Demand for property exceeds supply in Cambridge

Posted 12/08/2009

Many people in Cambridge are not able to make a property purchase because of a shortage of available stock.

This is the view of local estate agent John Pocock, who told Cambs 24 this is because not enough homes are coming onto the market.

As a result, it has not been possible to satisfy the level of demand among would-be buyers.

However, Mr Pocock noted that this is having a positive effect on property values across Cambridge.

“Competition continues to push up prices, particularly for the few houses in areas of very high demand,” he commented.

Mr Pocock added that this state of affairs is not likely to last much longer, as there should be a “brake” on increasing prices “before too long”.

According to the latest figures from the Department for Communities and Local Government, house prices in the UK went up by 2.6 per cent during the quarter ending June 2009.