What does this mean for those buying property in the city of Cambridge?
First time buyers – act fast with those savings
First time buyers with a deposit saved, inherited or gifted, are better off moving sooner rather than later. If they wait, their deposits will not go as far as they initially thought.
Investors – make hay while the sun shines
Returns from high interest savings accounts and bonds will be hard pushed to return 2.5 – 3.25%. Last year Cambridge property made nearly double this amount. It is worth making the most of it while it lasts.
In both instances, being prepared is so important. That means choosing a reputable broker who is genuinely independent and who will work for you without charging an initial upfront fee. Stick with your broker, and you will be rewarded by a service that justifies the fee. Be cautious of agents that use their own advisors as this begs the question – for whom is the broker working: you or the vendor?
Good estate agents give preference to offers from potential buyers who know and can prove their financial position. This saves them time and provides their vendors a more substantial service, by being able to financially qualify and recommend each offer.
If you want to purchase in Cambridge, with the price of property here still rising, be smart – use Limetree.