As more investment and regeneration is slated for the city, Preston has seen the largest increase in buyer demand year-on-year across the UK.
Preston’s lower property prices, attractive location, employment opportunities, and the variety of investment projects coming to the city are appealing for buyers at all stages, whether first-time buyers or seasoned buy-to-let investors.
Over the past 12 months, Zoopla sent 59% more sales leads to the portal’s Preston-based clients. This is likely due to the quantity of affordable properties found in the city. The income currently needed to buy a house in Preston is £10,000, which is only 39% of the income required to purchase a property throughout the UK as a whole.
Additionally, Zoopla delivered 58% more valuation leads to Preston estate agents, showing more homeowners are taking advantage of the spike in buyer demand. Transactions were even up by 8% in Preston year-on-year, and on average, estate agents have achieved 93% of a property’s listing price.
Regeneration and investment
The data, analysed by Mortgage Introducer, reveals the growing demand in Preston, a city that has seen much regeneration and investment over the past few years. A new masterplan for Preston is expected to transform the city further, making this commuter town for Manchester a thriving hub in its own right.
Preston City Council is set to collaborate with Lancashire County Council to put a significant focus on improving connectivity, enhancing links throughout the city, and highlighting cycling and walking routes. The biggest target for regeneration is in Stoneygate, which is on the edge of the main city centre. The goal is to raise the neighbourhood’s profile and attract more investment and footfall in this strategic area.
As the UK’s newest city, Preston was named the most improved city to live and work in by PwC’s 2018 Good Growth for Cities Index. Unemployment has fallen as the city offers a range of career opportunities and a flourishing start-up scene.
With access to green space becoming more important to residents across the UK, seven of Preston’s well-maintained parks have won green space awards. Many of the surrounding areas of these leafy spaces have been subject to investment and regeneration, such as Winckley Square Gardens.
With more sites getting redeveloped for housing and businesses and plans to improve connectivity and liveability, Preston will continue to see additional regeneration and investment. More people are expected to be enticed to Preston, which will bring even more homebuyers and investors to this thriving city in the north-west.