Preston is a city on the up, recently declared the best city in the North West to live and work by Demos-PwC for the fourth year in a row. A huge amount of public and private investment, combined with particular strengths in employment, work-life balance and housing costs to earnings ratio, have made Preston incredibly appealing to young professionals and families alike – even more so than regional neighbours Manchester and Liverpool.
Preston is also a world-class centre for education. The University of Central Lancashire sits in the heart of the city centre and draws thousands of students from around the world to Preston, boosting the economy and providing the highly trained workforce needed by businesses such as Booths and BAE.
However, even more so than all of the above, the most exciting new development in Preston’s future might well be the upcoming HS2 high speed rail line which will slash journey times to Manchester, Birmingham and London – putting Preston in an even more enviable position.
HS2 trains will serve the current station in Preston, which will undergo major expansions to accommodate the larger trains and provide a better service for passengers. These trains will be fast, frequent and improve the city’s connections to other cities across England and Scotland.
According to the official HS2 website, “when fully open, there will be a connection to the West Coast Main Line at Wigan, which will allow us to then run trains along the existing line north of Wigan serving Edinburgh, Glasgow and other stations. This will include more services at Preston and Lancaster stations.”
It is estimated that the new network could mean 75,000 extra visitors a year to Preston, adding millions of pounds to the city’s annual economic output.
Cllr Peter Moss, the Deputy Leader of Preston City Council and Cabinet Member for Planning and Regulation, said of the HS2 development: “We welcome the planned investment for Preston station, which is a main gateway for the city and the wider county.
“We’re excited to be working with HS2 and our partners in the city to develop the station and improve the passenger experience for everyone.
“These developments will help to cement Preston station as a key transport hub for the region with faster links to all parts of the UK including London, Birmingham and Scotland.”
This is the perfect time to invest in Preston and get ahead of the crowd in one of the fastest-growing cities in the UK. If you would like to find out more about this buy to let property hotspot, please get in touch with our team today.