The North West is leading UK house price growth once more, with an annual price rise of 18.6%, according to the June 2021 UK House Price Index from HM Land Registry.
That compares to an increase of 13.2% for the UK as a whole. The figures come as welcome news to those who have been investing in property in the North West, where developments such as The Exchange in Preston are proving popular.
“The North West is such an exciting region from an investment perspective. Not only has it been performing brilliantly in terms of capital growth and yields over the past year, but it’s projected to continue doing so over the coming five years, with Savills forecasting growth of 28% to 2025. For individual cities with strong credentials within the North West, that growth potential is even higher,” said Dale Anderson, Managing Director, Fabrik Invest.
Preston is one such city. In the past couple of weeks, it has been flagged up by Coulters Property as the top city in the UK for delivering the best return on investment for landlords. Property prices there remain comfortably below the UK average, despite the increases of the past year, meaning that investors can enjoy a low entry point in a city where demand for rental homes is high.
Feeding that demand is graduates from the Preston-based University of Central Lancashire, which is currently in the midst of a £200 million investment that is enhancing a range of facilities. Not only is Preston a great place to study, it’s also one of the top cities in the country for graduates, according to a new index from comparethemarket. Preston came in third in the index, only narrowly beaten by Bradford and Carlisle, based on analysis of factors ranging from salaries and available job opportunities to the cost of renting a home.
“Preston is a winner on so many levels. It has this superb talent pool of highly skilled graduates who are feeding the city’s dynamic future. Those graduates and other working professionals are generating plentiful demand for rental homes, and particularly for buildings that are a cut above normal standards, such as The Exchange.”
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