The North West city’s fast-improving reputation has seen it recognised as one of the most up-and-coming areas of the UK. Thanks to significant investment being placed towards the redevelopment and restoration of the city centre and surrounding areas, it’s become quite the hotspot for those looking to get a great mortgage deal and buy a property.
A city on the rise
It was in 2002 that Preston achieved city status, after suffering economically for many years. Since then, the city has gone through a hugely positive transformation, even being named as the most improved city in the UK in PwC’s 2018 ‘Good Growth for Cities’ report.
These days the city is rife with attractions and new developments, with low asking prices adding to the increased investment, and encouraging a boost in the region’s economy. Plus, a large fall in Preston’s unemployment rate, combined with improvements to health, transport and people’s work/life balance, have all turned it into one of the most exciting property investment opportunities for 2020.
A buy-to-let hotspot
The city often appears in lists of the top buy-to-let locations across the UK, as a result of low initial asking prices, coupled with an increasingly high tenant demand. According to property service group, Residential Estates, the city’s average asking price is £115k, which falls significantly below the national average of £218,700.
Initiatives such as the City Deal, which saw the city and the surrounding areas develop thousands of new homes, free up new land for future developments and create thousands more jobs, has placed the city top of the charts when it comes to the buy-to-let market.
The University of Central Lancashire (UCLan) is helping to cement the city’s new status, by fostering more jobs and talent for the city, as it continues to invest in new facilities and plans to carry on doing so for at least the next 10 years.
Ideally placed for the future
It connects 4 major motorways and various rail networks, which makes it ideally placed in terms of location for those looking to buy property. Plus, the city’s train station is also undergoing a £1.5 million modernisation programme, which will only add to the increasing desirability of the place.
The Bus Station underwent an award-winning refurbishment, and there are more plans to develop a large public square that could have the potential to host events and activities. These improvements to the city’s transport links, a thriving student population and future plans for further investment and regeneration means that the North West city really is a spot worth considering. Especially if you’re looking to secure a mortgage and invest in a new home, or buy-to-let property.
If you want to improve your chances of getting accepted for a mortgage - then please get in touch with our expert mortgage broker team at TaylorMade today on on 0345 305 2540, or info@taylormade-finance.co.uk
