Cambridge is home to world-class universities and a vibrant start-up ecosystem. As a result, many young people move to the city for study and work. However, it is becoming increasingly unaffordable to buy or rent within the city and this is driven by a lack of housing stock.
While the average wage of a professional in the city is £35,000 per year, house prices are close to 4.5 times the yearly income at £450,000. Rents are comparable too, averaging at £1,200 per month for a 1-bed flat and accounting for nearly 40-50% of outgoings. If the situation continues, it will hinder growth and prevent much needed talent from settling in the city.
The Conservatives believe this is an urgent issue that needs to be addressed through mechanisms such as planning permission for brownfield sites along with the development of supporting infrastructure.