Have lived in Cambridge before, and it's very expensive. If you want to live anywhere remotely central in Cambridge, £200k is probably not going to get you there though. If you don't mind cycling in (or driving, if you live in one of the surrounding villages), there are a lot more options.
Dunno really what you mean about class system in Cambridge, as I was a blue collar worker there at the uni and never had issues in that regard, personally. There is a town and gown divide I will grant you, but that isn't a class divide per se. Also the town/gown divide felt less significant than it did in e.g. Exeter, perhaps just because the university is so huge in Cambridge, both geographically and in terms of people working/studying there, that it's kind of inherently woven into the local geography and economy and culture.
I've never lived in Edinburgh so couldn't say, when I visited there it seemed nice but also it doesn't surprise me to hear it's expensive. Also bear in mind winters are a lot colder in Edinburgh than they would be in Cambridge! Summers might be milder though...the last few years it's been scorchingly hot in summer in Cambridge (a couple years ago the UK record for highest recorded temperature in Cambridge when it hit 38 or 39 in the city centre as I recall).