Preston is one of the UK’s fastest growing cities. It is the third-largest in the North West of England, with plenty of room to grow thanks to billions of pounds of investment in recent years.
Nowhere is this growth clearer than when looking at the city’s housing market. Preston has seen so many new homes brought to market in the last year that it has been declared the UK’s ‘newest’ city. The 2,660 new completed dwellings make up more than 4% of Preston’s housing stock – a huge number and one which demonstrates the city’s vibrancy and speed of growth.
However, even all of the aforementioned building activity is not enough to satisfy demand in Preston. The population is growing rapidly thanks to major investments into world-class business infrastructure that provides the high quality jobs which draw people for the city.
For example, the latest satellite branch of the Advanced Manufacturing Research Centre (AMRC) has opened its doors in Preston this month. This facility will form part of the University of Sheffield’s network of AMRCs and will be home to a range of research including additive and digital manufacturing, batteries and automation, 5G for manufacturing, robotics, autonomous manufacturing processes and systems, and low-carbon technologies.
Preston already employs more than 85,000 people in the advanced manufacturing sector, and this number will only rise thanks to the AMRC, which also enjoys ties to the nearby Samlesbury Aerospace Enterprise Zone and the University of Central Lancashire – which is located in Preston city centre and has itself completed a £200m masterplan.
Debbie Francis, Chair of the Lancashire Enterprise Partnership (LEP), said: “Manufacturing is in our DNA and the fact that the AMRC made the decision to locate in the county is testament to our capabilities in this sector.
“These world-class facilities will not only enable our businesses to realise their growth potential and create high-value jobs and thereby contribute to the levelling-up agenda, but the facilities will also help them to decarbonise industrial legacy buildings which is critical if we are to meet our net zero ambitions.”
Another example is the £5bn National Cyber Force headquarters which is being based close to Preston. This development will be purpose-built to house thousands of software engineers, analysts and further support jobs – further cementing Preston’s reputation as one of the UK’s number one technology and communications hubs.
Defence Secretary Ben Wallace said: "I am hugely proud and enthusiastic to see this happen - not only will it provide a catalyst for investment, but also see our levelling up agenda bring economic stimulus and tangible benefits to this region."
These two developments are perfect examples of the kind of high quality employers that are bringing people to Preston and helping to lay the groundworks for the city’s future. They also create an extremely high level of demand for homes that is pushing up house prices – which should be of interest to any first-time buyers or other homeowners looking to buy property in Preston.
Demand is especially high for luxury apartments in Preston city centre – a class of property which is only recently becoming available after a historic lack. Those looking for property to buy in Preston should pay particular attention to this type of property as it is unique and has great future potential for capital appreciation.
The Exchange is one such development that is proving to be popular with home buyers. This brand-new development in the city centre’s most exciting emerging neighbourhood – just a short walk from the train station – comprises 200 stylish apartments and will deliver elevated modern living to the local homeowner market.
Its range of amenities bring something special to Preston and will raise the bar for residential experience. These include:
- Communal lounges
- Residents’ roof garden with views over Preston
- Concierge service
- 5-star gymnasium
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