The rivalry between Oxford and Cambridge has been running for decades with the two University cities clashing once a year in the boat race. But there’s also a property rivalry building up between the two, our Oxford and Cambridge teams investigate.

Considering their long history together, it’s not surprising that they share a lot in common:

• Both are full of historic buildings
• They are surrounded by countryside with Oxford close to the Cotswolds and Cambridge the fens
• London commuters flock to both
• House prices are considerably higher than average wages

But which property market is the winner?

While it’s too close to call who will win the boat race, on the face of it Oxford looks set to win the property battle with house prices historically high. But Cambridge is catching up fast with its property boom based on their high-tech economy.

House prices

Oxford is one of the most exclusive cities in the UK with the average house price being more than 11 times the average salary. Don’t expect that to change soon, as in 2013/14 Oxford added just 60 homes to its current collection of Victorian townhouse and quaint six-bedroom cottages.

This has led to its property prices rising year-on-year. According to Hometrack, Oxford’s prices have risen by 8.6% compared to Cambridge’s measly 5.3%. Since 2002, Cambridge has done a little better than its rivals growing by nearly 49%, while Oxford managed just over 41%.

However, things might change in Oxford with plans for developments like Barton Park that will bring 800 new homes and the council-backed scheme the Northern Gateway, which will provide up to 500 new homes.

Cambridge is also a city looking to the future. While Cambridge currently has slightly cheaper homes than Oxford, price growth is expected to be higher in Cambridge over the next 12 months.

This is due to a number of reasons:

• Between 2008 and 2013 employment in Cambridge increased by 28%, compared with 9% in Oxford
• Last year, 1,020 homes were built in Cambridge, 3 times as many in 2009, whereas Oxford built just 60 homes in 2014
• 14,000 new homes are planned for Cambridge up to 2031 and 19,000 additional homes in South Cambridgeshire

While new homes flooding the market can often lead to a price drop, it’s expected that the new developments will make Cambridge more desirable to commuters and therefore increase demand.

Commuting

As London house prices reach ridiculous levels, more and more people are looking further afield for their home – and Oxford and Cambridge are both perfect commuter options.

Oxford is looking to boost its commuter credentials with the Oxford Parkway station that will connect with Marylebone. It will open in September and is the first new station to link a major area in to London in over 100 years.

But Cambridge is catching up by transforming itself into a commuter town to rival Oxford as the area around the train station undergoes a massive redevelopment.

Not wanting to be outdone, Cambridge is also adding a second station with the new townhouses being built in the nearby Chesterton a great option.

Cambridge currently provides slightly faster access to London. Oxford to London is going to be at least an hour, while Cambridge knocks 10 mins off that. That’s 20 minutes a day less or 1 hr 40 mins a week.

Jobs

For those wanting to work where you live (I know, crazy), Cambridge has a high rate of recruitment emerging as a bio-medical company hub.

Pharmaceutical company AstraZeneca recently located their global headquarters here alongside smaller, less well-known brands like Microsoft, Google and Apple.

Of Oxford’s 106,000 jobs, many are in the universities and the public sector but it also has jobs in publishing, tourism, hospitality and a growing hi-tech sector.

Our summary

With the potential Oxford has, the development plans going forward, some of the best schools and education in the country, the culture, museums and theatres and the new Oxford Parkway Station, together with its location in the centre of the country, it should leave Cambridge in its wake! However, with Cambridge's new development, increased employment and the big name companies moving into the city, it's just too close to call!