The word on the street is that all the UK’s top ten hotspots for buy-to-let investments are in the North, but we think there is room for one more; Preston. It’s not only the beautiful character buildings that make the area so attractive, Preston is vastly becoming something of a property hotspot, but why is this? One simple answer is the university.
Preston is home to UCLAN (University of Central Lancashire) which attracts a student population of around 30,000 each year. There is also a large staff force that help to run the university, making UCLAN the 5th biggest employer in the North West.
As the third largest city in the North West, Preston is well located as a major stop on the west coast mainline, with direct routes across North West England. Manchester is just 40 minutes away and Blackburn only 17 minutes away, Preston has strong connections across the region.
Virgin trains are spending £1.5 million on a major revamp of Preston’s mainline train station, and a new side entrance is underway in preparation for the HS2 project, which is strongly rumoured to be extended to Preston in the future.
The Preston and Lancashire City Deal is an agreement to achieve a once in a lifetime transformation of the area, creating thousands of new jobs and homes. £435 million pounds’ worth of new investment will lead to the unprecedented expansion and improvement of the city.
20,000 new jobs and 17,420 new homes are forecasted to be created, which is expected to grow the economy substantially over the next ten years. There is also a further £50 million-pound investment pledged to revamp the Market Quarter, with plans for a new cinema, retail units, restaurants and a car park.
The city centre has already benefited from the City Deal, the main high street has been updated to create a contemporary, landscaped space for pedestrians. Winkley Square has seen numerous improvements to its historic park and surrounding buildings.
There’s no denying that this bustling, vibrant city is up there with other major players, making it a property hotspot for investors to increase their portfolio of rental properties or for young professionals who are looking to buy their first home.