Preston ranked fifth busiest property market in the UK

A sunny day above Preston Peak: Tony Worrall

New research has found that in the first six months since stamp duty returned to pre-pandemic rates, Preston’s property market was one of the busiest in the UK for sales.













Advertising

The return of the Stamp Duty Land Tax (SDLT) to pre-pandemic rates on October 1, 2021 has hardly put buyers off. Between then and March 31 this year, £679million was paid by the new owners, two-thirds of which came from Londoners alone.

Comparing the number of property sales over this period with the number of properties in each location across the UK’s 100 largest cities, data from legal technology specialist Access Legal revealed that Preston had the fifth-largest property market. most active of all locations featured in the search. Norwich, Nottingham and Lincoln occupied the top three.

Read more: Preston secures funding for safer streets

This was based on sales in the first six months since the return of pre-pandemic SDLT rates, which had been suspended by the government to help stimulate the property market.

Preston was among the ten busiest places. In the city, there were 1,055 property sales recorded during this period from the 65,160 properties available (one in 61.8) – the fifth busiest in the UK.

Preston is touted as the UK's fifth busiest property market according to new research
Preston is touted as the UK’s fifth busiest property market according to new research

The research also found property buyers in London paid more than £440m in stamp duty over that six-month period, with around £679m generated for the Treasury by the 100 sites presented in this research.

Read more: Opening of a business center and coworking space in Preston Docks

Commenting on the results, Mike Connelly, director of conveyancing software provider Legal Bricks, an Access Legal company, said:

“This research suggests that even with the end of the SDLT holiday last year, housing demand in some parts of the UK remains high.

“We all know buyers pay a premium to live in the South East, particularly London, but the figures show how much they are paying in stamp duty alone compared to people living in other parts of the country.

“First-time buyers, in particular, who also have to pay thousands of pounds in SDLT, will see a real dent in their deposits, or have to borrow more against their mortgage to pay it off.”

For the full research, visit The access group.

Read more: See the latest news and headlines from Preston

Penny D. Jackson