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Property for sale in Preston
Industry experts Savills predict in their Residential Property Forecast, the North West to be the number one highest growth region in the UK, rising by 24% over the next five years. With the regeneration initiatives and growing economies belonging to Manchester and Liverpool, which include other areas of the region, Preston has the longevity and growth potential sought by British real estate investors, and thus their interest will grow to buy a property for sale in Preston.
Below is our advice on why you should invest in property for sale in Preston
Preston is the third-largest city in the North West, and the largest in Lancashire which is one of the largest local economies in the North of England. The city is only 35 miles from Leeds and Manchester. Transport connections, particularly by rail, and motorway make Preston a very well connected location.
For those interested in the BTL market, figures from Zoopla state that over the last 5 years prices have increased by a substantially healthy 13.14% over the last five years. Of course, capital growth is only one side of the investor’s coin. Rental yields in the centre of Preston are well above the UK average, in excess of 7%.
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.
In 2018 Preston was named as the most improved city in the UK according to Demos, which used a range of measures including employment, workers’ pay, house prices, transport, the environment, work-life balance, and inequality. In this competition were 42 cities, and Preston was seen to have improved the most.
Preston is part of 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 allow Preston and Lancashire to take forward 4 new road schemes, enabling over 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.
Strong business development and a solid student population are also important factors in the growth of property investment in Preston.
Preston is a centre for the business of all finds, being home to major technology manufacturers including BAE Systems. Perhaps not known to many people is that the Nuclear power industry is a major part of the local economy, with energy company EDF operating two nuclear power stations in the area while another private company, Westinghouse Springfield, manufactures the nuclear fuel for the plants.
Of all Lancashire’s 14 districts, Preston has the most business enterprises, with 5,165 individual registered businesses.
Preston has three Universities in and around, including UCLan, Lancaster University, and Edge Hill. UCLan is located in the centre of Preston, and employs 3,000 staff, and is home to over 30,000 students. These data should by no means be ignored if one is considering buying a property for sale in Preston.
In addition, it should be noted that nearby Liverpool and Manchester are also very popular among young people and retain more and more students from their universities, creating greater demand among accessible locations for travellers.
The North West is officially the top location for property capital growth forecasts over the next 5 years. Preston will surely benefit from huge regeneration and infrastructure projects.
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.