Many home owners are choosing to extend their homes in Cambridge driven by Cambridge having the fastest increase in average property price of any local authority in the UK - At Refresh Renovations, we specialise in working with homeowners in Cambridge and surrounding areas to help them to extend their homes and make the most of the space they have available to them.
Cambridge has been one of the United Kingdom’s most vibrant cities for decades, largely due to its historic university and the brilliant minds that have graced its famous colleges. And with the city currently leading the way in academic and medical research, a recent study has indicated that Cambridge is now one of the UK's most expensive cities in which to live.
Statistics from the ONS House Price data for 2017 revealed that Cambridge had the fastest increase in average property price of any local authority in the UK. House prices rose by a staggering 16.4% in the 12 months to November 2017, pushing the price of an average home to an eye-watering £461,890. As a benchmark, that placed Cambridge a mere £20,000 behind the average London property, which chimes in at £482,000.
With house prices on the rise in Cambridge, more and more home owners are investing in improving their home living spaces, with bathroom renovations proving very popular
Add in to the mix the prediction that Cambridge – along with Oxford and Milton Keynes – will enjoy the fastest economic growth of any UK cities in 2018, and it’s no surprise that Cambridge properties are commanding premium prices. The proximity to London, the outstanding university and the city’s exceptional skills base are all factors in Cambridge’s success. Cambridge is now a worldwide – and world-class – brand, and academics and professionals from all over the globe are building lives and careers in the city.
A separate study from Irwin Mitchell and the Centre for Economics and Business Research indicates that the city’s gross value added – an accepted measure of economic output – will grow by 2.3% during 2018, which is around double the expected growth of traditional powerhouses such as Manchester, Leeds and Birmingham.
According to Simon Kelliher of Cambridge builders Refresh Renovations UK, the rise in Cambridge property prices is something of a double-edged sword. ‘Of course, homeowners can only be pleased with the rapid rises in house prices in and around Cambridge, but by the same token it does make it more challenging to move,’ comments Simon. ‘It’s our impression that more and more homeowners are deciding to stay put and work on their houses rather than upgrade to a larger property and incur a whole range of inevitable costs such as stamp duty and removals, not to mention higher mortgage repayments.
Extending your living space gives you an opportunity to create open plan kitchens
‘At Refresh we specialise in working with homeowners to help them to improve their properties and make the most of the space they have available to them. We’re creative and innovative in developing extensions and loft conversions, and we take the stress out of such projects by managing everything end-to-end, especially in terms of adhering to regulations and managing teams of tradespeople. We sit down with clients in the early stages and discuss what they’re trying to achieve. We then work with architects and builders to design the perfect solution to fit our clients’ needs and budgets. And we manage every step of the process as the sole point of contact for our clients, which saves them both time and money.’
Refresh Renovations UK are Cambridge builders offering design and build services. To discuss your home extension project, please get in touch today using the enquiry form listed alongside, or if you would like to submit a more comprehensive enquiry, you can do so on the Get In Touch page.