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Cambridge house prices increase five-fold in two decades

House prices in Cambridge have risen faster than any other part of the UK outside London. Credit: ITV News Anglia

House prices in Cambridge have risen five-fold in since 1995 according to new figures released by the Office of National Statistics.

The median sale price of a house in the city in 2014 was £350,000, up from £70,000 in 1995. That is a 400% increase and the biggest rise of any area of the country outside London.

Housing market on the up

There's been a rise in the humber of homes being sold here in the East with experts reporting the housing market is almost as strong as it was 7 years ago.

The latest figures from the Royal Institute of Chartered Surveyors show that each surveyor's dealing with 23 sales a month here in The East of England - the highest number since February 2008.

The report says that all the signs are the housing market is showing signs of recovery across the country.

House prices in East Anglia rising faster than most parts of the UK

House prices in East Anglia rising faster than most parts of the UK Credit: Yui Mok/PA Wire/Press Association Images

House prices in East Anglia are still rising faster than most parts of the UK despite a slight slow down during March.

In the first quarter of 2014, property prices in East Anglia rose by 2.9% according to the Nationwide building society. Only two other regions - London and the North - saw bigger rises.

The average price of a house in East Anglia is £179,718, which is 9.5% more than a year ago.

Cambridge is fourth in the list of highest rising prices after Manchester, London and Brighton.

The city saw a 14% year-on-year increase with the average house now worth £405,540 which is more than in London.


Another record high for house prices in the East

House prices have hit a record high in the east. Credit: ITV News Anglia.

House prices in the East of England have hit another record high.

The average cost of a home in this region is now £263,000, according to the latest figures from the Office for National Statistics (ONS).

In the East, the House Price Index - which measures how house prices change from one sale to the next - is now above its pre-financial crisis peak.

The charity Shelter has warned prices are "spiralling out of control".

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