The cost of buying a home has continued to increase across Cambridgeshire, but the region is lagging behind the country as a whole. The average house price in our county was £349,145 in the 12 months to October, according to the latest figures from the Land Registry.
That’s an increase of 2.2% compared to a year earlier, equivalent to an extra £7,496 on each home. However, the increase is lower than the UK average, with prices rising by 3.4% over the last year to £292,059.
East Cambridgeshire has seen more growth in property prices than anywhere else in Cambridgeshire. The average house price there, which includes places like Ely, Soham, Littleport and Burwell, rose by 8.3% or £26,799 over the last 12 months to £349,638.
There are currently several homes for sale in Isleham, near Ely, with prices starting at around £230,000. Among the properties currently on the market with Zoopla is a five-bedroom detached home with a large garden on Mill Street, with a guide price of £700,000.
The region is known for its stunning countryside walks and attractions like the National Trust’s Anglesey Abbey and Wicken Fen. Ely, its only city, is a big draw with its famous cathedral, independent shops and idyllic riverside.
In Cambridge, house prices increased by 6.4% to £506,883, while in South Cambridgeshire they rose by 3.8% to £446,350. Prices fell in three local authorities in Cambridgeshire though – Peterborough (0.2%), Huntingdonshire (1.0%), and Fenland (1.5%).
You can see how prices have changed in your local area by using our interactive map:
The Shetland Islands is the UK place where prices have risen the most, with the average house there priced at £225,587. That’s 28.2% higher than a year earlier, which is a larger jump than any other local authority in the country– working out as an extra £49,601 per house.
Tewkesbury has seen the next largest growth in house prices, with the average property costing 12.6% more than it did a year earlier. That’s followed by Bridgend (10.8%), Blaenau Gwent (10.6%), Blackburn with Darwen (10.5%) and Pendle (10.4%).
Prices are falling in many areas though, with parts of London experiencing the biggest drops in the country. The average home in Kensington and Chelsea cost over £1.1 million in the year to October.
That’s a fall of £285,480 per house compared to a year earlier, which works out as a drop of 20.3% and is the largest of any local authority in the UK. The City of London has seen the next largest drop with homes costing 18.3% less than a year earlier, equivalent to £160,166 per house.
Hammersmith and Fulham has the next largest drop at 10.5%, equivalent to £86,825 per home. North Devon has seen the next largest fall in average prices at 7.8%, followed by Camden with a drop of 6.2%, Gwynedd with a drop of 5.1%, the Isle of Wight with a drop of 5.0%, Islington with a drop of 4.9% and the City of Westminster with a drop of 4.4%.
Manchester – often seen as the North’s property hotspot with skyscrapers popping up all over the city – has also seen a drop in average prices. The average house in the city cost £253,061 in the year to October according to the Land Registry data – a drop of 2.3% compared to a year earlier, equivalent to each house costing £5,981 less.