2018 set to be a year of opportunity for the Preston property market
As one year ends and another begins, we thought we’d take a look at what’s happened in the Preston market over the last 12 months, and what a year it has been. It’s true that something of a ‘cold front’ has been moving across most of the country, but the strong fundamentals which underpin the Preston market mean that we’re well placed to weather any storm.
Using simple unweighted averages, the price of a home in Preston is now £177,600, which is 1.2 per cent more affordable than the regional average. Over the last 12 months this has risen by 0.4 per cent compared with a rise of 2.7 per cent in the region as a whole, so the area has underperformed the market in that sense. Since 2000, the average level of house price growth has been 9.2 per cent per year.
There were 2,958 sales in our area in the last year, compared with 4,781 in the 12 months which preceded it. Comparisons with 2016 need to be handled with care because of the big spike in sales before the stamp duty rise in April. The most common type of property to change hands were semis which accounted for 38.4 per cent of all sales.
Given the natural advantages the Preston property market has, we’re expecting 2018 to be a tremendous year for everyone involved in the housing market - buyers, sellers, landlords and renters alike. If you’re in any of those categories and want some advice on how best to make the property market work for you, please give us a call and we can give you a more complete lowdown on what we expect in 2018.