Located in Lancashire, Preston is the largest city in the county. A thriving economy, increased investments and a high-quality lifestyle make Preston property investment one of the most desirable business options in the northwest.
Preston is very well connected with Manchester and Liverpool. The development of the whole northwest region has positively influenced Preston’s economy. The city is known as a business centre and unites more than 5,000 enterprises. In 2018, Preston was awarded as the most improved city in Britain 2018 by accountancy firm PriceWaterhouse Coopers.
A strong business environment has influenced Preston’s development positively. The whole region is supporting more than 600,000 jobs. This index is increasing, thus attracting more people to migrate to Preston. The growth of population is promising for the Preston property market.
People are moving to Preston for job opportunities, another big reason for population growth is the high-quality education offered in the region. The University of Central Lancashire is located in Preston. The university employs more than 3,000 people. Additionally, Preston’s student population counts more than 33,000 people.
Preston Property investment is relatively affordable than other cities in the UK. Moreover, prices are rising only at a steady rate. However, the property owners realise that a rental yield of over 7% is achieved in Central Prison. While considering the lower investment charges, the rental yield is high. This makes people go in search of property sales in Preston to purchase one.
The higher job opportunities and presence of the University of Lancashire is a perfect reason for the higher population in Preston. The higher population demands an increased need for rental homes, which increases the rental yield in the city. The higher rental yield increases the demand for property for sale in Preston.
Preston City Center is very attractive to investors. Even though prices are relatively low compared to other cities such as Manchester and Liverpool, investors receive rental returns as high as 7% in Preston city centre. The rental market is expected to grow in Preston as a result of the city’s young population. More than a third of the population is under the age of 25, these young adults create a very attractive rental market. Preston is a vibrant city that offers a high standard of living. Therefore, many adults choose the city as their primary residence.
