The North West’s 3rd City is currently seeing record levels of public and private sector investment with over £1billion having already been invested and billions more to follow over the coming years.
Many parts of the City have already benefitted tremendously from this investment including Adelphi Square, the Bus Station, Harris Quarter and Winckley Square with the Station Quarter and the Stoneygate Master Plan next on the list.
2022 has also seen Preston named as the North West’s No1 City to live and work in for the 3rd year in a row by PWC (Price Waterhouse Coopers)and the City was also announced as the location of the government’s new Cyber Force HQ which will provide huge benefits for the local economy for years to come. Preston was also crowned as the top property investment location in the UK by several of the country’s leading property firms, beating its larger neighbours Manchester and Liverpool to the title.
Interest from overseas investors has also exploded this year, with many now bypassing the traditional property investment hotspots in other cities to try and take advantage of the huge capital growth predicted for Preston over the next 5-10 years.
Tenant demand in Preston is also at record levels thanks in part to an influx of professionals and families relocating into the City from across the UK, lured by the better quality of life, affordability and wide array of stunning local scenery from the Lake District and Ribble Valley through to the Fylde Coast.
Whilst investment opportunities are available in this area please make sure to do your homework and speak to an expert with knowledge of the local rental market before you take the plunge.
Established in 1984 Easthams & Co are the longest established Residential Letting and Management company in Lancashire, specialising in corporate and professional lets and letting over 50% more properties than any other local agent.
Easthams & Co offer completely impartial advice to investors on what and where to buy for the best returns. We can also provide access to a hands-off sourcing service through our partners Switch Property, for investors that require more support.
So what should you be buying?
Terraced houses in good areas offer the best yields 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 since lockdown ended. 2 & 3 bed terraces are equally popular but average tenancies on 3 beds are generally longer.
Best Areas – Fulwood, Ashton, Broadgate, Fishergate Hill, Lower Penwortham, Higher Walton, Bamber Bridge, Leyland, Chorley, Kirkham, Longridge
Semi Detached Houses
By far the biggest demand currently across the whole of the PR postcodes is for 2 & 3 bedroom semi-detached family homes close to schools, amenities and transport links. Demand from tenants for this property type is outstripping supply significantly and rents have risen by up to 30% in the last 2 years!!! Yields aren’t as high as they are for terraces but they have greater potential for capital growth.
Best Areas – Fulwood, Cottam, Broughton, Ashton, Penwortham, Walton Le Dale, Bamber Bridge, Leyland, Buckshaw Village, Chorley, Kirkham
Bungalows are also performing extremely well due to a shortage in supply of existing stock and no new bungalows being built. It is 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 25 years + and due to the shortage rents will catch up in a fairly short space of time.
Best Areas – Ashton, Fulwood & Penwortham, Walton le Dale, Bamber Bridge, Leyland, , Kirkham
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. Thanks to the City living boom in Preston there are lots of new apartment schemes in the pipeline, so personally I would look for schemes with differentiators such as gyms, residents lounges, shops, balconies and roof gardens which although though now commonplace in the bigger cities are rare in Preston and will all help increase demand for your apartment. High quality properties in older period character developments are also very popular particularly around Winckley Square and Avenham & Mille Gardens
Best Areas – City Centre (Winckley Square) and surrounding streets, Markets Quarter, The Docks, which is very popular especially with the corporates such as BAE and Fulwood which is excellent for Hospital staff.
Furnished or Unfurnished
Houses – Unfurnished is best unless near the Hospital/Fulwood Business Park or The Docks, where there is a large demand for furnished stock from corporate clients.
Apartments – Fully furnished always let quicker than unfurnished with over 98% of local searches being for furnished apartments
To discuss how Easthams & Co www.easthamsandco.co.uk can help you maximise the returns on your portfolio or for advice on your next investment please CALL US TODAY on 01772 654624 or email email@example.com