Owing to the high PwC Good Growth Cities index rating, Preston has become one of the UK’s most preferred cities for families and the young population. Thanks to the modern infrastructure and excellent job market. Located in Lancashire in the North West of England, Preston obtained its city status in 2002.
Considering that massive investments went into improving the city’s infrastructure, a diverse range of properties is currently available in the region. Some of the property types that you can buy and sell include detached, semi-detached, and terraced housing, based on your needs and requirements. You also have the option to buy, sell or rent out flats. These properties have different costs based on their location.
Different Types of Properties in Preston
When choosing the type of property to buy in Preston, it is necessary that you make the right choice since the decision can’t be reverted afterwards. First of all, let’s define what is meant by the right choice. The best choice is the one that satisfies you and makes you feel fulfilled. If after buying a house, doubts, or worse, regrets begin to assail you, you have the wrong house.
Having said this, it is clear that the choice between different types of properties is entirely subjective. Below, we will discuss the different types of properties found in Preston and how their average prices have changed over the past few years.
Detached Housing
The average price of detached housing in Preston is £311,459. Detached housing is also referred to as single-family detached homes. It is an isolated accommodation that doesn’t share a wall with other houses. It is usually situated within a garden. A detached home can be built on one or more levels. Preston’s most frequent configuration is on two levels, with a possible underground level or semi-basement intended for garages and/or service areas. Such properties have an independent entrance, usually with a garden, intended as a home for a single-family unit. When the layout of a detached house is spread over a single floor, the central element is the living room or day area.
All the other rooms are constructed around this space. Generally, on one side, there is the sleeping area with the bathrooms, and on the other, the kitchen and other services. In the two-storey detached house, the sleeping area is located on the upper floor and is connected by an internal staircase to the ground floor, where the living room and kitchen are. However, other rooms may be intended for bedrooms on the lower floors. Buying a detached house means fully controlling your property and your spaces. An independent house gives a feeling of freedom and independence that is difficult to achieve in a flat. Obviously, a detached house is also a great responsibility and undoubtedly has considerable maintenance costs.
Semi-detached Housing
Selling for an average price of £192,109, semi-detached properties have been among the majority of sales in Preston in the last 5 years. In semi-detached housing, the property borders on one or more sides with another property. It might also include a parking lot or a garden to share with the neighbours.
Terraced Housing
The average price of terraced housing in Preston is £125,583. Terraced houses were born to solve overpopulation problems due to the advent of the industrial age and the unstoppable population migration from the countryside to the cities. Terraced housing allows the architects to conceive and construct a type of home that would take advantage of the little space available by developing height rather than width.
Terraced housing is particularly well suited to families looking for affordable housing. In fact, each housing unit has a small plot of land at the back, which can be used as a lawn or garden. This type of home is widespread, especially in the United States, England, and the cold regions of Europe.
Flats
The average price of flats in Preston is £109,834. According to a survey carried out by the HMRC’s Valuation Office Agency between September 2021 and September 2022, the average rent for flats in Preston is £583. Living in a flat reduces the cost of running the house, as common expenses include roofs, facades, stairs, and more. The maintenance costs of the flats are divided among the residents of the building. Furthermore, living in a flat often means living in the centre of city life, having many services close at hand. The flats are mainly structured with 3-4 bedrooms, one or more bathrooms, and a shared kitchen.
The kitchen has cooking essentials, including pots, plates, cutlery, an oven, stove, microwave, refrigerator, sink, and washing machine. The bathroom includes classic sanitary ware, a shower or bathtub (more common in the United Kingdom), and a sink. The flats are designed considering the ease of keeping the rooms clean and keeping the rental costs for the tenants as low as possible. One of the many advantages is that you can sell flat fast whenever you want, thanks to cash-buying companies like WeBuyAnyHome.
Change in Preston Property Value in the Past 5 Years
Contributing to the long-term trend, house prices continue to rise in Preston. According to Plumplot, the average selling prices of properties in Preston were £216,000 in 2022. Due to the rapid industrialisation and expansion of textile manufacturing, Preston is becoming the region’s thriving engineering and economic hub. Property rates are also dependent on the local council tax rates. Preston is the third largest city in the North West. For the past 5 years, the area has seen tremendous economic growth and is fast becoming one of the UK’s most attractive investment hotspots. With more than 45,000 registered businesses, Preston generates £23bn in Gross Value Added (GVA) annually. According to Plumplot, Preston’s population has increased by 9.5% since 2002. In the last ten years, house prices in Preston have increased by an incredible 60%. Owing to the large-scale regeneration project, the prices will continue increasing. Considering an excellent PwC Good Growth Cities index score, Preston has become an ideal place for families looking for a better lifestyle.
With a further £1bn economic growth that is expected within the next 10 years, the future of Preston continues to look extremely bright. Thanks to the projects like UCLan’s Masterplan, The Preston and Lancashire City Deal, and The Stonerygate Masterplan. These projects are aimed towards transforming the area and creating significant jobs and opportunities. Preston is also going to be home to the new National Cyber Force headquarters, a project that will cost £5bn and will generate more than 12,000 jobs.
Property Options in Preston
Given the competitive prices due to the slowdown in the market today, the gap between the cost of a flat and that of an independent house is not huge. With inflation at record levels, it is important to make wise decisions regarding your hard-earned cash and properties. To help you make the correct decision and ensure that you’re buying or selling your property at the ideal market rate, you should consider using the services of cash-buying companies in Preston, like We Buy Any Home.
