For the past few years, Preston has been developing a growing reputation as a city to buy, invest and live in. Named the most improved city in the UK in the 2018 Good Growth for Cities Index, and regularly cited amongst top 10 buy-to-let hotspots, Preston holds a great deal of appeal for buyers of all types.
Here, we look at 5 reasons to consider buying property in Preston.
The average asking price in Preston is £115,000, well below the national average of £218,700. Properties in Preston are therefore much more accessible for purchasers across a wide range of budgets, which is a big attraction for both property investors and first-time buyers. Outside of the city centre, suburbs including Penwortham and Fulwood provide larger family homes that are often priced more favourably than comparable properties in the nearby Ribble Valley.
New build properties
Preston is a fast developing city and as such, there are many new build developments being built in and around it. This is often an appealing prospect for many buyers, although many people do not realise that new build houses are just as prone to potential defects as older properties. Therefore, having a survey is as important as ever!
Potential price growth
After the recent stalling of the property market in London and the comparative growth amongst the regions, many commentators are predicting a continuation of this trend over the coming years. Some forecasts pinpoint the North West as the area most likely to see the biggest increases in house prices over the next five years than anywhere else in the UK. National estate agency Savills recently predicted a 2.5% increase in North West house prices over the course of 2020, and a rise of 24% over the next 5 years.
Improvements and investment in Preston hasn’t happened accidentally, there has been a concerted effort from local and national government. With investment continuing to come into the region from initiatives such as the £434 million City Deal, which is set to create some 20,000 new jobs and potentially 17,000 new homes over the next ten years alongside current and planned improvements to infrastructure, the city and its residents are only due to benefit even further over the coming years.
Preston benefits from a large concentration of students, graduates and young professionals, and statistically has a higher than average employment rate of 83%. All of these factors contribute to a strong demand for rental property, presenting an attractive proposition for property investors and landlords.
Over the longer term, residential buyers may also benefit from the robust demand for rental properties in as in general, properties in areas with good demand will usually be fairly quick and easy to sell.
Lea Hough assist both residential buyers and landlords purchasing property in Preston, providing a range of valuation reports and survey reports. For more information on any of our services, please contact us.