cambridge property edition january

JANUARY 2014JANUARY 2014

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FREEMAGAZINE

THE ARCHITECTASK

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Property Edition | January 2014 | 3SIGN UP TO THE EDIT NEWSLETTER AT CAMBSEDITION.CO.UK

elcome to the first Property Edition of 2014. Last year ended on an encouragingly positive note, with

property professionals in the city predicting brighter things ahead. It’ll be a slow journey to recovery, in all likelihood, but in Cambridge we’ve always been better placed than most to enjoy a more prosperous housing market. Indeed, a recent report has identified Cambridge’s economy as the strongest in the country, topping the UK Vitality Index chart and leading the way for economic growth. Lambert Smith Hampton has even predicted a ‘boom’ for both residential and commercial property in 2014 – you can read the full article on page 5.

Also in this issue, we take a look at some of the houses currently on the market – one of which could prove to be just the one you’re looking for. Traditional Victorian city-centre terraces remain incredibly popular, and one has come up on City Road, in the Kite area, which offers three bedrooms and a delightful

roof terrace, boasting stunning rooftop views. A particularly interesting one also caught our eye in Hills Avenue, which would suit someone looking for a home a little out of the ordinary. Built to a Japanese design, it’s completely different to anything else in Cambridge, and benefits from plenty of natural light, open-plan living accommodation and a secluded, leafy setting. Read more on page 5.

We’ve also introduced a lettings feature this month, with advice and commentary on this popular and ever-growing market. Renting has become one of the only ways for young professionals to gain a foothold in the city centre, and the norm for a generation priced out of the housing market. Predictions are that there will be over 50,000 new jobs created in Cambridge by 2021, bringing thousands more workers to the city, many of whom will look to rent before they buy.

Whatever you’re looking for this year, we hope you find it: and that these pages might help you in your search. Happy New Year.

WELCOME

WELCOME TOPROPERTY EDITION

COVER IMAGEThis beautiful home is blessed with an idyllic location, spacious interiors and sweeping grounds of around 1.8 acres. It stands in Meadow Lane, Houghton, and was constructed in the 1990s in a classic Georgian style, inspired by National Trust property Uppark, in West Sussex. it o� ers fi ve bedrooms (two with en suites) and could be yours for £1.65 million. For more information, contact Wellington Wise on 01480 498400.

KEY ACCOUNTS MANAGERJulie Skeet 01223 499464 [email protected]

JENNIFER SHELTON, FEATURES EDITOR [email protected] 01223 499463

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4 | Property Edition | January 2014 SIGN UP TO THE EDIT NEWSLETTER AT CAMBSEDITION.CO.UK

PROPERTY

PROPERTY NEWSEdition takes a look at the latest happenings in the buzzing local property market

WORDS JENNIFER SHELTON

There’s nothing like having a houseful of relatives to make you consider an extension. Or perhaps converting the loft, cellar or even the garage. Here’s where an architect can help you out.

“Over Christmas, many people start to refl ect on how much space they have and whether or not their homes are working for them,” says principal architect John Patterson. “It might be that you’ve had Auntie Mabel to stay and realised you need better guest accommodation, or that you’ve got a baby on the way and simply need more room.

“People automatically think they’ve got to move to gain more space, but in reality many are being forced to stay where they are because of the downturn,” he adds. “I believe it’s about making the most of what you’ve got and maximising your current house’s potential.”

Founded in 1980, KMP is a well-established, award-winning RIBA Chartered architects practice based in Sa� ron Walden.

They o� er a professional yet friendly, approachable service, working closely with you, the client, to help you realise your housing vision.

“An architect will help you achieve your aspirations and add value to your project through good design and sound construction management,” says John. “We’ll help you decide what it is you want – whether it’s something seamlessly in keeping with the character of the property, or something completely modern. And most importantly, we’ll listen.”

KMP works on all manner of projects, both residential and commercial, from barn conversions to new builds, listed buildings to stunning contemporary structures. They rely on trusted craftsmen and builders to ensure that each project is completed to the highest standard, and gain much of their business through recommendations.

“What sets us apart from other architects is that we also o� er full in-house surveying and project-management services,” adds

John. “This means costs are controlled and the process is much more e� cient.

“Our vision is to be a one-stop shop in all aspects, providing surveyors, project managers, structural engineers and all other professional services under one roof. Above all, at KMP, we pride ourselves on our commitment to o� er a highly personal service by working closely with each and every client to help them to realise their vision and their project.”www.kmpractice.co.uk

NO ROOM AT THE INN?

DEVELOPMENT OPPORTUNITYIf you’re looking for a new year’s project, this lovely home, brimming with potential, could be for you. A period farmhouse in need of modernisation, it stands in High Street, Bottisham, with beautiful gardens to the rear. The property o� ers three bedrooms, two reception rooms, a kitchen, conservatory and bathroom, most of which are spacious, with large windows. There is a range of outbuildings to the rear, including a stable block, a barn and a garage, while the lawned gardens are a particular feature.

This property is located seven miles out of Cambridge, and on the market with Carter Jonas for £675,000. For more information call 01223 368771.www.carterjonas.co.uk

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PROPERTY

DOWNSIZE AND SAVE

Homeowners can potentially raise a six-fi gure sum by downsizing, say estate agents Strutt & Parker in Cambridge. People stand to raise an average of £97,722 by downsizing their home, while those doing so in

London can typically raise a staggering £272,000. A report from Lloyds Bank reveals that reducing bills and preparing for retirement are the most common reasons for moving to a smaller home. But it is also an option being considered by younger generations as they look to survive the tough economic climate.

43 per cent of downsizers, for instance, want a smaller property to help reduce bills. The average age of those looking to downsize is 40 years old, with 26 per cent of potential downsizers aged 26-35. A further 26 per cent are 36-45 while 24 per cent are in the 46-55 age bracket, driven by the fi nancial rewards on o� er.

Cameron Ewer from Strutt & Parker said: “People are realising that downsizing is an exciting opportunity. The bravest downsizers don’t seek a smaller replacement of their former home, but something o� ering a new and inspiring way of life. Perhaps a barn conversion, or a townhouse with a small garden that can be locked up and left whilst they travel around the world...”

For those trading down early, the potential amount that can be raised by downsizing from a detached property to a bungalow has jumped by 12 per cent, or £10,221, over the past decade, to an average of £97,722.

The potential amount of cash that homeowners can raise by downsizing their property from a detached home to a semi-detached has now risen by 13 per cent, or £13,910, to £116,474 during the same period.

Some 45 per cent of homeowners planning to sell their property in the next three years claim they would like to downsize, and overall, 29 per cent of those considering moving to a smaller property are doing so earlier than they expected.www.struttandparker.com

Cambridge is leading the way for economic growth, topping the UK Vitality Index chart of the most economically sound cities and towns with the greatest ability to support growth. The research was carried out by national property consultancy Lambert Smith Hampton. Associate director of research Tom Leahy said, “Cambridge has a vibrant business start-up scene and a well-educated workforce, making it ideally placed to support future economic growth. Driven by its expertise in bioscience and information technology, Cambridge has a dynamic local economy that outperforms on almost all of the 20 di� erent measures used to assess the health of the UK’s main regional economies.” As a result of Cambridge’s strong economy, you can expect the property market, both commercial and residential, in the city to experience a bit of a boom in 2014.

Homeowners can potentially raise a six-fi gure sum by downsizing, say estate agents Strutt & Parker in Cambridge.

average of £97,722 by MODERN MASTERPIECEThis striking home in Hills Avenue, Cambridge, caught our editor’s eye with its contemporary angles and modern, oriental-inspired interiors. The property is on the market with TuckerGardner and comprises a light, spacious dining/family area opening onto a kitchen; a living room with beautiful views of the garden; a study area with open fi replace; plus a bedroom wing of four bedrooms, a bathroom and en suite to the master. The property is set back from the road, arranged over one level and benefi ts from plenty of natural light. Parking is also provided. For more information or to view this unique home, call 01223 350800.www.tuckergardner.com

CAMBRIDGETOPS CHART

CITY HOMEA tastefully modernised and extended Victorian home has come onto the market, located on City Road. It’s in the sought-after Kite area, within walking distance of Cambridge city centre. Inside, the rooms are light, fresh and neutrally decorated: the contemporary kitchen leads onto the spacious wooden-fl oored dining room and the sitting room benefi ts from a cast iron fi replace and gorgeous fl oor-to-ceiling windows with a door leading onto the walled courtyard garden. A surprise feature of the property is its roof terrace from which you can enjoy far-reaching city views.

This three-bed home has two bathrooms, one of which is en-suite, and is currently being marketed by Redmayne Arnold & Harris at £675,000. To view contact 01223 323130.www.rah.co.uk



PROPERTY

That Cambridge has one of the most dynamic and fastest growing residential markets outside London is rarely disputed, and today the market is a buoyant as ever, say rental experts at Bidwells in Cambridge.

Andrew Tucker joined Bidwells in 2006 and is a leading expert in the residential lettings and property management fi eld. He says:

“Due to strong residential market there are a growing number of investors looking towards the Cambridge market, especially at the growth in apartment and house prices over the coming years.”

Current projections for Cambridge suggest that the population of the city will grow to almost 150,000 over the next ten years: an increase of more than one fi fth. As such the demand for new homes is expected to push up prices and the level of demand for rental properties.

Andrew adds: “The rental sector is dominated by high earning, well educated, highly skilled young professionals. The demands of the University and the commercial sector, with their need for

mid term rental properties, have had a signifi cant impact on the city’s rental market. It is anticipated that this trend will continue to grow – an assumption underpinned by the fact that companies such as AstraZeneca are relocating their world wide HQs to Cambridge.”

Market watchers predict that there will be over 50,000 new jobs in Cambridge by 2021, underpinned by £4bn worth of new infrastructure investment.

“In addition, investors seeking more evidence on why Cambridge is so attractive a place to live and work just need to look at the ‘quality of life’ enjoyed in Cambridge - all the attractions of urban living, a stone’s throw away from some of the most breathtaking countryside in the country,” says Andrew.

Cambridge o� ers a variety of homes for all tenants – from the modern apartment to a Victorian terrace with period features.

Andrew adds: "There really is a home for everyone, and renting now a days isn’t just for students. It's for families and for

young professionals. Bidwells always has properties on for rent at di� erent price ranges in locations across the county."

The advantage of renting is it allows you to live in a property that realistically you couldn’t a� ord to buy. It opens up the doors to that home beyond your budget, which in Cambridge is a common issue.

Adds Andrew: "We see a lot of tenants renting properties in their preferred areas as a 'try before you buy' approach, allowing them to test out the location before buying."

For more information on letting or renting in Cambridge, contact Bidwells on 01223 841842.www.bidwells.co.uk

LET’S RENT!


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PROPERTY

Ensuring your home stands out to prospective buyers could mean you need to do more than add a lick of paint. Local experts advise on the investments worth making

WORDS CHARLOTTE PHILLIPS

nce upon a time, selling your home was strictly seasonal, starting up in spring, carrying in on into the summer, with

buyers and sellers calling a halt once the nights started drawing in.

No longer. Like weddings, the property market has become a year-round business, with online sites reporting high levels of activity even in the depths of winter.

With annual growth rates running at just above ten per cent a year in Cambridge – one of the highest in the country – and showing no sign of slowing, it’s not surprising that property owners are taking the decision not to wait for spring to put their homes on the market but to take action now.

If you’re one of them, you’re likely to face that perennial conundrum – how much work to do to boost the value of your home, and when to stop. As always, the person who is most likely to know is

your estate agent. With hundreds, if not thousands, of viewings under their belt, he or she knows what really matters to buyers, and what is simply froth.

The first point worth taking on board, possibly repeated at least daily to keep it top of mind – is that it takes less than a minute for buyers to decide whether or not they like your home.

“It’s said that in the first 30 seconds they are starting to make their mind up and first impressions last, so doing the house a sort of universal justice across each of its elements is really quite important,” says Stuart Harris, a partner at Carter Jonas.

Those 30 seconds will be enough for all those little details you’ve pored over – crisply trimmed front garden greenery, solidly tiled path and freshly painted front door – to tick the boxes or, if they haven’t been done, it will score a big black mark instead – instantly negating the impact of

any refurbishment you may have carried out elsewhere.

“Everything you’ve done inside will have been wasted because people have formed the impression that they need to do some work,” says Stuart Harris.

Similarly, ensure that must-do basic repairs are in place. Though they may not add directly to the bottom line, failure to do them, particularly if they are likely to crop up in the surveyor’s report, will only add delay and stress to the sale.

“Fix anything that is fundamental,” urges Cameron Ewer at Strutt and Parker. “If you know that you had that leaky pipe from the bathroom above and it has stained the living room ceiling below, I’d make sure the cause has been rectified. If you leave it, someone coming in will assume it’s a major issue and the whole roof has to come off.”

Next on the list comes the need to give your home an everyman patina. Your

IMPROVE TO MOVE

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PROPERTY

castle, of course, reflects your character. One of the main joys of property ownership, after all, is that ability to express yourself through your possessions.

Unfortunately, when you sell, it is something you may need to rethink so that your personality, joyous and vibrant though it undoubtedly is, doesn’t make the more shy and retiring vendors feel completely swamped.

Carpets should be clean and calmly patterned, paint colours in any shade you like – as long as it’s magnolia or something similarly neutral – and excess knick-knackery should be subdued.

“With the classic drawing room, for instance, where there are footstools and tables with photographs, then consider thinning it out,” says Stuart Harris. “If somebody walks into a room and it looks too busy, they have trouble seeing themselves in that space.”

Chris Baker, a director at Pocock & Shaw, also stresses that the way you use your rooms, however idiosyncratic and charming, may need to be rethought, particularly in the case of spaces relegated to jumble sale or charity shop anteroom for a decade, filled with the stuff that, Womble-like, you and other folk have left behind over the years.

“If you’ve got a third bedroom that’s just used as a junk room, make it a bedroom or make it an office but give it a dedicated purpose rather than a room full of boxes or people will think that it can’t be any good for anything because it’s just a store room.”

And unsurprisingly, he, like other property experts, is firmly at one with the tidy brigade when it comes to the surface prettifying of your home.

But what if your home could do with more than a basic paint and paper job? The dilemma for the property owner is knowing when to leave well alone and when to start investing serious money.

It’s all too easy to end up spending a small fortune, or, conversely, thinly attempting to disguise major flaws. Neither is necessarily a good idea. Buyers these days are a sophisticated bunch who won’t be fooled by storage heaters, intended to mask the absence of a proper heating system, or replacement plastic windows substituting ineffectively for wooden sash versions.

Instead, you need to search out the Goldilocks territory, thinking neither too big, nor too small, but somewhere firmly in the middle.

Take kitchens and bathrooms. For most of us, they’re the icing on the cake aspect of property prinking and the most personal spaces of the house. As a result, most buyers are likely to react the same way by wanting to do their own thing. Spending loadsamoney on redoing a kitchen from scratch, however upmarket, will not inevitably be transferred to the asking price.

“You can spend £150,000 and put in a beautiful Clive Christian kitchen but it is not going to add £150,000 of value to your house,” says Cameron Ewer. Replacing past their best unit doors, however, can be a quick and effective fix.

That said, if as part of a refurbishment programme you have sensitively made the most of your home’s potential, extending up into the roof space or, garden area permitting, at the back, it’s something that will undoubtedly reap rewards.

“The classic example of somebody who’s done it right was a semi-detached ex-council house on Cavendish Avenue,” says Cameron Ewer. “They’d put this incredible extension on the back. We put it on at £795,000 and we eventually sold it for £900,000.”

His advice for anyone contemplating anything on a similarly large scale is, however, to check first. “Talk to an agent

Ensure your décor is neutral so as not to overwhelm a viewer; it may be worth spending a bit of money to giveyour walls a lick of magnolia

“If somebody walks into a room and it looks too busy,they have trouble seeing themselves in that space”



PROPERTYPROPERTY

before you commit,” he says. Because of our area’s buoyancy, people will pay a high price for unconverted property and seem to prefer to do lots of work themselves, even though he thinks they won't necessarily get the money back.

“Houses in need of refurbishment often sell very well. It’s not necessarily about adding the value because people will pay a little bit of a premium. I’ve seen cases where you could argue that the unimproved house is as valuable as the one you’ve done up,” says Stuart Harris.

Other experts agree – particularly when an improvement results in space sacrifice elsewhere. The classic example would be turning the smallest of three bedrooms in a terraced house into a bathroom. However whizzy (or costly), it’s unlikely to add value because of the space sacrifice elsewhere. Similarly, a modest loft conversion in a similarly configured

property which adds another, secondary bedroom might yield £50,000 to £70,000, minus building costs. However, a more ambitious loft conversion resulting in a new main bedroom as well as that extra bathroom could add as much as £75,000 to £100,000 to the bottom line.

In such a buoyant market, the seller who doesn’t want to try too hard will still be able to sell with relatively little effort. However, taking a bit of time and trouble to create a magical first impression can pay dividends.

“People are prepared to pay for quality,” says Chris Baker of Pocock & Shaw. “A cheap kitchen will make little difference to the value but if the property’s been extended, has bi-folding doors onto the garden, and underfloor heating and granite worktops, it has got the wow factor and will achieve a significantly higher price because of it.”

Adding an extension, fitting a new kitchen or converting your loft are all ways to add value to your property and potentially make it more saleable. An extension is likely to bring the greatest reward when you come to sell but it usually means a smaller garden and this needs to be considered; your house may be harder to sell if the outside space is out of proportion to that indoors.

Most lofts are suitable for conversion provided they have a minimum height of 2.4 metres and a loft conversion is likely to be much less disruptive than an extension.

It’s worth remembering any alterations or improvements to your property may require planning permission and/or building regulations approval and it’s important to fully investigate the position before you commence work.

When you come to sell your property you will need to demonstrate to a potential buyer that you have obtained the appropriate consents for the works you have carried out. Some of the more minor alterations or extensions can be carried out without planning permission and this is known as ‘permitted development’. Whether the works you intend to carry out qualify often depends on whether part of your property has been extended previously.

Irrespective of whether the works qualify as ‘permitted development’, they may still require building regulations approval.For more information, call 01223 451055 or see online at www.houldensweeney.co.uk

Property law solicitors Houlden Sweeney advise

on altering your home


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PROPERTY


BOOMTOWN BULLETIN

WORDS MEGAN CROFT

All the latest from Cambridge’s new property developments

CONNECTED IN CAMBRIDGESHIREFast-track and country living aren’t normally two phrases that you hear in the same sentence, but the Cambridgeshire guided busway is making village life much more connected by providing quick and fuss-free journeys between Huntington, St Ives and Cambridge’s city centre. One of the latest housing developments to benefit from the award-winning busway is Primrose Lane in the quaint village of Impington, where residents can access the city centre in about 15 minutes.

Primrose Lane comprises two- to five-bedroom luxury homes, in an exclusive enclave within one mile of infant and junior schools, offering contemporary, conveniently situated living for families and professionals alike. Paul Timson, sales manager at Bellway

Homes Essex said of the development: “The homes at Primrose Lane make an excellent base for workers in Cambridge and the Science Park, with a quick commute on the busway or by car. The charming villages of Histon and Impington have plenty of good local community facilities, so residents have everything they need within walking distance of their home.”

The homes are being snapped up fast, with all of the two- and three-bedroom properties now sold. If you are interested in viewing one of the larger properties, you can get in touch with the marketing team at Bellway on 01223 235100 or email [email protected] for more details. Prices of the remaining houses range from £459,995 to £599,995.www.bellway.co.uk

There is plenty of room for a growing family in the three-storey, five-bedroom Warwick type house on the popular Primrose Lane development. On the ground floor is a large lounge with French doors leading out onto a private garden, a separate dining room, an open-plan kitchen and family room that features an attractive large bay window. Upstairs, the first floor houses a spacious master bedroom with fitted wardrobes and a modern, white en-suite bathroom with contemporary chrome fittings, and there are a further two bedrooms, one of which could be used as a study, and a family bathroom. The third floor has a further two bedrooms and a shower room, making this space ideal for hosting guests. The Warwick house is available from £574,995 and viewings can be arranged through Bellway.

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PROPERTY


It isn’t every day that spacious city-centre townhouses come onto the market, making the homes on Kingsley Walk set to be hot property. Scheduled for completion in spring 2014, Kingsley Walk makes up the fi nal phase of Berkeley homes’ Cambridge Riverside development and o� ers four- and fi ve-bedroom homes on the edge of the city centre, with Midsummer Common and the River Cam right on the doorstop.

Tina Dedman, sales and marketing director for Berkeley Homes says: “We recognise that there is a huge demand for expansive homes in central Cambridge and these new townhouses o� er the extra space which is so in demand. Cambridge is an extremely desirable area for prospective buyers and following the popularity of the initial phases of Cambridge Riverside, Kingsley Walk o� ers a fresh chance for future homeowners to secure a high-specifi cation property in a massively sought-after location.”

The properties are almost a third larger than the average British home and each of the ten homes has been exquisitely designed for modern living, featuring light open-plan spaces, a private garden and state-of-the-art technology, including a sound system that links to the kitchen,

living room, master bedroom and the master en-suite. Outside, there is parking for two cars and residents will also have access to the onsite gym as well as a concierge service.

Savills’ director of Residential Development Sales, Toby Greenhow, adds: “These homes are just what the market has been waiting for as most new developments in Cambridge have, understandably, been apartment-led.

We have not seen dedicated new luxury houses of this quality or scale in the centre of Cambridge for a generation. The level of interest refl ects the huge demand for what is a genuinely unique o� er for the area.”

Prices for properties on Kingsley Walk start at £1.3million and the show home opens in January; viewings can be arranged by contacting Berkeley Homes on 01223 656010 or visit their website for more info.www.cambridgeriverside.co.uk

Trumpington MeadowsClose enough to bike into Cambridge city but far enough away to benefi t from countryside surroundings, and with all the attractive trappings that come with owning a new home, the sizeable Trumpington Meadows development is already proving to be a success, as we found out from new homeowners Anna Davies and Neal Carter who recently bought a three-bedroom home there.

The couple were looking for a property that was in move-in condition and was an ideal commuter distance from both of their places of work. “We started looking last summer, but for us the location was hugely important and it was hard to fi nd the right balance. When we came across Trumpington Meadows, we knew the location was right,” explains Anna.

The development is within a few minutes’ drive from the M11 and near to the A14, but is surrounded by plenty of green space – of the 350 acres that makes

up Trumpington Meadows, just 59 acres is for housing and it’s set on the edge of an award-winning country park too.

“We’re both very busy day to day so taking on a project which required renovation would have been unwise. Our new home is more e� cient and requires less maintenance compared to an older property so it is perfect for our lifestyle,” added Anna. On top of the standard NHBC ten-year building warranty, the properties on the development also come with an additional fi ve-year guarantee on all fi xtures and fi ttings so everything from the oven to the heating system is protected.

There is a range of contemporary homes available to buy on the development, from three- to fi ve-bedroom properties priced from £399,950 to £699,950. To arrange a visit to one of the show homes, get in touch with Barratt Homes on 0844 8114888 or for more information visit their website.www.barratthomes.co.uk

SPACIOUS TOWNHOUSES

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cambridge property edition january

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