Is Hull a good place to invest in property?
Despite making great strides in recent years, Hull’s property market has flown under the radar of investors. However, with several regeneration projects completing soon, now is a great time to reassess what Hull has to offer Buy-to-Let investors.
ARE HOUSE PRICES GOING UP IN HULL?
Hull’s property market is a unique proposal offering buyers a lower entry-level onto the market. The average property price in the city is £157,576, significantly below the UK average of £270,708.
Looking to the future, Hull’s market has plenty of room for growth, with the latest forecast from Savills projecting property prices in Yorkshire and the Humber could rise by 18.8% over the next five years, more than three times the rate of growth in London.
Those taking a conservative approach should note that even if property values rise in line with the UK average, investors can secure increasing equity within their assets over the coming years. And if historical trends are anything to go by, the gap between house prices in the north-south divide is on track to close further, with cities like Hull offering investors some of the strongest gains on the market.
With a wave of investment already underway and the recent introduction of the government’s Levelling Up agenda, early investors entering this rising property market will be rewarded with the most substantial long-term growth potential.