The North West of England hosts hugely popular cities such as Manchester and Liverpool, but did you know Preston has been voted a better place to live and work than both of them? Since becoming a city in 2002, Preston has thrived, even becoming the UK’s most improved city.
The city offers great benefits for both commercial and residential values; it’s easy to see why it should be on every property investor’s radar.
Housing prices in Preston are much more affordable than their big neighbour cities. Compared to Manchester, house prices in Preston are accessible for a much wider range of budgets; a major selling point for both property investors and first-time buyers.
The average income currently needed to buy a house in Preston, based on mortgage borrowing ability, is around £10,000, which is just 39% of the income required to purchase a property throughout the UK.
Great Rental Market
One of the most beneficial factors Preston offers is its thriving rental market. With a population of approximately 142,000, a higher than average employment rate of 83%, and a strong concentration of students, graduates and young professionals, rental demand is vast and unwavering. Low property prices mean investors can often earn good yields in Preston.
North West’s Liveliest City
In the 2019, Preston was ranked 11th out of all the UK cities, ahead of Manchester, Liverpool, Birkenhead, Warrington and Wigan as one of the North West liveliest cities.
This is resulted from assessing a number of factors such as work-life balance, jobs, skills, health, and house price to earnings, transport and new businesses. This demonstrates what makes the area such a desirable place to live and invest.
Preston is the main regional shopping centre, offering both the Fishergate Shopping Centre and St. George’s Shopping Centre. Cultural attractions include the Harris Museum, Art Gallery & Library and the Lancashire Infantry Museum.
Transport connections is also another admiration for Preston, situated right on the M6, M61, M65 and M55 motorways. Preston Railway Station offers trains to London in just 2 hours 9 minutes and Scotland, while Manchester and Liverpool are both easily commutable in around an hour.
Preston is also within easy travelling distance of the Fylde coast and the famous seaside resort of Blackpool, the English Lake District and the scenic Ribble Valley.
At Taylors Estates , our team of experts are here to help you with all your independent sales, lettings and property needs. Our simple and straightforward approach ensures we understand what your property needs are and how we can help you achieve them with our quality services.
If you would like to find out more about our fantastic services, get in touch with our friendly team today by calling 01772 881717 and we are be happy to help you with any enquiries and questions you have.