Thanks to the regeneration and continued investment into the city of Preston it has experienced the largest rise in buyer demand across the United Kingdom year on year. It is a location rapidly appearing on the radar of a lot of property investors.
First time buyers are attracted to the city because of its low property prices, good opportunities for employment, a number of planned investment projects for the city and the attractiveness of the place. Experienced buy to let investors are also taking notice.
Zoopla reported that over the last year they had sent a lot more sales leads to clients looking for properties in Preston. They said that this figure was 59% and they explained this increase in demand to be due to the number of affordable properties in and around the city.
People only need an income of around £10,000 a year now to purchase a property in Preston. This is significantly below the average income required to purchase a house in the United Kingdom by around 39%.
Zoopla also said that they had provided more valuation leads (around 58%) to estate agents in Preston. This shows that more property owners in the area are looking to benefit from the rise in buyer demand.
There was an increase in the number of property transactions in Preston of 8% year on year. With the increased buyer demand estate agents in Preston were able to achieve an average of 93% of the list price for properties sold.
Investment and Regeneration in Preston
The growing demand for property in Preston is supported by data analysis performed by Mortgage Introducer. Indeed Preston has had a lot of investment and regeneration in the last few years. Preston City Council has a master plan for the city which will transform it into a thriving location.
The council is working with Lancashire County Council to improve links throughout Preston, provide greater connectivity and highlight walking and cycling routes. Stoneygate is at the edge of the city centre and is the biggest target for regeneration. The aim here is to attract more investment and raise the profile of the area.
A Greener place to live
In 2018 PwC named Preston the most improved city to work and live in as part of their Good Growth for Cities Index. There is a flourishing startup scene in Preston and there has been a reduction in the unemployment figures.
These days’ people are looking for greener places to live and to this end seven of the parks in Preston have won green space awards. In fact a lot of the surrounding areas of these green spaces have benefited from regeneration and investment like Winckley Square Gardens for example.
More investment and regeneration will happen in Preston. There are major plans for housing redevelopment and a number of businesses have plans to improve liveability and connectivity. This is likely to entice a lot more investors and property buyers to the city and make it one of the most sought after locations in the North West of England.
So if you have not considered Preston in your property investment plans now is the time to take a look at it. With all of the investment and regeneration going on and the increased demand in the housing market there will be a number of opportunities for you to make smart property investments there.