Why invest in Preston?
Preston is the UK’s newest city, located in Lancashire in the north-west of England between the major cities of Manchester and Liverpool and the coastal town of Blackpool. After achieving city status in 2002, Preston has been the target of huge levels of investment and regeneration which have seen its economy boom in recent years. The city is now a hotspot for property investors.
From Preston, you can easily reach both Manchester and Liverpool by road or train in less than an hour. It sits on the River Ribble and is just a short drive from the Forest of Bowland Area of Natural Beauty as well as the Yorkshire Dales National Park to the north. While the city is already well-connected, it is also set to benefit from the planned High Speed 2 (HS2) transport project, which will see line improvements and shorter journey times between Preston and major UK cities.
The way the council has built up wealth and investment within the city and surrounding area has now become known as the Preston Model, often used as an example of how to regenerate an area.
- Best city to live and work in the north-west of England – Demos-PwC (2017, 2018, 2019)
- PR1 named eighth best area for rental yields in the UK with average returns of 8.65% – Totally Money (2018)
- £1bn economic growth expected over next 10 years – Preston and Lancashire City Deal
- 40,000 students adding £24m a year to the region’s economy, with a 37% graduate retention rate – Regeneris
- “Most gentrified” place in the UK – GoCompare
- 20,000 more jobs and 20,000 new homes in the pipeline from one project
- Around 7% rental growth between 2018 and 2019 – Easthams & Co
Best city in the north-west
For the third year running, Preston was named the best city to live and work in the north-west in the most recent Good Growth for Cities Index by Demos-PwC for 2019, which analyses categories including jobs, income, transport and work-life balance. It also came in 11th place out of all UK cities.
The city’s improving employment rates, house price to earnings ratio and continued major investments coming to the area all contributed to its high score, and put Preston firmly on the map in the region after Manchester and Liverpool.
Investments improving the area
With a number of major investments underway to improve the area, Preston is said to be on the verge of an economic boom. In particular, the Guild Hall, a 780-seat arena hosting concerts, shows and major sports events, has received a £10m cash injection from the past three years and is now fully operational. Down the road, the Preston Markets have had a £3m revamp, and the next stage of the city centre’s street makeover is about to get underway.
The Guild Hall has also benefited from a new multi-floor attraction called Level, which boasts a bowling alley, crazy golf, an assault course and a restaurant, all of which are creating a real buzz around the city centre.
Competitive house prices
Investors looking for a better value starting point can look to Preston for its competitive house prices, with properties in the city selling for an average £193,057 as of February 2020, according to Zoopla. This is a 2.08% increase on the previous year, which is above the UK average growth rate, and indications suggest the city will see positive future gains.
The north-west as a whole is expected to achieve house price rises of 24% over the next five years, according to global estate agent Savills. It is an ideal place for new investors or homebuyers with less capital, as well as experienced investors looking to diversify some of their funds to a relatively undiscovered emerging market.
Gentrification
Labelled one of the “most gentrified” places in the country, Preston ranked ninth in GoCompare’s latest analysis on gentrification across the UK, proving that the city is firmly on the up. Residents enjoyed a salary increase of 24% between 2010 and 2016, one of the highest in the UK and meaning more disposable income and a better quality of life for many, while the amount of cultural investment per head is now £20.
“Preston has adopted a guerrilla localism. It keeps its money as close to home as possible so that, amid historically drastic cuts, the amount spent locally has gone up. Where other authorities privatise, Preston grows its own businesses.” – Aditya Chakrabortty, senior economics commentator at The Guardian
Available Property Investments
St Petersgate – Stockport Manchester
New Launch - Stockport Manchester, apartments from £160,000
- Discounted launch prices from £160,000
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- Experienced development team
Assured Rent Housing Association Leases
Assured Rent Housing Association Leases
- Assured rent & no rental voids
- Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
- Free property and lettings management
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Emerging Birmingham Commuter Town With Properties From Just £104,000
The emerging Birmingham commuter town where properties are selling in an average of just 24 days
- A collection of 62 two bedroom apartments and 28 one bedroom apartments.
- DE14 is one of the fastest selling postcodes in the West Midlands.
- 23 minute train journey into Birmingham New Street Station.
Properties from £104,000
South Central – Birmingham City Centre Apartments
Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.
- 154 units across 28 storeys
- Residential multi-media community room, gym, roof garden and sky cinema
- Excellent future connectivity via the metro system to other key transport hubs and locations around the city
from £205,800
Luxury Furnished Holiday Lets
A beautiful development of houses and apartments situated in the picturesque village of Bolton-Upon-Deare in Cumbria
- Tax efficient investment.
- High specification with marble effect tiles.
- Kitchen island in most units.
£181,500 - £330,000
Ancoats
Tier 1 development in Manchester’s no.1 city centre neighbourhood
- Low and efficient service charge
- Low deposits of just 10%
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From £219,500
HMO Salford
Top UK HMO destination: within the 'golden triangle' in Greater Manchester
- Hands off, fully managed HMO conversion
- High average occupancy rates of 90% plus
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£250,000 - £300,000
HMO properties
Completely hands off and fully managed HMO properties throughout the UK
- Best in class & high-yielding HMO's 10% - 15% return
- Fully managed & licensed HMO blocks
- Prime locations in the UK including Greater Manchester, Salford & South Yorkshire
From £220,000
The Press
Manchester city centre Grade II listed loft-style apartments and townhouses
- 2 minutes walk to Victoria Station
- 21% rental growth projection 2019-2021
- Unique renovation with character
