With the return of trams to Preston City Centre, it ushers in a new era of property investment. As Preston is flooded with development opportunities, the property market is set to grow.
Plans have recently been approved for a new test tram line in Preston. This could lead to passenger tram services retuning to the city for the first time in 85 years. Preston Trampower obtained planning permission for a 200-metre section of line, a new station platform and overhead lines. The company hopes to start on the testing scheme at the beginning of 2022, and demonstration rides will begin further on in the year. This scheme of a £25m project to create a 5km Guild Line from Red Scar to the university quarter by late 2022. With these plans in place, six trams would run along 12 stops at six-minute intervals.
Lincoln Shields, director of Preston Trampower, says: “Our plans to bring clean and sustainable tram services back to Preston have been a long time in the making and we are really gathering momentum now.”
Investment in transport, infrastructure and connectivity will boost the local property market in Preston. Tenants in the private rented sector often prioritise close access to transport options when looking for accommodation. The addition of trams can further make Preston a more attractive area to live, work and invest in. Overall, the money that is being invested into Preston is leading it to be a notable player for new property developments.
In recent years, Preston has received millions of pounds worth of investment, which has led to the city becoming a very desirable revenue stream, and an even better place to live in. The city was even named the top place to live and work in the north-west by PwC, and as well as this, more employment opportunities and added amenities are arriving. With the addition of these features, buyers and tenants will be drawn into this growing city.
With the influx of new developments, conversions and regeneration projects changing Preston in its entirety, it means that property investment is growing exponentially. The city boasts strong rental yields, with monthly returns reaching 5.5%. However, house prices are below average in the city. However, prices are on the rise, as demand increases more and more. It is due to this that it is a popular city to invest in buy-to-let property.
As even more developments come to the city, this trend will likely continue. In recent years, Preston has benefited from increased local investment and regeneration. And more expansion is in the pipeline, which will further boost Preston’s housing market.