Honourable and personal residential letting experts

27Mar

What is happening in Cambridgeshire?

The media has been full of tantalising snippets about our area – Cambridge 2040, the Greater Cambridge Local plan and the East West Rail. Why is it important to know? Simply if you are looking to invest in the area you need to be aware of factors that will affect your return in the future.

Cambridge 2040 (2050?) after the budget

The budget gave a bit more information about the plan for Cambridge announced last year.

  • An additional £10.2 million investment will be given to the Biomedical Campus. £7.2 million will be for local transport improvements and the remainder will be given directly to Cambridge University Hospitals. However, there is quite a bit of discussion happening as to whether £7.2 million is sufficient to ‘un-pause’ the CSET busway!
  • £260 million has been allocated towards building more homes across the entire country. We will have to find out how much has been allocated specifically to Cambridge once the next spending review has taken place.
  • Last December Mr Gove announced that 250,000 additional houses will be built by 2040. It sounds like this has now slipped to 2050.

Transport in Cambridge

The new Cambridge South station is due to Open 2025. It will connect the Cambridge Biomedical Campus with potential destinations such as central London, London Stansted Airport, Ely and Birmingham, and is expected to form part of the new East West Rail route from Bedford to Cambridge when constructed.

Greater Cambridge Local Plan

The Local Plan for Cambridge and South Cambridgeshire – has been ongoing since 2019. So far, the councils have got as far as the ‘Development Strategy Update’ in early 2023.

The plan identified a need for a further 14,500 homes between 2020 and 2041, in addition to the 37,200 homes already provided for by the 2018 plans. This reflects the number of jobs forecasts for the area which amount to an additional 66,000 between now and 2041.

But with all of these plans the main issue is water supply. It has been reported that we will need at least two reservoirs to deal with the amount housing planned. Plans for these are still ‘on the table’.

East West Rail (EWR)

This is the railway that will possible one day connect Cambridge with Oxford. Discussions regarding where it will land in Cambourne are still in the air. The Bedford to Bletchley part of the line should be completed by 2030.

What does this all mean?

Cambridgeshire is a vibrant and growing area. You only have to visit the site of the Cambridge Biomedical Campus to see the growth so far and the foundations for the future. Further developments are planned including two new specialist hospitals in the pipeline which will equal five hospitals within a very close vicinity – with Addenbrooke’s, Royal Papworth and others already present. There are 66,000 more job openings expected to be here by 2041 which means people will need a roof over their head. If you would like any more information about where best to invest just give the team a call on 01480 494939.