Preston is located in the heart of Lancashire, making it an ideal location for commuters. The city is well-connected with several major motorways and has a direct train link to London. Preston is also just a short drive away from the Lake District, which is a popular tourist destination, and the coast is also easily accessible. This makes it an attractive location for those who want to enjoy the benefits of city living while still being close to nature.
The property market in Preston has seen a significant increase in demand over the past few years, which has resulted in an increase in property prices. According to Zoopla, the average property price in Preston is around £180,000, which is slightly lower than the UK average of £231,000. However, property prices in certain areas of the city, such as Fulwood and Hutton, are higher than the city average.
The increase in demand for properties in Preston can be attributed to several factors. Firstly, the city is home to two major universities, which attract a large number of students each year. This has resulted in a growing demand for student accommodation, which has driven up prices in certain areas of the city. Secondly, the city has a thriving business community, with several large companies and corporations choosing to locate their offices in Preston. This has resulted in an increase in demand for commercial properties, which has had a knock-on effect on the residential property market.
The rental market in Preston is also strong, with a high demand for rental properties from both students and young professionals. According to Zoopla, the average rental price for a one-bedroom property in Preston is around £500 per month, while a three-bedroom property can cost around £850 per month. However, rental prices can vary depending on the location of the property and the condition of the property.
The growing property market in Preston presents several investment opportunities for those looking to enter the market. One area that is particularly attractive for investors is the student accommodation market. With two major universities in the city, there is a constant demand for student accommodation, and rental yields can be high. Investors can choose to invest in purpose-built student accommodation or HMOs (Houses in Multiple Occupation).
The Future of the Property Market in Preston:
The property market in Preston is expected to continue to grow over the next few years, as more and more people choose to relocate to the city. The city has a strong business community and a thriving student population, which are both driving demand for properties. This is expected to result in an increase in property prices and rental yields, making it an attractive location for investors.
In conclusion, the property market in Preston, is currently experiencing a surge in demand, which has resulted in an increase in property prices and rental yields. The city’s strong business community and thriving student population are both driving demand for properties, which is expected to continue in the coming years.
With its affordable prices and promising prospects, Preston Lancashire is a great choice for anyone looking to live in or invest.