Is Property Investment in Preston worth it?
Preston just might be the next big thing in the property investment world. Here’s what this hot spot has to offer and why you should definitely check out the apartments for sale in Preston:
- Growth & Economy – In 2018 Preston was named as the most improved city in the UK according to Demos. Though that might not have been the case a decade ago, the local government has made huge steps in improving the city. This has in turn had a tremendously good rippling effect on the economy. Preston is showing no signs of slowing down.
- Regeneration – The city has benefited from a tremendous £435 million investment process to improve the city’s infrastructure development. The initiative, called the Preston, South Ribble and Lancashire City Deal will enable 17,000 new homes to be built, freeing up land for new development, and creating more than 20,000 jobs. The plan is expected to add £1bn to the local economy in the next decade.
- Preston Rental Market – Preston enjoys a very high rate of employment, which currently stands at 80%. This undeniably improved employment rate is a very positive sign for all property investors. Especially considering the growth of the younger renter-friendly population. Preston is becoming more and more inviting to young professionals, but also, thanks to The University of Central Lancashire, it’s a very popular location for students.
- Property and Rental Growth – Preston is actually the third largest City in the North West and offers a number of options to suit all investors. Even though property prices in Preston are still quite affordable, they have increased over 60% over the last 10 years. Another impressive fact is that Savills predicts 18.8% house price increase through 2022-2026.
- Connectivity – One of the most important factors when considering where to invest is the city’s connectivity. Preston is about an hour away from both Manchester and Liverpool and has access to two airports in its proximity. Not only that, but Preston is also a stone throw away from some of the UK’s most beautiful locations. Needless to say -Preston is exceptionally well connected!
Can an Investment Property for Sale in Preston Earn You Money?
With its development plan, Preston is considered to be the city that is expected to make the greatest progress in the UK in the coming years. As we previously mentioned Preston is undergoing a grand regeneration project. Many areas of the city have already been greatly improved. Including Adelphi Square, the Bus Station, Harris Quarter and Winckley Square with the Station Quarter.
The year has started off well for Preston with the PWC (Price Waterhouse Coopers) naming it as the North West’s No1 City to live and work in for the 3rd year in a row. Strong business development and a solid student population are also important factors in the growth of property investment in Preston.
With its exceptionally high employment rate, it’s also important to note that the majority of roles being created are high-skilled ones. What this means for you as an investor is that you can count on a steady stream of tenants interested in renting high-quality accommodation.
As we’ve already mentioned, the latest house price forecasts from Savills indicate that the northwest is forecast to see the highest jump over the next five years than anywhere else in the UK. Preston will certainly be encompassed!
Having said that, over the last few years the interest in Preston apartments for sale has significantly grown. With property investors hurrying to the area to maximise the potential price hikes. Even though no prediction is set in stone there are no guarantees. Nevertheless, based on the statistics, an investment in Preston is more likely to see better capital gains returns than most other UK areas.
Who Should Invest in Property in Preston?
With the rising interest in Preston apartments for sale, it’s important to filter your search based on your specific interest as a property investor.
Preston is quite all-encompassing with its investment opportunities. So much so that it has experienced a rising interest from overseas investors. Many of them now looking to bypass the traditional property investment spots in other cities in order to take advantage of the huge capital growth predicted for Preston.
Having said that, the Preston property market is an amazing option for both buy-to-let investors, student accommodation and those interested in long-term gains from their investment.
Preston is officially one of the top locations for property capital growth. Although it also boasts above-average rental yields, with its P1 postcode standing at 7%. So if you’re interested in investing in Preston property, now’s the time before the prices shoot up.
While we’re talking about property prices, here’s what you’d be looking at:
- The overall average price of £190,048 over the last year
- Semi-detached properties sold for £192,370 and were the most popular option
- Terraced properties stood at an average of £135,308
- Detached properties reached a sold price of £304,416
Some of the best locations where you should be looking for Preston apartments for sale are:
- City Centre (Winckley Square) and surrounding streets,
- Markets Quarter,
- The Docks
- Walton Le Dale,
- Bamber Bridge,
Check out on our website all properties for sale in Preston and contact our property experts for help.
We think that now is the right time to invest in this city, because of his potential in the future which can bring a good return on investment in property for sale in Preston.