Preston is one step closer to welcoming back trams, adding to the investment the city is already seeing. With more investment and development in the works, this will further boost the city’s property market.
Plans have recently been approved for a new test tram line in Preston. This could lead to passenger tram services retuning to the city for the first time in 85 years. Preston Trampower obtained planning permission for a 200-metre section of line, a new station platform and overhead lines.
The company hopes to start on the testing scheme at the beginning of 2021. And demonstration rides will start later in the year. This is part of a wider £25m project to create a 5km Guild Line from Red Scar to the university quarter by 2022. Under the plans, six trams would run along 12 stops at six-minute intervals.
Lincoln Shields, director of Preston Trampower, says: “Our plans to bring clean and sustainable tram services back to Preston have been a long time in the making and we are really gathering momentum now.”
Investment in transport, infrastructure and connectivity will boost the local property market in Preston. Tenants in the private rented sector often prioritise close access to transport options when looking for accommodation. The addition of trams can further make Preston a more attractive area to live, work and invest in.
Lincoln Shields comments: “Preston is one of England’s fastest growing cities and a modern tram system would deliver huge benefits for the city, unlocking economic growth and offering safe, clean and reliable transport.”
In recent years, Preston has received millions of pounds worth of investment, making the city even more liveable. The city was even named the top place to live and work in the north-west by PwC. Additionally, with more employment opportunities and amenities coming to Preston, buyers and tenants alike will be attracted to live in this growing city.
Property investment hotspot
With new developments, conversions and regeneration projects changing the landscape of the city, property investment is booming in Preston. The city is home to strong rental yields with monthly returns reaching 5.5%. House prices are also below average in the city. However, prices are on the rise as demand increases more and more. Because of this, it’s a popular city to invest in buy-to-let property.
As even more developments come to the city, this trend will likely continue. In recent years, Preston has benefited from increased local investment and regeneration. And more expansion is in the pipeline, which will further boost Preston’s housing market.