2021 offers one of the best opportunities in over 20 years for landlords and property investors looking to expand or start their rental property portfolios in and around Preston. Cheap borrowing coupled with low asking prices (still circa 2010 levels), record rental growth and over £1billion pounds worth of investment make Preston one of the UK’s top property investment locations.
But before you take the plunge and invest in the North Wests 3rd City make sure to do your homework and speak to an expert with knowledge of the local rental market. Established in 1984 Easthams & Co are the longest established Letting and Management company covering the PR & FY postcodes, we are specialists in the corporate and professional market, letting over 50% more properties than any other local agency.
Easthams & Co aren’t Estate Agents and have no sales arm, so we can offer completely impartial advice to our landlords on what and where to buy for the best returns and will accompany landlords on viewings to advise on potential rental returns and what improvements need to be done to maximise appeal to tenants. Easthams & Co also offer a hands free sourcing service and carry out all refurbishment work using our preferred contractors from start to finish.
So what should you be buying?
Buy-to-let Terraced Houses in Preston
After a sharp downturn in demand several years ago due to the market being saturated with poor quality stock, the terrace market has bounced back (in certain areas) with demand for quality properties outstripping supply, this is thanks in part to a record number of young professionals opting for houses over City centre apartments. Best areas Broadgate, Fulwood, Lane Ends.
Buy-to-let Houses in Preston
By far the biggest demand currently across the whole of the PR & FY postcodes is for 3 bedroom semi-detached family homes close to schools and amenities. Demand for this property type currently outstrips supply by over 25%!!! Best areas Fulwood, Cottam, Ashton, Penwortham, Lytham & Walton Le Dale.
Buy-to-let Bungalows in Preston
Bungalows are also performing extremely well but due to a shortage in supply its becoming increasingly difficult to buy them at a price that allows for a decent yield, if you do find one that works snap it up as we expect bungalows to see the strongest capital growth of any property type over the next 5-10 years. Best areas Lytham, Fulwood & Penwortham.
Buy-to-let Apartments in Preston
Apartments in the City centre are performing well, fully furnished is a must and 1 beds are edging 2 beds in terms of demand, parking if you can get it also makes a huge difference to demand. Thanks to the City living boom in Preston there are lots of new apartment schemes in the pipeline, so personally I would avoid larger investor led schemes as in the long term they don’t tend to provide the rental and capital growth levels they are sold on and the smaller schemes with larger units offering a more unique product tend to do better. Best areas are City centre around Winckley Square and Avenham & Miller Gardens, The Docks, which is very popular especially with the corporates such as BAE and Fulwood which is excellent for Hospital staff.
Preston Property Types Most In Demand
• Semi Detached 3 Bedroom Houses – Near Schools and Amenities
• 1 Bed Apartments – Fully Furnished – Ideally With Parking
Most Popular Locations
Fulwood, Penwortham, Ashton, Cottam, The Docks, Lytham, Bamber Bridge, Walton le Dale.
Furnished or Unfurnished
Houses – Unfurnished unless near the Hospital/Fulwood Business Park or The Docks, where there is a large demand for furnished stock, however average tenancies are half those of unfurnished houses as they tend to attract a more transient tenant type.
Apartments – Fully furnished always let quicker than unfurnished with over 95% of local searches for furnished apartments
To discuss how Easthams & Co can help you maximise the returns on your portfolio or for advice on your next property investment please CALL US TODAY on 01772 654624 or 01253 708834 or enquire online .
If you’re looking for some property investment inspiration check out our current rental properties available in Preston and surrounding areas.