1. ITV Report

Cambridge house prices rise at higher rate than rest of UK

Cambridge saw the highest house price rise in November 2017 Credit: ITV News Anglia

House prices in Cambridge increased more than anywhere else in the UK last year.

The latest figures for November show they were up by 16.4% with the average house price now at £462,000.

Nationally prices rose by 5.1% with the average house price nationally standing at £226,000.

The increase is slightly down on October 2017 which was at 5.4% according to figures from the Office for National Statistics, the Land Registry and other bodies.

The report said that growth has slowed since mid-2016 at broadly around 5%.

Cambridge was the UK local authority with the biggest annual growth.

Rise in Cambridge house prices in Nov 2017

"The fundamentals for house buyers are likely to remain challenging. The squeeze on consumers' purchasing power remains appreciable going into 2018, and it is likely to only gradually ease as the year progresses. Additionally, housing market activity is likely to be hampered by fragile consumer confidence and limited willingness to engage in major transactions."

– Howard Archer, Chief Economist
One of Cambridge's newest housing developments Credit: ITV News Anglia

The strongest growth regionally was in the West Midlands at 7.2% with the East Midlands just behind at 6.4%.

"While it is still early days, so far this year we have already seen considerable pent-up demand for properties - not necessarily resulting in offers but certainly plenty of interest from buyers who have their finance lined up and are keen to find more realistically priced properties."

– Jeremy Leaf, London Estate Agent