Preston Property Guide 2019

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PRESTON PROPERTY GUIDE

2019


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Preston Property Guide 2019

UK buy-to-let: A sensible investment In an uncertain world the stability of the UK buy-to-let housing market is a welcome relief for investors; strong historic growth is allied with solid foundations for the future to create a winning combination. It is no exaggeration to say that the UK is

households will be renting by 2021 – a

in January 2019 that UK rents will rise

becoming a nation of renters. As house

total of five million households. Of those

11.4% in the next five years and that house

prices become decreasingly affordable,

households the most well represented

prices will grow 13.1% over the same

more and more people join the Private

age group will be 25-34-year-olds who

time period. It is not a surprise that so

Rented Sector (PRS) for the long term. With

are finding it almost impossible to get on

many people want to invest in the sector,

real terms wage growth in the UK having

the property ladder, leaving renting as the

and according to the English Housing

been stagnant for a decade, this is not

only option.

Survey there are at least 2.5 million more

likely to change soon.

landlords now than there were in 2000. This creates a problem of dwindling

It is estimated that UK landlords earned

Renting has become the status quo

supply at a time of overwhelming

more than £34bn in the 2017/18 financial

to the point where Knight Frank has

demand which pushes up both rents and

year, representing year-on-year growth

predicted that almost a quarter of all UK

house prices. For example, CBRE predicted

of 4.3%.

Where to put your money? Once you have decided to invest the question is: where? It is tempting to gravitate towards the biggest, most highly regarded city centre markets and find the best deal you can – and this isn’t a bad strategy. The biggest markets are at the top of the charts for a reason. However, there is also a lot to recommend heading slightly off the beaten track to find similar conditions in a less well-known location. If you can find a location with good transport links, a strong business base, a large future investment programme and a housing market with room to grow then you have a winner. Preston fits the bill on all counts.

Preston


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Preston: A buy-to-let hotspot in waiting Preston is the third largest city in the North West, and the largest in its county of Lancashire, following the award of city status in 2003. This is a confident, welcoming city which is friendly to business and regularly performs well in PricewaterhouseCooper’s Good Growth for Cities Index which analyses jobs, transport, average incomes and work-life balance among other things. Preston is located on the West Coast

opted to follow a different path and

Mainline and is only 40 minutes from

spend as much money as possible with

Manchester and 50 minutes from

local people and businesses in order to

Liverpool by direct train, as well as

boost the economy. The ‘Preston Model’

also having direct links to London and

is succeeding following a commitment

Glasgow. In addition, the city sits at the

to paying the real living wage to public

heart of a motorway network which

employees and dividing council and

makes it an incredibly attractive place for

public-body contracts into sections

businesses looking for logistical access to

which suit local businesses rather than

the rest of the UK.

offer them out as one enormous contract

The city hosts the University of Central

KEY HIGHLIGHTS House prices in Preston have increased by 19.56% in the last five years (Zoopla, Q1 2019)

Preston has easy access to the M6, M61, M65 and the M55, all key Northern motorways

Preston is only 40 minutes from Manchester

The Preston economic model has been so successful it is now being trialled in other towns across the UK

pounds brought to the area by students

which only suits the likes of Carillion or

– an unusually high percentage (37%)

Lendlease. In four years from 2013 the

of UCLAN graduates choose to stay

amount of money spent locally more than

The University of Central Lancashire is based in Preston and supports 40,000 staff and students

in Preston following graduation. This

doubled, and this has directly resulted in

provides the city and businesses with

people and businesses wanting to move

an invaluable, highly trained workforce

to Preston.

Lancashire (UCLAN) which is home to almost 40,000 students and staff and provides innumerable benefits. As well as the usual positive aspects of a city university – such as the millions of

across fields as diverse as engineering,

Preston is only 40 minutes from Manchester and 50 minutes from Liverpool by direct train

manufacturing, digital and creative and

House prices in Preston rose by almost

logistics.

20% in the five years preceding Q1 2019

Preston was named the UK’s most improved city

according to figures from Zoopla, and

(PricewaterhouseCooper and Demos, 2018)

Economically, Preston is something of

further growth is anticipated in the

a pioneer in the UK. There was nothing

future following extensive programmes

to make the city truly stand out until

of planned investment. Preston is a city

the collapse of a shopping centre deal

on the up and this is the perfect time to

in 2011. Since then the City Council has

invest.

The Preston and Lancashire City Deal is worth £434m and is transforming the city’s infrastructure


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Preston Property Guide 2019

An investment hub Preston is a city which inspires people to invest in its future. A great location, strong businesses, a higher education sector going from strength to strength and a growing reputation for radical economic excellence has resulted in an impressive programme of investment which is changing the city. Here are some highlights:

£434m The value of the Preston and Lancashire City Deal Preston City Council

The Preston and Lancashire City Deal The Preston and Lancashire City Deal has

17,500 new homes. It is estimated that

commercial projects in the city region off

been described by Preston City Council

these developments will grow the local

the ground as well as ensuring developers

as a “landmark agreement” that is in

economy by £1bn by expanding the

can get housing projects started.

the process of transforming the city and

benefits of Preston’s already excellent

building a resilient modern economy.

location and allowing businesses to make

Vital to any attempt to equip a city for

more of the highly trained workforce

the future is the creation of transport

which exists in the city.

infrastructure which will allow growth, and the City Deal is addressing this with

On top of this extensive private

investments worth £434m.

investment, the City Deal also includes the launch of a new £100m investment

By undertaking major new road schemes

operation created by Lancashire County

to the North, West and South of the

Pension fund. This fund will be managed

city, this investment aims to create

on behalf of those with local government

20,000 new jobs and build almost

pension schemes and will help to get

Preston aims to create 20,000 new jobs and build almost 17,500 new homes

University of Central Lancashire (UCLAN) Masterplan UCLAN is a major employer in Preston

Spaces, Oasis: Faith and Spirituality Centre

By creating a skilled workforce which

and provides thousands of graduates to

and the Student Centre and New Square –

meets the needs of local and regional

the city every year as well as undertaking

will help to create a “unified, sustainable

businesses, UCLAN is one of the pillars

ground-breaking research which

and welcoming campus” which will

of the community in Preston. When the

inspires new businesses. With a city

enhance all the benefits of UCLAN. In

Masterplan is complete in 2020, UCLAN

centre location, UCLAN is at the heart of

particular, the Engineering Innovation

believes that it will be a key driver of job

everything in Preston, and a new £200m

Centre looks set to bring more money

growth and local regeneration, as well

masterplan development is cementing

into Preston by integrating teaching

as being a key attractor of further inward

the university’s importance even further.

and research and putting the city at the

investment for Preston.

heart of the aerospace, mechanical and Four major new developments – the

engineering revolution which is unfolding

Engineering Innovation Centre, the Social

across the North of England.


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A connected city Preston is one of the most well-connected cities in the UK. Road and rail links to major cities across the country – including Manchester, Liverpool, Glasgow, Birmingham and London – make Preston an ideal place to live and the perfect location for businesses which rely on good logistics. In addition to the current network and the ongoing investment into the road network, Preston will also benefit from the upcoming HS2 high speed rail network which will reduce journey times from North to South.

Road network

Train network Train network times (direct trains): Manchester: 40 mins Carlisle

M6

Liverpool: 50 mins

Colne

Birmingham: 1 hr 48 mins

M65

Blackpool

M55

Preston Bolton

M62

M60

Leeds

M61

M6

M58

Wigan

M67

M62

M6

M57

Liverpool

London: 2 hrs 11 mins

Manchester

M602

Sheffield

M60

Glasgow: 2 hrs 18 mins

M62 M56

Manchester Airport

M6

M6

Birmingham

North West UK motorway map

Preston city centre


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Preston Property Guide 2019

Knight Knox Knight Knox is a market-leading property consultancy with a particular focus on city centre residential markets in many of the UK’s outstanding cities. We are the driving force behind every stage of the development, from the initial land acquisition, through the planning and development of the scheme, and onto the eventual sale and ongoing property management.

Our presence at every stage of the property lifecycle allows us to design our developments with the occupier in mind from the very beginning and ensures that we have a real stake in making every home perfect. Knight Knox is a unique property consultancy and our outstanding portfolio is second-to-none.

With departments which specialise in land acquisition, design, marketing, financing, lettings, property management and sales, we are one of the few companies which is involved at all stages of development.

“It feels good to deal with a company you can trust” Mr P. Nelson - Knight Knox Investor

How to invest in Preston

Cannon Street Preston Cannon Street is the latest development

that Cannon Street has a waiting list of

from Knight Knox and The Heaton Group

potential tenants ahead of completion.

and comprises 14 apartments located only minutes from the centre of Preston. The

Modern, high-gloss kitchens and

city has a shortage of high quality rental

bathrooms, neutral floors and a focus on

accommodation, and developments like

providing optimal amounts of natural light

this which are close to the centre, the train

complete the apartments, and additionally

station and local amenities are extremely

some have unique features such as a

popular with renters – so popular in fact

private roof terrace.

Invest in a growing market from £99,000 Please visit www.knightknox.com or call +44 (0)161 772 1370 for further information.

Figures correct at time of print (January 2019)


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90+

60+

ÂŁ1 BILLION+

Total number of UK projects launched

Number of completed and occupied developments

Total value of all UK projects launched

As featured in:

Development portfolio

Station Terrace Preston

The Sorting Office Preston

Station Terrace is a sensitive conversion of two characterful

The Sorting Office is a beautifully arranged building which

adjoining terraces into 17 modern apartments with secure

manages to provide high quality modern housing whilst

parking. With an outstanding location approximately five

retaining the character of the original brick building via a

minutes’ walk from Preston train station, the city centre shopping

sensitive regeneration and the addition of a state-of-the-art

area and the main business areas of Preston this is the perfect

extension and roof terrace.

location for young professionals looking for high quality rental accommodation.


Contact us Whether you are looking for a high-yielding investment property or would like to enquire about becoming part of our extensive Agents Network, please contact us to set up a meeting to further discuss your requirements and determine how Knight Knox can best help you. Get in touch Address: Knight Knox, Quay West at MediaCityUK, Trafford Wharf Road, Manchester M17 1HH Tel: +44 (0)161 772 1370 Fax: +44 (0)161 241 5360 Email: info@knightknox.com Find us online Website: www.knightknox.com

The content contained within is correct at the time of publishing (January 2019).


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