A new study recently revealed that all of the UK’s top ten hotspots for buy-to-let investments are located in the North, now there’s an eleventh spot to keep an eye out for: Preston.
It’s not only the beautiful character building that make the area such an attractive area, Preston itself is becoming something of a property hotspot, but why?
One simple answer: The University.
Preston is home to UCLAN (University of Central Lancashire) which attracts a student population of around 30,000. There is also a large staff force that help to run the university, making UCLAN the 5th biggest employer in the North West.
Preston was awarded city status in 2002 and is now the third largest city in the North West. It is well located as a major stop on the West Coast mainline with direct routes across north west England. With Manchester 40 minutes away and Blackburn only 17 minutes away, Preston has strong connections with the whole region.
Exciting investment and regeneration plans
The Preston and Lancashire City Deal is a landmark agreement to achieve a once in a lifetime transformation of the area, creating thousands of new jobs and homes. £435m of new investment will lead to the unprecedented expansion and improvement of the transport infrastructure.
A forecasted 20,000 new jobs and 17,420 new homes are to be created, which is expected to grow the economy by £1bn over the next 10 years. Additionally, there is a £50m investment pledged for the Market Quarter area, with plans for a new cinema, retail units, restaurants and a car park.
City centre upgrade
The city centre has already benefitted from the City Deal, with the main high street being upgraded to create a contemporary, landscaped shared space for pedestrians and vehicles with modern furniture. Winkley Square (Metres from the main shopping area) has seen improvements to the historic park and surrounding buildings making it a property hotspot.
Fast travel for the future with HS2
Virgin trains are spending £1.5m on a major revamp of Preston mainline train station, and a new side entrance is underway in preparation for the HS2 project, which is strongly rumoured to be extended to Preston.