Seeing a number of major investments and regeneration, Preston has beat out Manchester and Liverpool for the fourth year in a row as the best city to live and work in the north-west.
In the Good Growth for Cities Index by Demos-PwC, Preston was named the best city to live and work in the north-west of England for the fourth year running. In the 2020 index, Preston also ranked 16th overall out of 42 UK cities.
This thriving city in the north-west ranked highly for jobs, owner occupation and work-life balance. Preston is also home to improving employment rates and house price to earnings ratio. Additionally, the major investments slated for the area continues to improve the city’s liveability.
Councillor Matthew Brown, leader of Preston City Council, says: “I am delighted that Preston has maintained its position as the best city to live and work in the North West. This report also shows that our city has pulled together to endure the pandemic and gives me great optimism that we will be in a strong position to recover and grow.”
Investment and regeneration improving the city
Despite only having gained city status in 2002, Preston has been put firmly on the map in the north-west. In recent years, Preston has been the target of massive redevelopment and investment. New developments, conversions and regeneration projects are currently transforming the landscape of the city.
The city is home to a growing student population with a strong concentration of graduates and professionals as well. Preston also has impressive transport links, which makes it an especially attractive area for young professionals and businesses. And more investment in transportation and connectivity is on the way too.
With more investment projects being brought forward, Preston continues to be an exciting place to live and work. Even more regeneration and development projects are currently in the pipeline. This will continue to boost the city, its economy and housing market.
Councillor Matthew Brown concludes: “Our city has enjoyed a remarkable story of growth and innovation and I look forward to that continuing once we emerge from this pandemic.”
Competitive house prices and yields
House prices in this city in the north-west are well below the national average. And especially compared to its neighbour, Manchester, house prices in Preston are much more accessible to a wider range of budgets. This continues to be a major attraction for both first-time buyers and property investors.
The low house prices in Preston make investing more affordable there with potentially less leverage needed. The city is also home to lucrative rental yields and has become a property investment hotspot.
On top of that, capital gains outlook is positive for the city as well. In the coming years, the north-west is forecast to see the strongest house price growth than anywhere else in the UK. These predictions will likely include Preston as well. Many investors are keen to get their foot in the door in Preston to maximise the potential price hikes.