Preston is located in Lancashire, and recent statistics show that the city has a reported population of 334,000. Properties in Preston remain affordable. Those planning to invest in the region can rent out their houses or apartments to students, young professionals, and even families.
The average house price in Preston is £134,000. Properties in the area are relatively inexpensive when compared to other areas of the United Kingdom (UK). However, there are a few things that must be considered when investing in Preston. Some of them include connectivity, workforce, and regeneration and development.
Should I Buy In Preston?
As mentioned, there are several things individuals wishing to reside to invest in Preston should consider. A primary concern for them is to ensure whether the area is being developed or not. Regeneration and development increase a property’s value by making access to facilities like shopping centres easier and more convenient.
Preston has seen tremendous amounts of regeneration and development, including a city leisure centre, bowling attraction, museum, library and more. Another major selling point of properties in Preston is that it’s located within the commuter belt of major cities like Liverpool and Manchester. Both these cities can be reached within 45 minutes.
Such geographical proximity and developments mean Preston will likely see an increase in workforce and population. Students of universities in Liverpool and Manchester may also prefer to reside in Preston. The cost of accommodation in Preston is lower than other cities such as London, Manchester and Liverpool. Rent prices in Preston are:
- 63.6% lower than those in London.
- 21.8% lower when compared to those in Manchester.
- 4.2% lower than those in Liverpool.
Preston could be a highly preferred choice for those looking to rent. This means that cash house buyers and investors can consider investing in Preston as a potentially viable way to generate rental income.
Where Is The Best Area To Buy Property In Preston?
When buying a property in Preston, it’s important to know the demand for houses is greater than the supply. In addition, rents for properties located near educational or transport facilities have increased over the past 3 years. As far as property trends are concerned, terraced houses have excellent capital growth potential.
Also, 2 and 3-bedroom semi-detached family homes are by far the most in-demand properties in Preston. The value of properties in Preston for investors is largely driven by its potential for rental income generated from students and young professionals. Given this, it can be stated that properties near employment hubs and major cities can potentially be a great choice. Certain properties might be located in:
- Higher Walton.
Is Preston A Growing City?
Preston became England’s 50th city in 2000, and its population since then has been increasing. Preston, over the past decade, has witnessed a population size increase of 5.5%. Given that the demand for housing in Preston is more than the supply, it can be stated that the city is still growing.
In addition, the abovementioned development projects, currently underway in Preston, mean that more and more people will consider relocating to the city. This will further contribute to that city’s growing population and economy. Recent forecasts have shown that Preston’s population is expected to increase to around 338,400 by 2025 and 345,500 by 2028.
Some people might move to the city searching for professional opportunities, whereas others might be students enrolled at educational institutes in nearby cities. Either way, these individuals will need housing at an affordable price. This means that investing in Preston can be a potentially feasible option for those considering to generate rental income or capital gains.
Is Preston A Cheap Place To Live?
Cost of living is an important factor to consider. If it’s not feasible, people tend to move to other locations. This means investors should ideally buy properties in areas where daily life necessities are affordable. Doing so will improve the sustainability of their rental income as tenants would be more inclined to stay.
The average annual income in Preston has been steadily increasing for the past two decades and was reported to be around £34,000 in 2022. Preston is one of those regions where the quality of life is great, and it’s generally considered to be inexpensive. The average cost of living in Preston without rent is £438 per month, and with rent is £940. Considering this, it can be stated that Preston is an affordable place to live.
Preston is a city that is generally considered one of the most affordable places for living in the UK. The average income, rent, and cost of living in Preston are all decent and contribute to an increase in the quality of life. Get in touch with us and learn how we can help you buy or invest in the best and most affordable properties in Preston.