The price of bricks and mortar in Cambridge continues to go through the roof, according to a UK wide study.
Findings show prices in an area of Cambridgeshire with the biggest rise have more than doubled in a year.
In the CB11 postcode, average prices were up a phenomenal 156 per cent.
This means people shelled out £550,000 in 2017 compared to just £215,000 in 2016.
The next biggest rise was in CB21 6, where prices went up 48 per cent in a year.
The cost of buying a house in that area soared from an average of £437,500 in 2016 to £647,500 in 2017.
Locally, the most expensive postcode with five or more sales was C3 9, with an average house selling for £855,000.
Over in neighbouring Peterborough, the PE19 6 postcode saw prices rise by 35 per cent to £440,000, and CB4 3 saw prices rise by 26 per cent to £455,000.
The Peterborough postcode with the lowest prices was PE13 3, where the average price was £210,000.
The area with the biggest drop in prices was CB3 0, where the average price fell 37 per cent from £604,257 in 2016 to £382,000 in 2017.
Across Cambridgeshire 21 postcodes saw prices drop in 2017, while 77 postcode areas saw prices rise.
Why are house prices increasing so much in CB11?
Saffron Walden is one of the biggest towns in theCB11 area, which has seen an increase in buyers from London.
Audley End train station is right in the centre of the CB11 post code, which makes it a particularly attractive destination for London commuters.
The growth in the numbers of commuters can be seen by the expansion of Audley End car park and also that Saffron Walden now has a bus running from the centre of town to the station.
This means property is in very high demand.
Bruce King, Director of the Cheffins estate agents in Saffron Walden, said: "We now see that approximately 25 per cent of buyers in Saffron Walden and surrounding villages are those moving out of London and these vary from those looking for large family homes to even first time buyers looking to get onto the property ladder but who can’t afford to buy in London."
A three bedroom medieval or Tudor cottage in the centre of town would set you back around £400,000, while a larger Victorian detached house with five bedrooms would cost around £800,000.
However, there are also a series of new build properties on the edge of town which can range from £300,000 to £700,000.
Why is Cambridgeshire and CB21 such a desirable place to live?
Cambridgeshire's desirability as a place to live and work has meant house prices have steadily esculated.
Richard Freshwater, director of property company Cheffins, said the local property market has remained buoyant, partly thanks to the health of the job market.
As CB21 villages such as Linton are just around nine miles from the city, they still an attractive, and cheaper, option.
He said: “It’s not surprising to hear that Cambridge and the surrounding villages have seen some of the highest house price growth across the UK.
"Throughout the past decade we have seen demand grow to levels which were never expected and our market has held incredibly firm in recent years, despite the economic and political upheaval which has been felt across the country.
"Many multi-national corporations and pharmaceutical companies have brought employees with them in their droves and whilst this activity was probably at its peak around two or three years ago, we are still seeing these purchasers being one of the largest drivers within the market."
Despite the increased supply on the market, with around 68,000 new homes in the pipeline within a 20 mile radius of Cambridge, prices have stayed buoyant.
Mr Freshwater continued: "Whilst prices in the villages are still on average a third cheaper per square foot than in the city centre, these are also seeing increases in value.
An example of this would be Linton, which is nine miles from Cambridge and has seen its High Street completely transformed over the past five years, now offering an artisan bakery, gastropubs and a coffee shop.”
Elsewhere in the UK
The area with the biggest price rise in England and Wales in 2016 was SW1X 8, in Belgravia in Kensington and Chelsea.
Average prices there jumped 293 per cent from £1.4m in 2016 to £5.5m in 2017.
The postcode with the lowest average price was TS6 6, around South Bank in Redcar and Cleveland, at £26,000.
The area with the biggest price fall in England and Wales in 2017 was W1K 1, around Mayfair in Westminster, which saw median prices fall 72 per cent from £13.1m in 2016 to £3.6m in 2017.
Fewer properties sold for prices above £10m in the area – one sale in five in 2017 compared to three in five in 2017.
Changes in price may be due to more demand or a changing type of property being sold in the area, particularly if new homes have been built.
Sold prices are taken from the Land Registry’s price paid data.
Areas with four or fewer sales in either 2016 or 2017 have been excluded.
There were 173 postcodes with a median price of £1 million or more in 2017, up from 107 in 2016 and 100 in 2015.
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