When buying a property for sale, whether you’re a first-time buyer or moving up the property ladder, selecting the ideal home can feel like a daunting task. Understanding the average price of homes in Preston can help you set realistic expectations for your budget. There are so many factors to consider, from budget and location to property size, condition and property type. In Preston, the market offers a range of options, each with its unique appeal which can all effect house prices. In this blog, we’ll guide you through everything you need to consider when selecting your ideal home. In this article we will review multiple aspects you will need to know when choosing the right house, but if you want a deep dive, take a look at our article: home buying guide Preston.
1. Establish Your Budget: Know Your Financial Limits
The first step in selecting your ideal home is understanding your budget, which should be based on accurate financial data. Before you begin searching listings or visiting homes, you need to ask yourself, what house can i afford?
If you are struggling to afford your dream home, a shared ownership property may be a good route to go down. Buying a property in Preston may require eligibility checks for shared ownership schemes.
Shared Ownership offers the opportunity to buy a portion of a property rather than purchasing it entirely upfront. You can buy as little as a 1% share of a property in a Shared Ownership scheme. The household must earn less than £80,000 a year to be eligible for Shared Ownership. You cannot sublet your entire property in a Shared Ownership scheme.
Additionally, it's crucial to consider the long-term financial implications of your decision. Think about how changes in the market or your personal circumstances could affect your ability to afford your home in the future. For instance, interest rates can fluctuate, impacting your mortgage payments. Setting aside a contingency fund can help you manage unexpected expenses or financial changes.
When planning your budget, also think about the costs associated with moving, such as removal services, new furniture, or even minor renovations to personalize your new home. These costs can add up, so it's wise to factor them into your initial budget planning.
Finally, consider seeking advice from a financial advisor who can provide personalized insights into your financial situation, helping you make informed decisions and potentially save money in the long run. This proactive approach ensures that your dream of owning a home in Preston is not only achievable but also sustainable.
Mortgage Pre-Approval: A Crucial First Step
Having a Mortgage in Principle (MIP) is one of the most important factors when house hunting. It helps clarify how much you can borrow and shows sellers that you are a serious buyer. A MIP is a written statement from a lender that indicates how much they would be willing to lend based on your income and credit history. Quick Read: How to get a mortgage in principle?
Additional Costs to Consider
Your house price isn’t the only cost to consider. These costs can add up significantly over the course of a year. Be sure to account for:
- Stamp Duty: Depending on the house price, this can add a significant amount to your upfront costs.
- Survey Fees: Whether you’re opting for a Homebuyer’s Survey or a full structural survey, these costs will vary.
- Legal Fees: Working with a solicitor for property conveyancing is essential, but their fees should also be factored into your budget.
2. Understanding the Preston Property Market
The Preston property market is a dynamic and constantly evolving sector, influenced by various factors such as economic conditions, government policies, and demographic changes. To navigate this market effectively, it’s essential to understand the current trends, average prices, and types of properties available. Property platforms like Rightmove and Zoopla are a fantastic hub for data for the property landscape in Preston, especially when it comes to homes for sale in the Preston area.
The average price of homes in Preston has been on a steady incline, reflecting the dynamic nature of the Preston property market. As of January 2025, house prices have increased by 5.2% compared to the previous year, showcasing a strong demand for properties in this vibrant city. The average house price in Preston was recorded at £182,000 in January 2025, indicating a competitive market landscape.
This upward trend in house prices is influenced by several factors, including the growing popularity of Preston as a desirable place to live, the influx of new residents seeking employment opportunities, and the ongoing development projects that enhance the city's appeal. The diverse range of properties for sale, from modern apartments to charming Victorian homes, caters to a broad spectrum of buyers, further fuelling the market's growth.
For those considering property in one of the fastest growing cities in the north west, it's essential to stay informed about the current market trends and average prices. Engaging with local estate agents and exploring property platforms can provide valuable insights into the types of properties available and help prospective buyers make informed decisions. Whether you're a first-time buyer or looking to invest, understanding the nuances of the Preston property market is crucial for securing a home that meets your needs and budget.
In January 2025, the average price for detached properties for sale in Preston rose by 6.8% from the previous year.
Current Market Trends
The property market in Preston is shaped by a variety of factors, including the overall economic climate in the North West and the demand for housing in the area. Recent years have seen a surge in interest from both first-time buyers and investors looking to capitalize on the growing popularity of Preston. This has led to an increase in the number of properties for sale, offering a wider selection for potential buyers. Across the North West, the average house price was £210,000 in January 2025.
The increasing demand for housing in Preston is driven by the city's strategic location, excellent transport links, and vibrant cultural scene, making it an attractive destination for both young professionals and families. The presence of reputable educational institutions and a thriving job market further enhances Preston's appeal, drawing in new residents and boosting the property market. Additionally, ongoing urban development projects and infrastructure improvements are contributing to the area's economic growth, creating more opportunities for property investments.
In response to this demand, developers are continuously introducing more properties to the market, ranging from modern apartments in the city center to spacious family homes in the suburbs. This diverse offering caters to various buyer preferences, ensuring that there is something for everyone in Preston's property market. Furthermore, the competitive nature of the market has prompted many sellers to enhance their properties, ensuring they stand out and attract potential buyers.
For those considering entering the Preston property market, it's crucial to stay informed about the latest developments and trends. Engaging with local estate agents and exploring property platforms can provide valuable insights into the types of properties available and help prospective buyers make informed decisions. Whether you're a first-time buyer or looking to invest, understanding the nuances of the Preston housing market is crucial for securing a home that meets your needs and budget.
By understanding the intricacies of the Preston property market, buyers can better position themselves to find a home that meets their needs and offers long-term value. To understand the market, it's a great idea to find the best estate agents in Preston.
2. Prioritize Your Needs vs. Wants
Once you have a clear financial picture, it’s time to assess your needs. House prices in Preston have seen various trends over the years, influenced by multiple factors. There will be aspects of a home that are essential, while others might be “nice to have.” A comparison of the average prices of houses in Preston with other regions can provide valuable insights into the market dynamics. In this phase, creating a must-have list and a wish-list can be incredibly helpful. Understanding how Preston's property market compares to the broader North West region can help you make informed decisions.
Key Considerations for Your Must-Have List
- Number of Bedrooms: Are you looking for a large family home or something smaller, like a 2-bedroom flat? Think about your future needs too—whether you plan on growing your family or need space for an office.
- Location: Do you want to live close to work, schools, or public transport? Popular Preston, Lancashire areas like Chorley, Penwortham, and Longton offer different vibes and amenities, so it’s essential to find a neighbourhood that suits your lifestyle.
- Outdoor Space: If you have children or pets, access to a garden may be essential. Otherwise, a balcony or terrace might suffice for a more urban living experience.
Wish-List Items
These are features that would make your home more enjoyable but aren’t dealbreakers:
- Smart home features: Home automation, smart thermostats, and security systems.
- Energy efficiency: Modern appliances and insulation that reduce energy consumption and utility bills. Energy-efficient homes can help you save on utility bills. Useful tip is to find out what the EPC rating is for the property you are looking to view.
3. Think About Long-Term Resale Value
While you may not want to think about selling right away, it’s wise to consider how easy it will be to sell the property in the future. An increase in property values over time can significantly impact your long-term investment. In a city like Preston, property values can vary significantly depending on location. For instance, homes in areas like Preston City Centre tend to maintain their value due to demand, while properties on the outskirts may take longer to sell.
Factors that Influence Resale Value
- Location: Proximity to good schools, shopping, and transport links can significantly affect resale potential.
- Condition: Well-maintained homes, whether new or old, are always easier to sell.
- Local Developments: Look at the area’s future prospects. Will new schools, transport links, or amenities be developed? This could boost the value of your property.
4. Consider the Property Type
The type of property you select, or property type, will greatly influence both your living experience and your long-term investment. Properties in Preston include detached houses, bungalows, and semi-detached homes.
New Build Properties
New build homes in Preston are popular due to their modern designs and energy efficiency. New developments often have more properties available, providing a range of options for buyers. These properties often come with warranties, saving you the hassle of repairs in the short term.
- Pros: New builds require less maintenance, often come with modern features and layouts, and may have energy-efficient appliances. These are an ideal property for families as they are usually ready to move in.
- Cons: They tend to be more expensive, and they may not have the character of older homes.
Older Homes
If you’re interested in an older property type, you’ll have the charm and character, but with that comes the potential for higher maintenance costs. It's important to set aside a budget for potential repairs and renovations.
- Pros: Older homes often have larger rooms, more character, and established gardens.
- Cons: They may require more frequent repairs or renovations, which can add to your costs.
5. Property Condition: What to Look For
When viewing properties for dale, you’ll need to assess their condition thoroughly. When viewing properties for sale, it's crucial to assess their condition thoroughly. Don’t just look at how the home looks on the surface, but investigate the structural integrity and long-term wear.
Check for Damp and Structural Issues
Look for visible signs of dampness, cracks in the walls, or any signs of foundation issues. These can become costly problems if not addressed early. These issues can affect both buyers and those looking to rent. You may want to hire a surveyor to check the property’s structural integrity before making a decision.
Ask About the Property’s History
Find out how long the property has been on the market. If it’s been listed for a while, there might be reasons why it hasn’t sold yet. Ask the seller or agent for more details about previous sales or any maintenance issues the home may have had.
6. The Importance of Location in Preston
Location is one of the most important factors when selecting your ideal home in Preston, Lancashire. Different areas of Preston offer different lifestyles and amenities.
The Vibrant City Centre
If you prefer being close to shops, restaurants, and cultural attractions, the city centre might be the right choice. Homes here are typically closer to transport hubs like Preston Railway Station, making commuting easier.
Quiet Suburban Areas
If you prefer a quieter environment, suburbs like Penwortham and Fulwood offer green spaces, family-friendly amenities, and a more peaceful lifestyle while still being within reach of the city.
Family-Focused Locations
If you have children or are planning a family, look for homes in areas with access to excellent schools, parks, and a sense of community. Fulwood and Penwortham are known for their family-friendly atmosphere.
7. The Final Decision: When to Make an Offer
Once you’ve narrowed down your options, it’s time to make a decision. Understanding the sale process is crucial to ensure a smooth transaction. Take your time and be sure you’re making the right choice for your needs, lifestyle, and budget.
Don’t Rush
Buying a home is a major commitment, so take your time. If you’re unsure about a property, schedule a second viewing or ask for a thorough inspection report. At Key & Frame, we’re here to guide you through the process, helping you make informed decisions every step of the way.
At Key & Frame, we understand that choosing the right home is one of the most significant decisions you’ll make. We’re committed to helping you find a property that meets your needs and fits your budget. We also use an off-market strategy to help you find homes that may not be publicly listed yet, giving you an edge in the competitive Preston property market.
Ready to find your perfect home? Get in touch with us today to start your house-hunting journey.
