The UK property market continues to grow strongly, with some areas benefitting more than others from increasing house prices – both right now and when it comes to future potential.
New data from Nationwide shows that the national average property price has gone up by 11.2% in the last year following the 11th consecutive month of growth.
Robert Gardner, chief economist at Nationwide, commented on these figures, saying: “The housing market has retained a surprising amount of momentum given the mounting pressure on household budgets from high inflation, which has already driven consumer confidence to a record low. Part of the resilience is likely to reflect the current strength of the labour market, where the number of job vacancies has exceeded the number of unemployed people in recent months.”
Gardner also noted that the continuing growth of house prices is down to the lack of supply in the market. There are nowhere near enough homes being built in the UK to meet demand, and that increases competition which pushes up house prices.
The task for buyers is to work out where this house price growth is strongest and where has the most potential for more growth in the future based on the supply issues noted previously.
Preston is a great example of a city where there is a notable lack of available housing, especially in the city centre luxury market which is oversubscribed and in desperate need of new properties to meet demand.
The city has become increasingly attractive in recent years. As well as being voted the best place in the North West to live and work by PricewaterhouseCoopers, the latest research from Irwin Mitchell shows that Preston’s economy grew by 8.5% in the last year.
Combine a booming economy with a whole range of regeneration projects – including a revamp of the train station, a brand new neighbourhood known as the Stoneygate Masterplan, and the ongoing investment into the University of Central Lancashire – and you have a city which people and businesses are keen to move to in large numbers.
House price growth in Preston reflects this. The latest figures from Rightmove show that the city is playing a key role in the growth seen across the whole North West with the average property price in Preston now 9% higher than the pre-pandemic peak.
The latest Land Registry data backs this up, as reported in LancsLive this month. Those numbers show that house prices in Preston increased by 2.4% in April 2022 and have grown by a total of 12% in the last year – strong growth which compares favourably with the national growth discussed previously, and which gives a good indication of Preston’s future potential.
As mentioned previously, the city centre market could continue growing even faster than the city itself due to the lack of luxury properties available, making it an opportunity for buyers who want to earn capital appreciation in the future. If you are looking for apartments in Preston, The Exchange is a brand new development in the city centre and could be the right purchase at an ideal time.
Comprising 200 stylish apartments, The Exchange will deliver elevated modern living to the local homeowner market right in the heart of the city’s newest emerging neighbourhood.
The Exchange sets the benchmark for Preston property - from modern amenities like the fully equipped gym to stylishly designed interiors.
The attention to detail sets this development apart from anything else in the city, making The Exchange, Preston an exciting choice for those looking for something unique to the region's property market.
Key development highlights:
- Communal lounges
- Residents’ roof garden with views over Preston
- Concierge service
- 5-star gymnasium
- City centre location, minutes from train station
Looking for property to buy in Preston? Get in touch with our team today to learn more about The Exchange and what makes the city such a great prospect.
