Preston is a city in Lancashire, located in the North West of England. The city has a rich history, with landmarks like the Harris Museum, St. Walburge’s Church, and the Preston Guildhall. It is home to more than 144,000 people and constantly attracts more families worldwide. Compared to other United Kingdom (UK) cities, Preston is considered a relatively affordable place.
However, like any city, living in Preston has pros and cons. Some may find that the city lacks cultural diversity. Others may find the weather damp and chilly, especially during winter. While many cash-buying services allow you to sell your property fast in Preston, it is always a good idea to research the current cost of housing in Preston.
Overview of the Property Market in Preston
Preston has all the basic necessities and provides a decent living standard. It has a range of amenities and facilities, including several shopping centres, parks, retirement centres, and sports clubs. It also has good transport links, easy access to the motorway network and direct train service to London.
Preston’s property market performs incredibly well due to affordable housing, low crime rates, and good employment opportunities. Several affordable housing schemes are offered by the government to support people in buying housing. Different areas have varying prices in Preston. Before moving to Preston, it is imperative for you to consider the facilities that you might require.
Why Choose Preston?
Preston has become an attractive location for investors due to its ideal location. The city is in close proximity to metropolitan cities like Manchester and Liverpool. Also it is also located between the major motorways and rail networks.
Preston was awarded city status in 2002 and is comparatively a new city in the UK. With more than 45,000 registered businesses in the city, it has an excellent employment rate that is attracting young professionals from all around the world. Two of the most recent housing trends in Preston include shared housing and smart homes.
Buying a House in Preston
Detached, semi-detached, and terraced housing is Preston’s most common property types. Fortunately, the house prices in Preston tend to be lower than in other areas in the UK, such as London and the South East. According to the UK House Price Index, the average house price in Preston is around £159,602. The affordability of property in Preston depends on a number of factors, such as the location, size, and condition of the property. It also depends on the current state of the property market. However, as with any property market, prices can fluctuate over time and be influenced by various factors, such as changes in interest rates, government policies, and local economic conditions.
Like other parts of the UK, you can secure a mortgage to buy a property in Preston. Before buying property, the first step is determining the cost of housing and how much you can afford. This includes analysing your income, expenses, and credit history. You can do this using a mortgage calculator or speaking with a mortgage advisor. Once you know how much you can afford, you’ll need to find a lender that offers mortgages in Preston. It could be a bank, building society, or another mortgage provider. To ensure you select the best options, compare different lenders and their interest rates, fees, and other terms.
Applying For A Mortgage in Preston
Once you have decided, now is the time to apply for a mortgage. To proceed, you must provide your income, employment status, credit history, and other financial details. You may need to provide supporting documents, such as bank statements, payslips, and tax returns.
Once you get the mortgage offer, you can make an offer on a property and work with your solicitor to complete the purchase. Your lender might conduct a property valuation to ensure it’s worth the amount you borrow once you sign the mortgage deed and other legal documents. Once clear, your lender will release the funds to pay for the property. Some additional costs that you might bear when buying a house include conveyancing fees, survey fees, Stamp Duty Land Tax, and moving costs.
Renting a House in Preston
The average rent prices in Preston can vary depending on the property type, location, and other factors. Here are some approximate average rental prices as of April 2023:
- Studio/1-bedroom apartment: £670 per month
- 2-bedroom apartment: £837 per month
- 3-bedroom house: £1000 per month
- 4-bedroom house: £1397 per month
If you’re on a tight budget or prefer a more communal living arrangement, you can also find rooms to rent in shared houses or apartments. This can be a good option for students and young professionals. Once you have selected your desired property, you must contact the owner and sign the tenancy agreement. This agreement outlines the terms and conditions of your tenancy, including the length of the tenancy, rent payment details, and any other requirements.
Renting vs Buying a House in Preston
Renting gives you more flexibility to move around and change locations without the responsibilities and expenses of owning a home. It typically requires less upfront costs, such as a deposit, maintenance, and property taxes.
On the other hand, buying a property can be a good long-term investment. It allows you to build equity and potentially increase your net worth. It can provide a sense of stability and security in having a permanent place to call home.
Affordable Housing in Preston
Property affordability in Preston may differ for different buyers depending on their circumstances. It also depends on the area in which the buyer prefers to live. There are various affordable housing options in Preston. To support people in buying houses, there are also government schemes and non-profit organisations that can help individuals and families.
For instance, the Help to Buy scheme allows buyers to borrow up to 20% of the property’s value (40% in London) from the government. This can help reduce the required deposit and mortgage payments. The Shared Ownership scheme allows buyers to purchase a share of a property (typically 25-75%) and pay rent on the remaining share. Buyers can gradually purchase more shares until they own the property outright.
In the Rent to Buy scheme, the renters can save towards a deposit while renting a property. Tenants can then use their savings towards a deposit to purchase the property they are renting or to secure a mortgage on another property. The Right to Buy scheme allows tenants of council properties to purchase their homes at a discounted rate. The scheme is currently only available to existing tenants and has eligibility criteria. Nonprofits like Community Gateway Association also offer a range of affordable housing options both for buying and renting.
Generally speaking, Preston is considered an affordable place to live compared to many other cities in the UK, particularly in the northwest region. Ultimately, whether or not Preston is a good place to live will depend on your individual preferences, lifestyle, and priorities. If you’re considering moving to Preston, make sure to read the official visitor information. Doing so will help you make informed decisions. WeBuyAnyHome provides the best property guidance and easiest solution to sell house fast in Preston.