Preston, much like Manchester and Liverpool, is a city in the North West that has benefited following significant investment over recent years. This has seen the city become a thriving economic hub, with a flourishing student population and an impressive level of employment placing it as one of the best areas in the UK for job retention. The population has grown steadily over recent years, creating a strong demand for housing.
As one of the fastest improving cities in the UK, we have listed some of the key reasons why now is the time to invest in Preston.
Preston is home to the University of Central Lancashire, one of the UK’s largest universities.
Around 33,000 students attend the University, as well as researchers, lecturers and administrative staff, which plays a major role in the increased rental demand in the area.
The University is expected to grow even further, with an additional £200m being invested in the Preston Campus, including the development of the Engineering Innovation Centre, which will aid in further establishing advanced engineering, manufacturing and aerospace, which Lancashire is well known for.
The city boasts an employment rate of around 80%, which is higher than the UK average at 75%. This helped in placing Preston in the Top 10 areas in the country with the highest employment levels, and the only city in the North to make it on the list. Alongside this, Preston was voted the best place to live and work in 2018.
This has seen the population of the city boom with a population increase of 8.4% between mid-2001 and mid-2017, 1.2% higher than the North West’s overall average.
Government estimates put demand for new housing in England at up to 345,000 homes per year. With this in mind, many of the younger generation are choosing to rent in the Private Rented Sector (PRS) as a long-term alternative to buying, thanks to its flexibility and accessibility.
The latest monthly index, supplied by Homelet, shows there has been a 4.2% increase in the average rent in the North West in September 2020, compared to 2019, with prices increasing from £739 per month to £770.
On top of this, Savills predicts that areas in the North West will see a 24% price growth over the next five years, which would see the region have the highest level of capital growth in the UK over that time.
Preston is ideally placed about 35 miles from Manchester and Liverpool, two areas of the North West that already seen increased levels of investment. With enviable transport links, you can reach both cities in under an hour.
On top of this, easy access to the Lake District provides residents with some of the best countryside views in the UK. Preston has been identified by local and national government as an area of great potential and it’s easy to see why.
With a growing population of young professionals choosing to rent through PRS, large swathes of investment improving the local area and strong employment levels with businesses and local infrastructures thriving, Preston is one of the best up and coming property market areas in the UK to invest in
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