The latest figures from cambridgehouseprices.co.uk show a 0.9% rise in Cambridge property prices over the past year coupled with a 4.2% reduction in the number of properties sold. Such figures suggest a rather sluggish, flat property market. Our experience suggests a very different picture for prime Cambridge property. The key statistic may well be the low numbers of properties being sold, with buyers finding themselves in fierce competition with lots of other cash purchasers.

Open house viewings are commonplace in central Cambridge and well attended. Last month Cheffins ran three open events on the same Saturday morning for houses in Glisson Road, Panton Street and Bateman Street (all within 500 metres of each other). Savills have two coming up this weekend, one in Earl Street and the other in Panton Street. Many houses at the top end of the market are going to ‘Best and final offers’ attracting multiple bidders, many who do not need to sell their house.

Not surprisingly, such competition is resulting in many houses ending up some way above the guide price.

Cambridge Home Search, finding the best houses on and off the market