Cambridge: House Prices Rise

A survey by the Nationwide Building Society indicates house prices in Cambridge have risen by more than anywhere else in the UK.

The research shows the average cost of a house in Cambridge now stands at £336,667, a rise of six percent on this time last year.

The next best-performing towns or cities are Coventry, where house prices have risen three percent to stand at an average of £165,100, and St Albans, where the average price now stands at £373,534 after a three percent rise.

Across East Anglia as a whole, house prices have fallen by almost two percent.

The average cost of a property in East Anglia is now £164,701.

The building society's study also found evidence that the north/south divide in England is widening, with the price of a typical home in the south now standing at a new high of around £95,000 more than in the north, representing a two percent increase compared with the end of 2011.

Robert Gardner, Nationwide's chief economist, said that the market is likely to remain sluggish amid the difficult economy. 

He said: "With the economic recovery expected to remain fairly weak, the housing market is likely to be characterised by low levels of activity again in 2013, with prices remaining flat or modestly lower over the course of the year.''

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