Off Plan Investments - Helping you profit from property

Preston Property Market information

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As the housing market stands at the moment housing in Preston is moving at a quick pace, especially in areas connected to the city centre.

The advantages Preston has over say somewhere like Manchester is that half the work has already been done in terms of setting things up. It already has great communication links via rail network and the retail sector has been in the top five North West for a number of years. Now with the newly added city status employment has become a new addition with big firms using Preston as a North West base because of cheaper properties and rent for commercial purpose.

Britain’s newest city also has quite an industrial history which unfortunately went quiet over 20 years ago so there are a number of warehouse projects and mill houses ready for redevelopment, add to this period property in a state of disrepair ready for refurbishment and a growing student population, you begin to get a sense that Preston Is a city on its way up.

Below you’ll find a wealth of property market analysis, data and statistics for Preston. This property information has been designed to be of interest to potential home buyers, house sellers and buy to let / investment property.

Given the statistics Off Plan Investments has gathered on Preston, it will soon become clear to you and others that Preston is aiming to become a big player in the property market.

Since being handed city status just three short years ago, Preston has gone from strength to strength; a housing price growth rate of 66% with the capital growth set at a healthy 8.8% every year. If you place this against a three year UK average of 61.6% and annual 7.44% you can see Preston is ever so slightly ahead of the game.

The current average house price in Preston is £152,717 which is significantly lower than the national price of £193,500, with the most popular housing sold in the last 12 months being 1 and 2 bedroom properties in and around the PR1 postcode (City Centre)

With new off plan properties and refurbished property developments appearing daily the advice from Off Plan Investments is to contact us an arrange to be sent details of what we currently have on offer.

New sites, ground breaking developments, refurbished period properties, feature properties and specific affordable housing.

Market Characteristics / Demographics

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The current breakdown of property styles looks like this:

Overall for Preston

Semi detached sits top of the list	31.3%	84,618
Detached housing comes in at	40%	52,558
Terraced Housing is third	21.6%	45,675
Flat / Apartments overall	12.6%	26,731
Temporary housing makes up	0.9%	1,813

Now bearing in mind this is the overall breakdown of figures for housing in Preston if we focus on PR1 specifically, then it links back to the comments made about flats and apartments being prime for buy to let / property investment. Flats in PR1 make up 20% currently 5,306, but with city expansion projects in full swing within 2 – 3 years this figure could rise to up to 30% and higher.

The new development plans including the regeneration of Avenham and Miller Park with regards to both property and leisure facilities will see upwards of 7,000 new properties in only the next two years, only 2 years into Preston Council’s proposed 6 year initiative to bring sport, economy and culture to Preston by 2012.

Take a look at some examples of buy to let / investment property opportunities.

Off Plan Investments has dealt with a number of developments in the last 6 months alone including 5 in close proximity to the train station all of similar size and quality. 4 of these were refurbished period properties just off of Miller Park; they vary in price but only slightly to offer an example Waltons Parade was a development of 6 luxury 2 bedroom flats, with prices of £131,500 - £160,000.

This difference is mainly due to the overall square foot to value pricing structure. These properties all sold in no time at all and now easily achieve their predicted rental estimates of £650 per calendar month.

On the higher price scale was West Cliff, only a short walk from Waltons Parade, however the building itself is on a far grander scale with great views from the rear of the property and curb appeal to the front. West Cliff was also a refurbishment of a Victorian period property but because of its size the pricing was £250,000 per apartment.

Finally a property which from the outside looks absolutely flawless, County Hotel in Preston was in a previous life as its name suggests a Victorian hotel, not only that but the largest remaining in Lancashire. Closed to the public over 15 years ago the building had fallen into disrepair and because of its scale the interest in restoring it to former glory was none existent. That was until Off Plan Investments realised the possibilities that could be achieved with a little though and some well placed buy to let / investment.

The result 8 luxury 1 and 2 bedroom apartments again with the square foot to value prices of between, £112,000 - £250,000. As with the previously mentioned developments County Hotel is thirty seconds walk from the train station and a further minute until you are in the centre of town.

These are just some of the examples of what can be found in Preston and with one of a kind developments like the upcoming Avenham Mills and award winning properties like Chadwick Court Preston and Off Plan Investments can help you find an buy to let / investment property to suit any size portfolio.

Future Development

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During 2002 Preston was granted city status by the Queen in her Jubilee year, the council instantly recognised that the need to expand and improve was a pressing matter. So on the back of this Preston Borough Council together with various government officials formulated a 10 year plan. This plan involved every aspect of the city from parks and leisure facilities, employment and economy, cultural and environmental issues and finally the general raising of living standards with the new city.

Now in 2006, 4 years on the plans are in full effect and moving far quicker than anyone connected expected.

The proposed plans started with the redevelopment of the dockland area with multi million pound apartment blocks and retail area. Now both are firm fixtures within Preston, the next phase was leisure facilities in and around the whole of Preston with both free public use services and large scale commercial amenities. This became an ongoing project with new and regenerated sports and leisure activities cropping up every quarter. The third part of the plan named the ‘Tithbarn’ project

Preston City Council and Grosvenor Limited are drafted a Development Agreement for the redevelopment of almost one third of Preston's existing city centre. The project will be a mixed-use redevelopment and incorporate retail, leisure, cultural, business, residential and health components and result in an investment of some £500m in the city centre. It will include a new transport facility, a new markets quarter and will see a significant increase in both the quality and extent of the public realm.

The project will enable a lead artist to work with the design team and Farrell and Partners, the urban design and architectural master planners for the scheme. The Harris Museum and Art Gallery will work with Preston City Council on a programme of temporary art interventions for a transitional city, a discussion programme about architecture and Preston's regeneration. Charles Quick and Alfredo Jaar will share the lead artist role.

This leads us nicely into the property phase of the 2010 vision, with all the activity happening around the city the raising of housing standards is also on the cards with some work already completed many other projects are moving ever closer.

Just to list some of the current projects that may be of interest to compare and contrast.

This list contains current and recently completed developments:

• Tithbarn
• Church Street
• Riverworks
• Royal Locks
• Fishergate ‘2’
• Crystal House Refurbishment
• Business School
• Magistrates Chambers
• City Library
• Miller Arcade
• Tickled Trout Redevelopment
• Corporation Street Halls
• Theater Street Orphanage Redevelopment
• Avenham Park Regeneration
• Farmers Market Redevelopment
• Moor Lane Apartment Redevelopment
• Church Street Apartments
• West Strand
• Winckley Square Apartments developments
• South Kings Park
• Pavilion Stand
• Fox Street Apartments Development
• Maudland Bank Marina
• Lancaster Canal Redevelopment
• London Road Park
• Sharoe Green Redevelopment
• Barton Marina
• Friar Gate Apartments
• Fishwick Mills
• Avenham Park Pavilion
• Cantebury Hall
• Deepdale Extension
• Corporation Street Gateway
• UCLAN Performing Arts Centre
• Guildhall Street Hotel
• PETCT Building
• Lawson Street Apartment Block
• Avenham Mills
• Byron Apartments Scheme
• Booths HQ Redevelopment
• Broomfield Mill Retail Scheme
• Preston Casino
• Oakleigh Apartments
• Marsh Lane Hotel
• Preston Laundry Company Redevelopment

Buy to Let / Property Investment Areas

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Buy to let / investment areas in Preston encompass the entire city centre and outlying locations, the major reason Off Plan Investments suggests this is based on statistics and general area knowledge. As Preston becomes more of a draw for both employment and leisure the younger generation of workers will be keen to move inter city but with places like Manchester already out of reach for the first time buyer market and rental estimates sky high the idea quickly fades and people generally settle for the commuter route.

Preston however is attempting to kill two birds with one stone, currently there are initiatives to bring upwards of 10,000 new jobs to the city. Whilst continuing to provide affordable housing on the outskirts the rental market is extremely healthy and very competitive.

So with the council aiming to provide the best of both worlds Off Plan Investments suggests looking into city living locations as your first point of call. Property investment / buy to let also stretches to the growing student population in Preston.

City living is also attractive to graduating student who after living in the city for three years are quite happy in their surroundings and often wish to stay, so this adds another dimension to city buy to let / property investment, the students graduate, hopefully find a job within the local area created by the 2010 plan and then rent a luxury apartment from you the property investor.

Currently there are 25,000 students attending the University of Central Lancashire with around 20% of this number being permanent overseas students.

The rental yields available from student property are variable dependent upon location but most of the university owned accommodation is centralised to the city site. With the number of students rising consistently year on year the demand for accommodation is constantly growing. Essentially demand could out strip supply fairly easily if this is not addressed, Off Plan Investments already has one student property in Preston but we also have an extensive back catalogue in this field with previous developments in both Leeds and Sheffield. With plans to acquire more property to be solely student let, as buy to let / investment property we can almost guarantee that nothing can go wrong when you invest in students.

The history of property in Preston

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Situated in the heart of the colourful county of Lancashire, Preston is the gateway to Lancashire's beautiful landscape and historical sights. Preston, the administrative capital of Lancashire, is the largest and most important commercial centre in the County and it attracts hundreds of thousands of visitors each year.

Preston's history dates back to the Doomsday Book and to 1179 with the granting of the Charter, which gave the right to hold a Guild Merchant every 20 years. The "Once in a Preston Guild" tradition continues to this day and we look forward to the next in 2012.

As England's newest City plans have been agreed for a new multi-million redevelopment of the City Centre to include major retail, leisure and cultural facilities which will enhance the existing excellent retail offer and magnificent heritage buildings such as the Harris Museum & Art Gallery. The Grade I listed building features an extensive collection of art, ceramics and sculpture as well as a contemporary changing exhibition programme.

Preston takes great pride in its people and celebrates its cultural diversity with an all year round events programme which includes the unique Easter Egg Rolling event, the colourful Caribbean Carnival and the Preston Mela, Festival of South Asian Culture.

The 25,000 + students at the University of Central Lancashire ensure that the City is buzzing at night with a range of pubs, clubs and entertainment including the Guild Hall and Charter Theatre which provides all year round entertainment including major sporting events, ballet, drama, concerts and much more.

Preston is an ideal destination for your next short break. Visit one of the many museums, attractions or events, enjoy some excellent leisurely shopping, or relax in one of Preston's outdoor cafι's. And if you are looking further afield, Preston is an ideal touring base for nearby Blackpool and the Fylde Coast, Lancaster and the Lake District.