Lowdown on Fens property
PROSPECTIVE buyers in Fenland are benefiting from some of the lowest house prices in Cambridgeshire. Latest figures show there is still a wide difference in prices across the county. The average cost of a home in Fenland is £145, 721 compared with £173,74
PROSPECTIVE buyers in Fenland are benefiting from some of the lowest house prices in Cambridgeshire.
Latest figures show there is still a wide difference in prices across the county.
The average cost of a home in Fenland is £145, 721 compared with £173,746 in other parts of the county and the UK. In Cambridge, that figure soared to £280,000 in November.
In the city of Peterborough, the average price is £152,358 and £273,541 in South Cambridgeshire.
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Buyers in Fenland can expect to pay an average of about £85,000 for a flat, £115,000 for a terraced house, £128,00 for a semi-detached home, and £182,000 for a detached property.
Latest figures from the Nationwide Building Society show house prices in the UK rose 1.2 per cent in December, taking the year-on-year growth to 10.5 per cent.
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Experts predicted this time last year that the annual house price growth would be in low single figures.
Now the Nationwide is expecting a cooling down of the market by the end of 2007.
Fionnuala Earley, group economist at Nationwide, said: "There are still few signs that the rate of house price growth will moderate in the very short term. Evidence from estate agents continues to show that supply conditions are tight, with fewer sellers coming to the market.
"We expect worsening affordability and recent interest rate hikes to affect the levels of activity in the market in the coming months. This will lead to a slower rate of house price growth in the second half of the year.