Following this, they have summarised the local market using key data, together with comprehensive market research and survey results asking Cambridgeshire residents what their priorities are when looking for a new home.
In the next 20 years, population growth in the area is expected to be 24.5%, placing pressures on demand on the city. Additional factors contributing to the success of the rental market are Brexit, high performing schools, improved transport links and the significant increase in housing throughout Cambridgeshire.
Bidwells found rental costs have increased by approximately 3% in the last 12 months with an average rent of just over £1250pcm in Cambridge, averaging over £1500pcm. The strength of migration into Cambridge provides one of the key drivers of the residential lettings market.
One of the main reasons of this influx is the expansion of the Biomedical Campus, where the total jobs on site at present are circa 12,300 with 7,500 to be created for the coming year, providing a total of 19,800 employees eventually on site.
It is not only the current influx of AstraZeneca employees that is significant but also other large companies and institutions such as Cambridge University, ARM and Addenbrooke's Hospital, that have underpinned the lettings market for many years now and will continue to do so in future. More recently companies such as Amazon, Microsoft Research and Apple, to name a few, have joined the expanding technological highway of silicon fen.
Another reason is Brexit, the general uncertainty towards house values and the further impact this may have on employment. As a result, many have opted to rent. Secondly, the number of high performing schools and colleges plus a world leading university continue to attract many people wishing to live and work in Cambridge. Vitally, 64% of residents in the area said that living within walking distance to a school was very important to them.
The survey showed 73% of respondents claimed that people in their home drive to work. Travelling to work by catching a train appeared to be a popular method of transport, with 33% of those selecting ‘train’ as a method of transport. Surprisingly, only 28% listed cycling as a way in which those in their home travel to work considering the city is well known for being the cycling capital of the UK.
Alongside the new CB1 development surrounding Cambridge Rail station, Cambridge South is set to open in 2020 and will sit next to Cambridge Biomedical campus. The confirmation of a Cambridge South Train Station highlights that Cambridge is an ideal location for London commuters too.
Finally, there has been a significant increase in housing and improved housing standards throughout Cambridgeshire, providing a further incentive to families and young professionals to relocate and rent within the county.