The past few years has seen Preston receive a great deal of recognition and numerous accolades – both as a place to live and invest in. From being ranked the number one city to live in the North West to receiving titles such as the “most improved city in the UK”, we’ve been following Preston’s progress as it continues to rise through the ranks as one of the North West’s key cities.
Here, we look at some of the stats around Preston and discuss why it’s increasingly being seen as the place to invest in the North West.
Investment leads the way
One of the primary reasons why Preston has been gaining attention over recent years is the level of development that the city centre has seen. Preston has gained investment as part of the Northern Powerhouse and has seen some £434 million being spent on improvements to infrastructure and transport over recent years.
The city’s leisure and dining facilities have also been ramped up, with new shopping outlets including Miller Arcade, new shops and a cinema being added to the Market Quarter the city’s newest attraction – Level – which will house attractions including a bowling alley, crazy golf, assault course and a restaurant.
All of this has boosted employment, with an estimated 20,000 new jobs having been created in and around the city.
As a result, and as we have seen with other major Northern cities, including Manchester, Liverpool and Leeds, Preston city centre now presents a viable and indeed attractive place to both live and work.
It is perhaps not a coincidence that concurrent to all of these developments, there has been an increase in the number of students – who flock to Preston’s UCLan on an annual basis – staying on to live in the city once they have completed their studies. It is estimated that 1 in 3 students now find jobs in and around Preston as graduates.
Property in Preston
As part of the push to develop the city, Preston has seen over 17,000 new homes being built in the area. As well as appealing to individuals, couples and families already living nearby, new homes will always work to attract new people into an area. Due to a significant proportion of the new-build properties in Preston city centre being apartments, younger people in particular are moving into the city at a rapid rate. Whether as students renting properties, or first time buyers choosing to make their first step onto the property ladder, Preston now has a distinctively vibrant, youthful feel.
For investors, Preston also presents an attractive proposition due to the potential for higher than average yields. Some put average Preston property yields in the region of 8%, which is considerably higher than the UK average of 5 – 6%, therefore presenting an ideal opportunity for landlords. Although not the only type of tenant by any means, the student population of the city inevitably plays a significant part in these figures.
All of the investment in Preston and the subsequent improvements to housing, facilities and amenities have not happened by chance. There has been an active push for local and national business investment, which in turn has had a “domino effect”, creating an environment for further investment and new inhabitants to willingly enter into. The future is looking extremely bright for Preston, and we’re hopeful of more good things to come.
Lea Hough offer a wide range of property service throughout Preston, both to business and individual clients.
For more information on any of our services, please contact our team.