In a study of towns and cities across the UK, Preston has been named the best place to invest in according to new research by Coulters. Their UK Landlord Index looked into data comparing average house prices with average returns on investment. The results were impressive across the north region, with Preston taking the coveted top spot.
The average home in Preston now sells for £176,378 whilst the average rental price is £981 PCM. This means that the city’s landlords can enjoy a profit of £438 per month and £5,256 per year. This equates to an impressive ROI of 2.98% putting Preston firmly in the number one spot ahead of the rest of the country.
Preston is currently enjoying a period a huge transformation with over £1bn of economic growth planned for the city over the next 10 years. This city was recently declared the best city in the North West to live and work by Demos-PwC for the fourth year in a row. The huge amount of public and private investment, combined with particular strengths in employment, work-life balance and housing costs to earnings ratio, have made Preston incredibly appealing to young professionals and families alike – even more so than regional neighbours Manchester and Liverpool.
The city was also recently praised for its cultural offering as two of Preston’s most iconic residents, Wallace and Gromit, were immortalised with bronze statues. The bench sculpture is based on the inventor and his loyal pooch and now sits pride of place outside Preston Markets encouraging tourists to the area.
By offering a better ROI for landlords than anywhere else in the country, there is no question that now is the perfect time to invest in Preston. If you would like to find out more about this buy to let hotspot, please get in touch with our team today.