cent above their peak at £398,700 typically.
It is also well connected, with frequent trains to London Liverpool Street and King's Cross taking roughly an hour and the M11 which also heads south, making it a popular hub for commuters.
In the summer, property website Rightmove said Cambridge had the 'hottest' housing market, with houses taking an average of 27 days to sell, compared to 39 the previous year.
Over the past year, London, Cambridge and Bristol have seen the strongest uplifts in values out of the cities looked at, while Glasgow and Leicester have seen the lowest increases, according to the findings.
The average London house price has increased by 18.1 per cent, or £61,000 in cash terms, over the year to September, while a home buyer in Cambridge would need to find 17.9 per cent or £53,000 more than they would a year ago."