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      You might need a house with an EV charge point

      After peaking in the second quarter of 2022, the average price of a new home in Cambridge today continues its steady decline in value. Over the last eight quarters the drop is 10.6%, or £60,000 in hard cash. The equivalent cost of the Tesla Model Y.

      03 Jul 2024 2 minute read

      There is no such thing as an average price though, so let’s look behind the numbers and take a view on how different ‘product’ has performed.  

      We categorise our new homes into four types that cover rural and urban, large and small. The table below gets into the detail. 

      What we see over the 24 month period is that it is likely the larger homes held their value for longer, but have since dropped faster. The most volatile property type is the larger flat / penthouse, however, it is also the most scarce with the least trackable data. The smaller flats reacted first to the downturn and have slowed their decline in the last 12 months.  

      The below chart builds on that and shows the shape of the quarterly change in price for our five types and the volatility that goes with them. In general terms the smaller flats have less extremes on the downside and also the upside, indicating that for larger properties demand falls away in cooler times and ramps up in hotter markets.  

      Sometimes we need a view on a trend, a direction or a turning point and the trend across all our housing types is a slowing of price decline and a likely bottoming out. 

      That is borne out in the market. Looking at the new homes schemes around Cambridge the available stock to the south and west of Cambridge has dried up, the stock to the north, with a chunk of 200 homes changing into rental, will soon follow suit. 

      David Bentley, Partner, Head of Residential at Bidwells said "My own experience of the Cambridge market is that it recovers quickly, and the artificial brake of an election is likely to result in an even faster bounce in the Autumn. With that 10% saving on 2022 pricing, it may well be time to get ready to park the Tesla outside a new home."

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