First Time Buyers in Cambridge, Affordable Housing & New Housing Developments.
In this CB Self Storage blog we will be looking at the up and coming developments in Cambridge City & surrounding towns and villages, what you can get for your money, and how to best achieve that work/ life/ salary balance.
Cambridge is one of the fastest growing cities in the UK, with a world class reputation for education, science and innovation it is a major focus for employment. This is creating a huge demand for new housing and 14,000 new homes are being built in the city alone by 2031.
On the southern fringe around the Cambridge Biomedical Campus (the site of the new Papworth Hospital, AstraZeneca site, the Energy Centre, etc.) new housing developments are being built like Trumpington Meadows (1200 homes), Clay Farm (2300 homes), Glebe Farm (286 homes) and Bell School (270 homes).
The Cambridge North West Quandrant (Eddington site) development is just a few miles from CB Self Storage. It has been designed by Cambridge University, on land between Huntingdon Road and Madingley Road, and aimed at providing housing for key workers, students and university staff. Darwin Green is being built on land between Huntingdon Road and Histon Road (on the old National Institute of Agricultural Botany site) with up to 1593 homes.
In the Cambridge Station area 331 homes and 1250 student flats have been built.
On the north of Cambridge, the new town of Cambourne is still being developed, and Northstowe, where they are building over 10,000 homes, is on CB Self Storage’s doorstep, just across the other side of the A14 to our self-storage site on the Trafalgar Business Park, Bar Hill.
For the basis of this piece, I am assuming that you are like many 20-40 year olds in the Cambridge area, you work in Cambridge and you are stuck in rented accommodation or are staying with parents while you desperately save up a deposit ( don’t forget, CB Self Storage will happily look after your belongings while you are there!). For most people in this situation the only option is to look for a property outside Cambridge, possibly in one of the new villages/towns like Northstowe or Cambourne. But are there any options to buy a property within Cambridge City itself?
Let’s make some very general assumptions…..
Average salary in Cambridge is around £33k, as reported by the Telegraph back in 2014, so we will assume it hasn’t changed much since then. We will also assume you’re a couple and your combined wages comes to around £50k, so after tax & NI you take home around £39k/year or £3250 /month.
With this money coming in I think it’s realistic to assume you can probably justify a mortgage of around £1200 PCM, keeping in mind utilities/insurance and pizza/beer tokens will be on top! Oh, and you are lucky enough to have £15k sitting in a joint account as a deposit!
Quick detour, if you havent seen it yet the gov do a great deal with the help to buy isa, they top it up by 25% https://www.moneysavingexpert.com/savings/help-to-buy-ISA
Back to Finding an affordable Property in Cambridge…….
After a quick search on Rightmove (search Oct 2017), I have picked out a few of my favourites.
Central Cambridge £1271 PCM
At Beacon Rise there is an apartment being sold under the development’s shared ownership scheme. It comprises of a spacious and modern living/kitchen/dining area, as well as 2 bedrooms with en-suite to master, as well as a further bathroom.
The price of the apartment is based on a *50% SHARE* and will have a rent of £481.25/month, plus an additional £790/month (approx.) on a 200K mortgage.
Trumpington £1084.36 PCM
A 2 bed apartment and you pay £153,000 for a 45% ownership of the property, which means it’s really worth £340,000. That’s pretty hefty in anyone’s money, especially as It’s not Cambridge central and you still have commuting costs.
Rent: £402 per calendar month
Service Charge: £77.36 per calendar month.
Ok, let’s look a tad further out, but within a 45 min commute to Cambridge.
St Ives £ 865 PCM
2-bedroom flat, with shared ownership scheme. With the handy guided busway right on your doorstep, this beautiful market town is a great place if you want that bit more space, and don’t want the city life style.
Waterbeach, £1100 PCM
2 bed room flat, with shared ownership scheme
Service charge £180
Now as we write this blog Oct 2017, there are not many affordable properties available, but that said Northstowe is getting closer to being finished, and there are some HUGE developments coming soon with affordable and key worker housing , especially in the North West Cambridge Eddington development, just down the A14 from CB Self Storage, 16 Trafalgar Way, Bar Hill, Cambridge CB23 8SQ. Hopefully the above will give you some ideas if you are stuck in the rental spiral.
CB Self Storage is the ideal place to store items if you are deciding to take the leap and stay with ‘mum and dad’ for a while to save up for a deposit, or need somewhere secure to store your larger items until you can afford to move to a larger flat/house, or are actually moving and need help with the removals.
Visit us at CB Self Storage, 16 Trafalgar Way, Bar Hill, Cambridge CB23 8SQ or give us a ring on 01223 853351, we would love to help you achieve your dream property!!