The Great CB23 Space Race: Why Semi-Detached Homes are Leading the Pack this June
If we look back five years, everyone was just starting to crave a bit more elbow room, but the way we value that extra space has shifted massively since then.
I’ve got some good news and some "keep your eyes peeled" news for you today. The good news? Our little pocket of the world is still a very busy place to sell a home, and if you’ve owned a semi-detached house for a while, you’re likely sitting on a tidy sum. The "keep your eyes peeled" bit? The cost of borrowing money is still a bit higher than we were used to a few years back, and that’s changing which types of homes people are fighting over.
The Cost of a Front Door in CB23
Have you ever wondered what the actual price gap is between different types of homes across our villages like Papworth Everard or Elsworth? It’s quite a jump!
Currently, the average asking price for a detached house in CB23 4 is £534,604. If you look at a semi-detached, the price sits at £389,957. That’s a difference of about £144,000—basically the price of a fancy sports car or a very posh garden room and a double garage!
If you’re looking for something a bit smaller, terraced houses are averaging £334,103, while flats are sitting at £198,397.
The 7-Year Treasure Map
This is where it gets really interesting. Did you know that if you bought a semi-detached house in CB23 4 seven years ago, you’ve seen the biggest "wealth boost" of everyone?
Since 2019, those semi-detached homes have shot up in value by £95,431. Compare to someone who bought a flat, who has seen their home grow in value by £35,745. While both are great, the folks in the three-bedroom semis have essentially "earned" an extra £60,000 just by living there.
The reason? Locally, everyone wants a garden and a bit of a driveway, but the biggest, detached houses have become so expensive that the semi-detached has become the "sweet spot" for families moving out of the city.
Why is this happening?
Everything that happens in the big London offices of the Bank of England eventually wobbles the handles on the doors in Caxton or Boxworth.
Right now, the Bank’s "Base Rate" is at 3.75%. Think of this as the "price of money." Because it’s higher than it was a few years ago, people who are buying their very first home (usually looking at flats or terraces) are having to be much more careful with their pennies. Meanwhile, people getting pay rises (which are up about 3.7% nationally) are using that extra cash to jump from a terrace to a semi-detached, keeping the demand for those family homes really high.
What does this mean for you?
- If you own a detached home: You are holding the "gold standard." Even though fewer people can afford the top-tier prices, there are very few of these for sale, which keeps your price steady.
- If you own a semi-detached: You are in the box seat! Your home is exactly what everyone wants right now.
- If you own a flat: It’s a great time to be a seller for someone looking to get off the rental treadmill. With rents being high, owning a flat in a lovely spot like Cambourne is very attractive to first-time buyers.
Looking Ahead
Over the next year, I expect the "middle of the market"—those lovely terraced and semi-detached homes in CB23 4—to stay the strongest. As long as people keep getting pay rises and the number of houses for sale stays low (we only have about 2 and a half months' worth of houses available!), prices aren't likely to drop.
If you’re curious about which "bracket" your home falls into, feel free to drop me a line.