For the second release in our series, we’re covering Preston. This is an area we’ve recently put considerable investment into and enjoyed some fantastic success with the properties we’ve developed. This is a brief overview of the current property scene in Preston.
Rent in Preston
Matt Eastham, a specialist in rental properties in Preston, has pointed out that rental demand is increasing all the time in Preston. In January alone there’s been a 22% increase in rental enquiries against January 2019. The focus of people looking to rent in Preston he’s noticed is three-bed semi-detached properties as families look to get their children into Preston’s excellent schools; however, there’s also an increase in demand from young professionals as the burgeoning creative scene in Preston gathers pace.
The areas in Preston that are of interest to those looking to rent in Preston are the city centre (1- and 2-bedroom apartments) around Winckley Square, and there’s a re-conversion of some of the HMO’s back into family homes in and luxury apartments in Broadgate. The Heaton Group have properties close to the city centre at The Sorting Office, Cannon Street and Station Terrace, so we’ve got experience in the area and understand how attractive it is to people looking to rent.
Buying property in Preston
The property marketing is booming in Preston right now. The reason for this is the significant investment being put into the area but also the improvements in almost every element of lifestyle you could hope for. The economy is growing consistently with both large employers and smaller businesses performing well, along with new industries starting to see rapid expansion, meaning that the city is changing to accommodate those people. The nightlife in Preston is getting better with some superb cocktail bars being opened, along with a great food scene. There’s also a considerable choice for shopping making living in Preston an attractive proposition.
Looking specifically at property though, the prices have increased considerably over the last five years, with a property that would have cost £150,000 in 2014 now costing £195,000 on average. This is a considerable increase – owing mainly to the improvements in the area but also the rise in demand. There’s been a noticeable shift in people looking to live and work in Preston with the local councils and developers such as The Heaton Group making every effort to satisfy demand.
Invest in Preston Property
We can’t stress this enough – there’s no better time to get involved if you’re looking to invest in property in Preston. The demand is there for tenants, so the properties are going to be paying back the initial investment quickly due to the excellent yield anticipated. A significant positive is that new properties are also seeing the most significant rise in property prices, with a newly built property in 2008 bought for £150,000 worth almost £250,000 now. An increase of nearly £100k is a great investment decision.
There’s so much going on right now with the £434 million redevelopment of the city centre; it means that investing earlier means more significant returns. The demand for renting the properties will only increase, and due to the fantastic commuter location, it widens the scope to have tenants in the properties. At the same time, Manchester struggles to meet demand; tenants are looking further afield while still within a commutable distance. We anticipate Bishopgate (our latest and most significant development to date) will be a central hub where the rest of the city will look to as an aspiration of city living.
If you’re looking to rent, buy or invest in Preston then you should speak to our team – they’re on hand to give you the best prices on any of our developments or to point you in the right direction. Just call us on 01942 251945 or email us on firstname.lastname@example.org.