As we near the end of October, it is time to reflect on the current state of the Cambridge property market. If you were to read the press comments from the city’s estate agents you might be forgiven for thinking that everything was rosy. Well yes and no.

Prices are still holding up which is as much a factor of lack of supply than anything else. It seems to me that potential vendors are being pretty cautious. If they don’t need to sell they are sitting on their hands.  On the buying side, there are definitely less buyers about.  However, even with less buyers, the lack of supply means there is still competition for the best houses.  The best locations will always sell well.

A prime example is a house that recently came to the market in North Terrace, overlooking Midsummer Common.  The initial guide price of £800,000 looked pretty reasonable, and so it proved. Lots of viewers and lots of offers. The house went to best and final offers earlier this week and the rumours suggest that the agreed sale price was “significantly” in excess of the guide.

Elsewhere, developers are offering to pay stamp duty on some of the schemes around the city, a sure sign that some of the heat has come out of the market. Now might be the time to look again at some of the better new developments.  I was at Aura (off Long Road) with a client recently and was impressed with how the area is changing. The promised infrastructure is becoming a reality, with Trumpington Community College up and running and the guided bus carrying passengers to and from the Biomedical Campus.

Investors piled into the market ahead of the Stamp Duty changes at the end of March.  Since then they have been conspicuous by their absence. It will be interesting to see whether the weak pound will start to tempt overseas buyers back into Cambridge.

Overall, it feels like the Cambridge property market is in a state of flux, subject to the vagaries of whatever economic news emerges over the next few months.

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