A new study by Savills has named Preston the “best performing small city in England for landlords”. The full report looked at each of England’s small cities (defined as those with populations of less than 300,000), scoring them on a number of separate criteria. For landlords, it ranked locations with the highest rental yields placing Preston firmly at the top spot.
All but one of the top 10 small cities for landlords were located in the North and Midlands where typically lower property prices translated into higher yields for landlords.
Preston in Lancashire, has a median apartment price of £80,000. This offers average yields of 8.6% which is higher than every other small city in England.
The current plan of investment for the city suggest that these high landlord yields are highly likely to continue for the foreseeable future.
It’s not just the current chart-topping yields that are attracting landlords and investors to the city of Preston. The report also looked at the best small cities for families and placed Preston in the top 10. The city scored highly for its education provision, with 2.6 “good” or “outstanding” Ofsted-rated primary schools per 10,000 residents. Preston also boasts a superb university offering which has recently been strengthened even further with UCLan’s £200milion Masterplan.
Recently, Preston has been performing extremely well in a number of league tables across the property sector. Earlier this year, a growth index charting levelling up named the city the highest performing city in the whole of the North West of England. Beating big-hitters Manchester and Liverpool to the top spot for the third time, Preston achieved impressive scores in terms of economic wellbeing, availability of jobs, the current population’s skills as well as a positive work-life balance.
Preston’s recent rapid growth and continued success has been accelerating demand for luxury apartments. Anyone looking to buy property in Preston should pay particular attention to this asset class which is currently offering something truly unique to both homeowners and investors alike.
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