£330 per square foot – for a garage

Estate agency Bidwells is setting one of the records for the highest price per square foot ever achieved for a property outside of London – but it’s a garage, not a home.
The garage is described as “Victorian detached” and is on the market in Cambridge for £80,000, a local record. It measures 20 feet by 12 feet – making it about £330 per square foot, although the plot on which the garage stands is larger – and a decade ago a proposal to build a home on the site was rejected by local planners.

Chris Carey of Bidwells says the price “reflects the fact that in Cambridge it’s difficult to find off street parking and if someone owns a house in a street where house prices are up to a million pounds then they will want off street parking to go with the property.”

Knight Frank says city house prices have soared 20 per cent in one year; Strutt & Parker’s sales so far in 2014 have averaged eight per cent above asking price; and Savills says city centre prices are now 30 per cent above their 2007 pre-downturn peak.

According to Rightmove, Cambridge homes take on average just 27 days to be sold, compared to 47 in Greater London.