Investors taking advantage of booming buy-to-let market in Cambridge
The continued rise of capital values in Cambridge and a thriving business community has seen the city become one of the hottest buy-to-let locations in the UK. Investors are flocking to the university town and buying property in stylish residential developments such as Berkeley Homes’ Cambridge Riverside, located next to the glorious Midsummer Common.
The Cambridge property market has continued to outperform the rest of the country with capital values in the city rising by around 30% since 2009 (Property Week, 20/07/12) and the population in Cambridge also surged by 9% between 2001 and 2010, contributing to a shortage of high quality housing. The population is expected to grow even further in the coming years.
Toby from Savills comments: “The Cambridge lettings market has been extremely busy and apartments are letting very quickly with minimal void periods of just a few days, which is encouraging compared to the national average void period of three weeks, cited recently by Association of Residential Letting Agents (ARLA).
“At Berkeley Homes’ Cambridge Riverside development we have seen competition recently where more than one applicant has wanted an apartment. The general rule is that tenants are looking for properties that are in a good condition and correctly priced. This continuing trend means that Cambridge remains a wonderful investment opportunity.”
Apartments at Cambridge Riverside are providing investors with rental yields in excess of 5%, according to data supplied by Savills. Buyers have shown significant interest in the development, with 80% of the available homes having already sold. Purchasers have been enthused by the affordability of luxury apartments so close to the heart of Cambridge, and in such a sought after location.
Tina Dedman, Sales and Marketing Director for Berkeley Homes, comments: “Cambridge Riverside offers a rare chance for people to own a breathtaking modern home in the heart of this exciting, vibrant and prosperous city. Investment opportunities of this high calibre are few and far between here and the apartments offer potential landlords the opportunity to invest in stylish and luxurious homes.”
Investors can benefit from the influx of professionals who have been drawn to the city by the Cambridge Science Park, which is home to some of the biggest names in the world of science and research, including microprocessor designers ARM Holdings, Philips Research, Toshiba Research Europe Ltd and Milton BabyCare.
With Cambridge attracting immense interest from both local and international industry, a new train station is also planned for the park and is due to open by 2015. The Government’s support for the new £28million train station will serve to further boost the area and improve connections between the park and the city. Cambridge Riverside is ideally placed to take advantage of the proposed new transport connection, but it also offers workers at the park a luxury home, just eight minutes away by car.
Additionally, student housing has become a must-have for UK and international property investors, with pension funds, private capital and wealthy individuals investing in the sector and now is the perfect time to buy, in preparation for an influx of student housing enquiries expected in January and February.
Studies of more than 40 university accommodation officers in the UK have revealed that over half of second and third year students start looking for rental properties in January and February, not September as previously thought. Buy-to-let landlords looking to take advantage of the boom in Cambridge, one of the UK’s top university towns, should have an offer accepted on a property by November 1st in order to complete the purchase in time for the student rush in early 2013.
Berkeley’s Cambridge Riverside offers a stunning collection of studio, one, two and three bedroom apartments and penthouses that each come with a terrace or balcony. In addition, the luxury development will also feature 10 five bedroom townhouses once complete, all offering quality features and generous private gardens.
The lively River Cam provides a breathtaking backdrop to Cambridge Riverside which residents can enjoy, with easy access to the river and to nearby Midsummer Common from the development. The city centre offers a great selection of shops, boutiques, restaurants, cafés and bars providing numerous places to enjoy the cosmopolitan atmosphere of this great city.
As well as enjoying riverside life, all buyers can take advantage of Cambridge Riverside’s concierge service and the state-of-the-art residents’ gym which offers residents the chance to exercise seven days a week.
The development has excellent rail connections both regionally to Newmarket and Stansted Airport and direct into London via both King’s Cross and Liverpool Street stations in just under an hour. By road, the M11 is only a short drive away which gives direct access to the M25 in the South and leads via the A14 to the A1(M) in the North.
Apartments start from £204,950. Five bedroom townhouses are also available at Cambridge Riverside. For further information, visit cambridgeriverside.co.uk.
