Preston is gaining popularity as a place to live for several reasons, including:
- Career opportunities
- Educational institutes
- Recreational activities
- Proximity to major cities
- The affordability of its property
It has a diverse real estate market of high-end and more affordable homes.
This article will give an overview of Preston’s real estate market and its most and least affordable areas to live in!
Overview of Preston’s property market
The property market in Preston includes many different types of housing options with varying features.
Market statistics indicate an upward trend in prices since 2020.
A house in Preston in January 2020 was around £128,948. In January 2024, it increased to around £160,803.
It’s the same story with other accommodation types. For instance, a flat in January 2020 was around £76,667. However, by January 2024, it had increased to £89,857.
Despite these price increases, the number of houses in Preston has yet to see a severe negative impact. In January 2020, 139 homes were sold, and in January 2023, 129 homes were sold.
The property market in Preston is on the rise for several reasons.
One of these is the rise in demand. Recent statistics on the region’s demographics show that the population has increased by 0.6% since 2023 and is now around 336,000.
Most affordable area to live
Whether buying a home for the first time or looking to change the type of accommodation you live in, price is a crucial factor to consider.
Preston has many neighbourhoods with excellent accommodation options at affordable prices. Let’s consider where families moving to Preston should buy.
Farringdon Park
First up on the list is Farringdon Park.
Like Ribbleton (see below), Farringdon Park has many accommodation options. The average price for a semi-detached house here is around £149,135.
Terraced properties in the area are sold slightly lower, and their average price is around £107,933.
The cheapest accommodation option in Farringdon Park is flats, with an average cost of around £51,556. According to these prices, the overall average price in the region is around £102,874.
Ribbleton
Next on our list is Ribbleton, a suburb of Preston located east of the city Center.
It has many residential properties, including terraced houses, semi-detached homes, and flats.
Over the past few years, the average selling price for a terraced property in Ribbleton has been around £112,090.
Flats in the region sell for around £56,980. The price for semi-detached homes is higher, given that such properties were sold for £172,430.
Based on these figures, the average cost for accommodation in Ribbleton is around £113,833, meaning it’s pretty affordable.
Ashton-on-Ribble
Ashton-on-Ribble is another affordable area in Preston known for its terraced properties and proximity to shopping facilities.
If you plan on settling in this area, you’ll find various housing options. However, the prices here can be slightly higher than those we’ve just mentioned.
A semi-detached house in the region may cost around £190,081, whereas a terraced property may cost around £124,879.
Flat prices, however, are a bit lower – around £95,606. Given these figures, the average accommodation price in Ashton-on-Ribble is around £136,855.
Inglo
Inglo is known for its lush greens, outdoor activities, village centre, and more.
Buyers can choose from different accommodation options. However, the prices are slightly higher here.
The average price for a semi-detached house in Inglo could be around £177,210.
For terraced properties, it is around £111,555. You can also purchase a detached home in Inglo for around £270,255.
Given this, the average price in the region will likely be around £186,340.
Least affordable area to live in
Now let’s look at areas in Preston where real estate prices are significantly higher.
Wychnor
Wychnor is one of the more expensive areas of Preston.
Here, flats may cost around £185,000. On average, a semi-detached property is estimated to £276,499.
Detached homes follow a similar trajectory, with the average price being around £339,375.
Carlisle Avenue
Carlisle Avenue has many high-end semi-detached properties. However, this region is comparatively more expensive other areas of Preston.
The average price for a semi-detached house on Carlisle Avenue is around £351,500. The prices for other types of properties in this region are also relatively high.
Glenway
Unlike other places on the list, Glenway is particularly known for its detached houses with ample space, a driveway, and a front or back garden.
Given this, the average price for a detached home in Glenway is estimated to be around £382,500.
Highgate
Highgate is an area in Preston known for having various high-end accommodation options, such as flats and terraced and semi-detached properties.
The average price for a flat in this region can be around £733,056.
Terraced and semi-detached properties, however, can be priced around £1,546,515 and £2,106,529, respectively.
Cash buyers in Preston
Buying in Preston is a exciting prospect with a lot of choice.
Similarly, if you want to sell in Preston, you have a range of options, too. One of these is finding a cash buyer for a quick sale. If this is what you’re looking for, We Buy Any Home can help.
