1. New City Status in 2002

Preston only became a city in 2002, although 20 years ago, it does make Preston a relatively very young city. When a town becomes a city technically there are no immediate physical benefits, however the status of being called a city is arguably huge for the economy. Historical data has shown previous cities have seen consistent business growth once declared a city. Preston is one prime example of this. Being young it is forecast to continue this growth.

2. Stoneygate masterplan regen

Stoneygate is a huge project involving 25-hectares of central Preston, which will directly impact over 2000 businesses. The plan is to create a better environment for current businesses and residents of Preston, which will hopefully attract more people and businesses to the area. It will also bring no less than 5 major residential developments to the central location; these residents will help boost local businesses as well as drive up the housing and rental demand. More information can be found here on the Stoneygate Masterplan here.

3. High demand for rental property

A combination of many factors, from the HS2 line, the City status, the regeneration plans and the fact that Preston is relatively new in terms of buy-to-let hotspots has created a huge demand for housing in the area. Unlike other locations where developments have continuously been built over 20 years, Preston is in an earlier stage. This includes a huge demand for 2 and 3 bed properties, with around a third looking for 2 or 3 beds.

4. Benefit from HS2

Preston is in a fantastic location for HS2. With links to Manchester and Liverpool, and on the route for anyone traveling from London to Glasgow and Edinburgh. This reduced travel time will make it easier for people to visit the area, commute to/from Preston and make it a location more desirable to national businesses.

5. Affordable compared to other cities

According to Rightmove the average property price in the city centre is £152,288. In comparison to the nearby City of Manchester of £199,316.  This affordability is a huge consideration for investors or home buyers looking in the Northwest region who may not be able to afford property in Manchester.

6. University – Central Lancashire

Preston is home to the main campus for the University of Central Lancashire with an impressive 30,000 + students. It is also a very affordable place for students to live.

A report into student accommodation shows the main University only offers 1,736 beds to its students whilst it currently has around 20,000 students. This means there is a huge market for private landlords renting to students.

7. Highly ranked for overall Quality of living

In the PWC good growth rankings which you can see here. Preston ranks higher than all the Northwest Cities. In addition to this it was given the highest score for its jobs market, higher than London, Birmingham, and Manchester. This is an early indication that can, in the near future effect many other factors from rental demand, growth, salaries and businesses coming to the area.

8. High capital gains forecast

Savills latest reports has forecasted massive growth for the Northwest region of the UK where Preston is firmly located. With an 18.8% growth in property price over the 5 years and a rental increase of 16.5%.

Five Year Price Forecast

	2022	2023	2024	2025	2026	5 year cumulative
North West	4.50%	4.00%	3.50%	3.00%	2.50%	18.80%

Prediction for Manchester Property Rental Increase

2020	2021	2022	2023	2024	2020-4
3%	3%	3.5%	3%	3%	16.5%