Can't justify prices to buy in Cambridge. What about renting?

[NewTownDweller51]

I'm scared to put any money into property looking at the insane prices of Cambridge...particularly as interest rates are sure to come up at some point which will bring prices down (I hope!)

Does anyone have advice about renting?

I see that anything central goes in about 24 hrs! But once you've got your rental, are you likely to be able to keep it for some years? Or is it always a yearly move on to somewhere else?

I'm looking for something walkable into town, or 2nd best with row of shops and a good bus route in. No outside villages. 3 or more bedrooms with sunny patio at least. Earl/Clarendon St area ideal. Could spend up to £3000 a month but would prefer around £1800 -£2000.

Help! This Cambridge move is getting scary!!

Well there a couple of places on right move that fit your criteria at the moment. I guess your problem is you seem a bit vague on when you will move.

Our experience of renting in cambridge, and what I've seen of friends, is that lots of people renting with school age children seem to take annual rents from August-August and house seem to start being marketed from now. Most people aim to buy at that stage. Those that want longer lets still end up paying to renew the contract annually, although nothing seems to happen, it's just paying for paperwork. I guess if you want to break a lease during the second or subsequent years that makes it harder (and stops the landlord having a potential void).

I only know of one family who wanted to stay longer and were given notice by the landlord 18months into a let they hoped would be 3 years.

From your other threads I see you are keen to be within walking distance, but if you will consider cycling you will open up your potential pool of houses. Everyone cycles in Cambridge and it's well sorted for this.

Try St Bartholomew's Court. It's just off Riverside. It's a private estate, 4 bed townhouses, but very competitive price wise from what I can tell considering the sizes.

But if you rent for £2-3k for say 3 years that is just £72-108k payments. House prices seriously unlikely to fall or fall at that rate based at what you'd buy at (your other thread). I can see the point about a short term let so you get a feel for the city and where you would like to be though.

I know you don't want outlying villages, but have you thought about Histon? The guided busway would rattle you into the town centre in 15 minutes from there. (Plus, if your other son loathed the idea of Hills/Long Road for 6th form later, you have IMpingont 6th on your doorstep.)

oh good grief.

Impington.

Not sure anyone would really expect Cambridge prices to come down any time really. Supply and demand and all that, with Cambridge being quote a boom area.

Agree with others, Cambridge prices might stop going up at crazy rates (but equally they might well keep on as they are) but they are highly unlikely to drop faster than you are spending money on rent.

Cambridge (and the surrounding areas) are their own little bubble in terms of housing. New developments of appartments tend to be marketed overseas to property investors so a relatively small percentage of the new housing stock goes into the local buyers market. That means prices on small houses and appartments stay high - the overseas investors are megabucks buyers so the fiffling around the edges with tax the government does on BTL doesn't make much difference.

In addition Cambridge attracts big companies such as AZ which means there is a constant stream of well paid arrivals looking to buy and prepared to pay. Good schools and relatively lower housing prices compared to London mean there are always families moving out from London with the salaries to match as well.