Preston is becoming a hotspot for property investment, close to Manchester and Liverpool with fantastic transport links to both London and Glasgow/Edinburgh; investors are sitting up and taking notice.
Preston has long been known as a historically significant location within the UK. Placed almost in the middle between the Scottish and English capitals, there have been many historic battles that have taken place in and around the area. It held strategic importance through many wars, most prominently home to the army of King Charles (I and II) when fighting in the English Civil War, then only to fall to the armies of Oliver Cromwell shortly after.
Entering the 18th Century in the Georgian period there was increased trade with European settlements, Hemp, Timber and Iron were commodities brought into the region, trading also with the West Indies. Ships from Preston were involved in the Slave Trade of the time. Wool and Linen were now giving way to cotton, and the first cotton mill opened in Preston in 1771. Cotton may have been made in mills, but there were also handloom weavers at the time who were able to produce cotton cloth in their own homes. As a result, Preston became an international hub for trade as well as home to significant ongoing industry, taking part and being a “boomtown” in the industrial revolution. The mid to late 20th Century saw Preston decline in stature facing challenges similar to other post-industrial northern towns, including deindustrialisation, economic deprivation and housing issues.
City Status and Rise
In 2002 Preston was granted the title of a city, making it the 50th city in Queen Elizabeth’s 50th year of rule. This brought with it considerable prestige and as a result, saw more people looking to live and work in the immediate area. The favourable business tax rate and skilled workforce, combined with the will of the Preston people saw the town turned city return to prosperity between 2002 and 2020, having major redevelopments within the area and attracting significant international investment.
Being close in proximity to other northern cities that were returning to prominence has only benefited Preston, with property prices deemed too high in places like Manchester and Liverpool, people have looked to Preston as a beautiful area with local amenities that provides a high quality of life, coupled with the flexibility of the modern young professional. Businesses also prosper in and around Preston, with train links to both the North and South giving companies easy access to London and Scotland where required.
So why invest in Preston?
Part of the Northern Powerhouse, there has been significant investment put into the area, over £400 million has been promised. The city itself is also what other city councils have looked to as an example of sustainability. Seen as a beacon of what the modern city could be, Preston is an area in high demand by both investors and tenants alike. It may be early in the stages of some of the masterplans in the area, but this is the best time to get involved.
There has been a significant rise in property prices, with more forecast in the future. Preston itself has seen an increase in property prices of almost 25% in the last ten years, with a further 25% predicted by 2025. This means that property to the value of £125,000 now will be worth over £155,000 in 5 years, going by conservative predictions. In reality, this number is likely to be much higher with the significant investment in the area making it highly desirable and could go the way of some of the biggest cities in the UK for property prices skyrocketing.
The Heaton Group’s flagship development “Bishopgate Gardens” is one such development that we have seen incredible interest in. Investors are taking advantage of the rise in Preston’s property values and the demand for rentals as well as the significant investment in the area itself. We have seen an unprecedented level of interest and as such, recommend registering your interest as soon as possible.
To speak to us regarding your next investment, please email us on firstname.lastname@example.org or call 01942 251945