01 / November / 2018

Preston Market View

House prices in Preston experienced a meteoric rise in the lead-up to the 2008 market downturn, doubling in the 4½ years between the summer of 2003 and the end of 2007.  However, current prices are still 11% below that 2007 peak, highlighting the different stage of the cycle that Preston and a large swath of Northern of England finds itself in when compared with most markets in the South and East of England.  This has led to the City benefiting from a five year period of both growing house prices and affordability levels (shown by the green dots on the below graph).  This has afforded the City a level of immunity from the negative affordability issues and subsequent lack of domestic demand that is currently being experienced in most markets in the South and East of England.  A sign of this balanced strength is in the sales transaction figures.  While nationwide transaction levels fell by 3.1% in 2017 (from 2016), transactional activity in Preston during the same period actually increased by 4.3%.

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By Lee Layton Tags: Preston, BTL, New Homes, BtR, Rents, House Prices Category: Research
Tags: BTL , New Homes , BtR , Rents , House Prices
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