Preston named Top 3 property hotspot

FireShot Capture 378 - Property hotspots_ Manchester, Liverp_ - https___www.estateagenttoday.co.uk

Preston has been highlighted as a property hotspot by Estate Agent Today, one of three North West cities to be predicted to grow.

The online news platform for residential property professionals says the property market in northern England, supported in part by the Northern Powerhouse concept, has attracted a lot of domestic and international investment, especially from China. “This has helped to drive up transactions, prices and rental values across many northern regions, led by the North West,” says writer Marc da Silva.

He adds: “With affordability in London stretched, a growing number of prospective buyers, from home movers to property investors, are now turning their attentions to England’s northern regions where prospects for capital growth look far more promising, as illustrated by the latest Hometrack report.

“While home prices in London and the South East are slowing towards a standstill, large regional cities in other parts of the country, particularly in the north of England, continue to register robust levels of price inflation, supported by low mortgage rates, falling unemployment and of course, cheaper property prices.”

The in-depth article quotes Graham Davidson, managing director of Sequre Property Investment, who says Home prices in London are 85% higher than they were in 2009 and prices in the capital have long been overdue a cooling off.

“From an investment point of view, as the Hometrack report shows, the rise of the northern regions is now a primary focus – with lower entry prices and yields that are simply not available in the capital anymore.

“Our own business has seen numerous investors taking their money out of London and we expect this to be a growing trend in 2017.”

Having been stuck in the doldrums for well over 20 years, 2016 marked a huge turning point for the North West’s third city, Preston, according to Matt Eastham, a director at Easthams & Co.

He told Estate Agent Today: “Around £50m is being invested into the Markets Quarter to develop an 11-screen cinema complex with seven restaurant units and a new multi-storey car park of 593 spaces.

“The listed bus station is undergoing a complete £25m refurbishment with the creation of a youth zone and public square, the Guild Hall is being brought back to its former glory with a £15m makeover and will again begin to host world snooker and darts events as well as major music acts.

“The city has already seen the refurbishment of the stunning Winckley Square, one of the finest Georgian squares in the UK, with plans already passed to convert several unoccupied former office buildings on the square into high-end residential apartments, as part of the council’s new City Living strategy.”

Preston now offers a true alternative for savvy investors who have historically invested in Manchester and Liverpool.

“The smart money is currently being invested in the city centre where major new build residential developments are planned and areas around Winckley Square,” Eastham added.

Etc Urban Developments is converting a Victorian warehouse in Guildhall Street into spacious loft apartments and is expecte3d to begin work this summer.

For more information visit www.etcurban.co.uk

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Neil Thornton

Neil Thornton

Director at Thornton Media
Neil Thornton is an award-winning writer and journalist who is an expert in property, housing, architecture and design.

He has been at the forefront of the UK property scene for 15 years and has been published in major newspapers, magazines and influential websites around the world.
Neil Thornton

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