How much does a house for sale cost in Preston?

by | Nov 15, 2022

Home $ House for sale in the UK $ Houses for sale in the North West $ How much does a house for sale cost in Preston?

As a landlord, whenever you are looking at houses for sale in Lancashire, you could find varying prices throughout an area like Preston. In this article, this data will be simplified so you can find all of the data on one, convenient page.

So, from the rental yield of Preston to the success you may expect to get when submitting planning permission. Everything you need to know about house for sale in the UK and in Preston will be revealed. Keep reading.

In general, what do houses for sale sell for in Preston?

In Preston, the average sale price of a house for sale is in fact £190,688. This is dependent on the 10 year population growth of Preston being 5%. Growing populations are more likely to inflate the prices of houses for sale in the city of Preston.

Housing category Total final sale price
Aerage sold price (detached) £260,368
Aerage sold price (semi-detached) £162,539
Aerage sold price (terraced) £133,493
Aerage sold price (flat) £87,704

The list below is able to inform you of what these prices are. Giving you an accurate estimate of whether a landlord is likely to accept your offer based on the prices of the houses for sale in Preston.

Housing category Sale price per square foot
Aerage sold price/sqft £1,960
Aerage sold price/sqft (new build) £2,120
Aerage sold price/sqft (old stock) £1,825

Evidently, certain types of houses for sale will have different types of demand and this will be reflected on the final price.

On average, the cost of a house for sale per square foot works out to be £1,960. This means if you are just looking out the houses sold in Preston in general and didn’t take into consideration the type of build. For example, a new build.

What are the demographics like in the city of Preston?

The city of Preston, situated in Lancashire, is a particularly impressive part of the UK because of the specific demographics of the location.

In the below headings, the city of Preston and its demographics will be compared to its wider location (North West). This includes population size, growth and population education now and into the future.

These statistics are heavily influenced by socio-economic factors and as a result this also shapes the projected house price of the houses for sale in Preston. So, taking a good look at the data is essential to understand the area you are considering to buy in.

In Preston, how educated are people in general?

In Preston, the proportion of people who have a degree is 23%. Generally speaking, as the number of people with degrees increases, the more people are able to afford houses to buy as a degree is a good indicator of a higher income. To put this into perspective, the average income of Preston is £41,700.

This figure for average household income usually goes up alongside the percentage of people who have degrees.

However, this is not a hard and fast rule, there are many factors influencing the buying power of a population and hence the appreciation of housing and the number of houses for sale in the area. This can include the rental yields of the area and other demographic statistics like crime rate.

Nonetheless, it cannot be argued that those with degrees tend to live in more affluent areas as 82% of people who achieve a first in degree level education are owners of the place they live.

How much do people in Preston earn?

By and large, a higher household income in a population can have positive effects on the crime rate and the quality of space. This is due to the fact that higher earners tend to buy houses where there are better schools and more desirable amenities that impact the quality of life someone has.

In Preston, the average income is £41,700. Measuring this figure against the average household income for the UK of price34,000 should tell you if the city is higher or lower earning.

When buying a house, use this statistic with other factors when making a decision too like the crime rate or the social grade score of 22% to decide on what the demographics are like in the area.

In general, do people commit a lot of crime in Preston?

For every one thousand people living in Preston, 106 commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.

It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.

Nonetheless, the crime rate of 106 is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.

Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.

What’s a social grade score and how does it relate to Preston?

The social grade of a city is useful when searching for a house for sale because it tells you what kind of jobs people have in the area. For example, there could be a lot of skilled manual workers or there could be a lot of pensioners and people on benefits.

The scale goes from a social grade of an A who are high managerial, administrative or professional workers to an E where people in this category are on state pensions, casual workers or unemployed on state benefits.

The number of people in Preston in grades A or B which are the highest skilled roles in the country is 22%. Realistically, you can expect workers in this category to earn a higher salary too.

For comparison, £41,700 is the average household income of the area. You can see how this figure is congruent with the number of people in the top two categories of the social grade at 22%.

Are the people of Preston deprived?

The deprivation levels of the UK can vary quite a bit. High deprivation levels signal a particular area has people who are struggling to make ends meet and pay for basic living expenses. For Preston, in particular, the deprivation levels are 23%.

This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.

How much green space is available to residents of Preston?

In the city of Preston, there are 15.5 acres of green space per 1000 residents.

The charity, ‘Fields in Trusts’ recommends a minimum of 6 acres of green space per 1000 people so it is easy to see where Preston is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.

In Preston, how has the population changed?

In total, the number of people in Preston is 46,097. This figure can be used to estimate the appreciation of the houses but it is also important you look at the population growth figure in order to make this more accurate.

Whether a large population benefits you as a landlord is dependent on what you want from a home. A large population is great if you have children who prefer the bustle of crowds in cities but there are also those who purposely want to buy somewhere rural.

You may also be able to find a balance of both where there are shops, restaurants and entertainment and also rural areas all within a short distance which may be the case ni Preston, depending on where exactly you are.

How has Preston changed in the past five years?

Five years provides enough time for a city to grow dramatically. It may be the case that the population grows or shrinks but the city of Preston has changed by 3%. Read more here

It is also helpful to compare this data to a longer time period like 10 years like in the below subheading. If the population trend of growth or decline has been there for a longer period of time you’ll be able to tell if 3% is a recent change or not.
Click here to know more on the UK population trends.

In the last decade, what is the difference in population in Preston?

5% has been the population growth change in the past 10 years.

Usually, this is more of a conservative figure compared to the five year change of a city.

Industrial changes can also be the reason for this shift but it could also be due to immigration or emigration. Bringing people in or out of the area.

The recent global pandemic has also shifted the number of people living in cities as people realise they can now work remotely. It may be that the people of a Preston have seen a more desirable way of working, moving to make themselves more comfortable in their careers.

For example, the population of the South west of England has seen a massive increase in population because workers want to move there to benefit from the slightly better weather, lower house prices and also the rural area. Nonetheless, they can also benefit from travelling to the capital city of the UK, London.

Always consider average rental yield when searching for houses for sale in Preston

Are there new houses being built in Preston to make it grow?

Growth in the area can be a good signal of a booming house market. However, too much growth could also have negative consequences on the capital appreciation of a house as time goes on.

Take a look at the table below for Preston that shows the growth in recent years.

1 year 3 years 5 years
Preston growth rate -1% 12% 18%

High growth rates can signal an appreciating housing market, nonetheless, if there are too many houses being built, this could reduce demand for housing as the supply of houses for sale starts to catch up with the demand. Leading to stagnation or a decline in house pricing so understanding the growth in Preston is important.

Assuming you are not looking for a house for sale in a certain area because of private reasons such as being close to a family member or you have been relocated to a new office, these are some of the factors to consider in order to understand if an investment is worth your money.

Investors typically look at data such as the average rental yield, the average asking price of rent per month, rent turnover and sale turnover. These KPIs give property investors a solid idea of how the market is performing in that area.

For the city of Preston, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; North West. As well as Lancashire, to give a smaller scale area to compare the data to.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Preston 3.8% £667 no relevant data for this city 17.5%
Lancashire 4.25% £691 100.27% 17.49%
North West 4.36% £808 120.36% 20.19%

Assuming that in the future you want to re-sell the house you will eventually purchased in Preston you might be interested in the number of sales per month (45) that happen in the local housing market. Comparing this figure for Preston with the above table gives you a good understanding of the profitability of the area.

In Preston, what is the asking price in general for a house for sale?

As you go ahead and make offers on a house for sale, it is sometimes best to know what other people are offering for the same type of house for sale so you know what to offer yourself to get a good deal. So you should know, the average asking price of Preston is £254,788.

Even though the asking price is not what the eventual price the house is sold at, making a note of the averages for the city of Preston is useful when negotiating and knowing what to expect for every type of house for sale.

Average asking prices for houses for sale in Preston

Average asking price (1 bed) no relevant data for this city
Average asking price (2 bed) £189,248
Average asking price (3 bed) £222,638
Average asking price (4 bed) £335,480
Average asking price (5 bed) no relevant data for this city

Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£0) for houses for sale with this table to get a good idea as to whether Preston is the right area to buy a house in for you.

Invest in houses for sale in Preston with the right professional advice

A house for sale that is right for you

Find here below a list of criteria that we suggest you consider before looking for houses for sale in Preston

  • affordability – the UK gov website comes in helpful when you want to understand (see what house for sale you can afford)

  • Geographic Location – the county and region across the UK you are considering to invest in are crucial factors to consider when browsing houses for sale.

  • Transport network of the house for sale – Hopefully, the pandemic stays in the past. Therefore, working from home may become less predominant than a couple of years ago. Check the commuting time of the house for sale you are considering buying.

  • Bedrooms in the house for sale – are you looking for houses for sale for yourself, for a couple or for the whole family? This condition will narrow down the number of houses for sale relevant to buy.

  • EPC of the house for sale – today more than ever, the energy performance of the properties for sale on the market should be one of the first things you check.

  • Broadband speed – having a good internet connection is crucial nowadays. Always check the available subscriptions available for the areas of the house for sale you want to purchase

  • Are you a car owner? – if yes, you will have to check for parking availability of the house for sale. Does it come with a garage included in the price?

  • Conservation areas – when browsing for houses for sale, we suggest you take a look at the National Heritage list. When a house for sale is included it means that it is not possible for the future homeowner to make changes to the property, both inside and outside.

  • Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.

Considering all the above data and information provided, you may want know who can help you buy a house for sale.
Lots of professionals offer property investors and first-time buyers advice and assistance in dealing with the process of acquiring a house for sale.

Below, you can find a list of professionals that come in handy when looking for houses for sale:

  • Lender – Is someone capable of lending you the money you need to complete the purchase of the house for sale
  • Insurer – Insurance companies provide building insurances and other financial products you need to protect your real estate assets
  • Conveyancer – This professional will take care of the legal work needed when looking for a house for sale
  • Surveyor – Use this professional to assess the condition of the house for sale you are willing to buy, get an independent valuation and feel more comfortable when negotiating the final price
  • Mortgage broker or adviser – Different buyers can access different mortgages to buy a house for sale. Let the mortgage broker suggest to you which one is the best given your financial situation
  • Energy professional – Nowadays is more important than ever, to get professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering as your next investment

Thinking about other cities with houses for sale?

Examine this short list of cities belonging to North West, the same region where Preston is located.

If none of these is of your interest, we suggest you visit our landing page with all data related to the houses for sale in the UK.