Is Preston a Good Place to Invest in Property?

The property market buzz around Preston lately has been baffling some who are aware of the Lancashire city’s less-than-stellar reputation. However, it’s important to remember that reputations can often lag behind reality. Indeed, in recent years, Preston has undergone significant transformation with more on the way, and a remarkable evolution is in progress.

The city’s growing economy, improved infrastructure and cultural offerings are all contributing to a more positive perception of Preston. In this blog we’ll explore why it’s worth considering Preston as a potential property investment destination, as well as a promising place to call home.

Economy

Preston’s economy is growing at an impressive rate, thanks to a healthy range of sectors established in the area. The city has a solid manufacturing industry including key players like BAE Systems and Leyland Trucks. Also, Preston is home to the University of Central Lancashire, which is one of the UK’s largest universities with over 30,000 students at any given time, along with the many job roles required to keep up with this large-scale operation.

Naturally, this economic development has resulted in better job opportunities, and a growing population, which in turn has strengthened the demand for housing.

Strong demand for rental properties

There is a healthy, ever-growing demand for rental accommodation in the city. This is partly down to the huge student population, but Preston is also popular with young professionals and young families as well. Preston’s proximity to Manchester and Liverpool attracts young commuters looking for lower rents than in the big city.

For buy-to-let investors, Preston promises a steady supply of potential tenants, and therefore a steady supply of rental income.

Affordable property prices

The average property price in Coventry was a tiny £168,000 in June 2024. This is low even by affordable places standards, and a whopping £123,000 below the Great Britain average of £291,000, and £52,000 below the regional average of £220,000. This lower entry cost can be particularly attractive for first-time investors, as well as more established investors.

But change is coming: Preston property prices are growing faster than the UK average and faster than the average regional prices. House prices are up 6.6% on average from the year before, and the average price for a detached property in Preston rose by nearly 10% from June 2023 to June 2024. So the bargains won’t be around forever.

Regeneration and development

Preston is seeing a host of considerable regeneration efforts at present. For instance, the £200m Harris Quarter Regeneration project is set to bolster the city’s cultural and leisure offerings. Equally large-scale is the Station Quarter project, focusing on delivering office and commercial space with exceptional rail links. Along with the Fishergate shopping centre, these developments will attract jobs and visitors, as well as increasing Preston’s overall appeal, and therefore property prices are likely to appreciate.

Preston should be on your property radar

It’s time to put aside outdated reputations and misconceptions of Preston, because this city offers an unbeatable blend of a growing economy and incredibly affordable properties. It’s definitely worthy of being considered as an investment destination or a place to call home. Plus, for investors its affordability combined with high rental demands means promising ROI potential.

At SellHouseFast.co.uk, we have a deep understanding of the property market in Preston and beyond. We know that opportunities can be all about timing, so if you need to sell your house fast, we’re here for you. We’re experienced cash house buyers, and we buy any house UK wide using our uniquely personal, efficient, transparent service.

Contact us today to get your free cash offer and chat about how we can help you the most of what this up-and-coming city has to offer.