11:45 AM, 23rd March 2016, About 5 years ago
House prices in Cambridge have risen at a faster rate than those in any other town or city in England and Wales since 2010, according to official data.
The Office for National Statistics has also revealed the growing north-south divide in property values.
The median price paid for a property in the city increased by 47% between the year ending in the second quarter of 2010 and the same period five years later.
During the same time period, prices in London rose by 38% and 37% in Crawley, West Sussex.
A spokesperson for Discount Landlord said: “Landlords wanting to add to their portfolio ahead of the stamp duty changes on April 1st could consider investing in Cambridge.
As a whole, there has been no definitive decline in rising house prices which means that a clever landlord could end up buying a property which continues to increase in value,” added the spokesperson.
The median price of a property in Cambridge is currently £360,000 which is higher than anywhere in England and Wales except London and St Albans.
The median price for a property in London is £380,000 and £390,000 in St Albans which is a popular area for commuters as rail links mean workers can be in the capital in just 20 minutes.
Homebuyers in 32 towns and cities in England and Wales paid at least £200,000 for a property last spring, ONS figures show.
On the other hand, the lowest median prices were found in Oldam (£95,000) and Burnley (£78,000).
Jonathan Hopper, managing director of Garrington Property Finders, said properties in Cambridge “have been selling within days – or even hours – of coming on the market.”
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