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Hull | Affordable & Profitable Market
Seasoned investors and first-time buyers with smaller budgets are buying properties in tier 2 cities due to the cheaper options available. Hull is one of the best-kept secrets in the world of property investment. This tier 2 city, a hidden property hotspot, continues to attract a high calibre of businesses and professionals. The inexpensive property market, increasing tenant demand and soaring rents clearly illustrate why investors are attracted to this city.
There are many affordable property markets across the UK. However, not all areas are profitable or as investment-worthy as Hull. Hull is a fast-growing city with a very sustainable and promising future. Ultimately, investors can secure lucrative investments in places like Hull.
So exactly how cheap is a property in Hull? Buyers can snap up properties in Hull for £154,007 on average, according to data from Rightmove. In comparison to London, this is significantly cheaper. Unsurprisingly, property prices in London have peaked at an eye-watering £678,985! It is no wonder why savvy investors are shifting their focus to the North.
£154,007Hull Av. Property Price
£678,985London Av. Property Price
28.2% Inc2025 Price Forecast
A Magnet for Investors and Residents
More investors are looking to purchase property in the North because London is no longer the go-to place for a fruitful investment. There are disparities in the growth of many property markets across the North. However, one thing is for sure, growth in Yorkshire will skyrocket. According to Savills, homes in Yorkshire could grow by 28.2% in value by 2025. There are several factors contributing to this growth. This ranges from the housing supply and demand imbalance, the enhanced desirability of the North, improvements to infrastructure and more. Furthermore, the green regeneration of Hull will play a key role in strengthening the economy in the North.
Once renowned for its busy ports, this unique maritime city has rebranded itself as an innovative and sustainable metropolis. Hull is at the backbone of the UK Green Revolution, as the country transitions into a greener future. Investors and residents are becoming more environmentally cautious, especially since the Climate Emergency. Buyers are shifting their focus to investing in cities which are actively reducing their carbon footprint. By introducing electric cars and green driver training, Hull cut carbon emissions by 7% in 40 different locations.
Construction on the Siemens Gamesa factory commences. This is the largest factory in Europe, manufacturing wind turbine blades. The £186m expansion of the manufacturing facility will complete in May 2023, allowing the efficient production of larger turbine blades. Next-generation wind turbines are already being manufactured and delivered to wind farms across the globe. Therefore, the factory is already benefiting the economy.
This pioneering factory will act as the catalyst for growth in the entire region. It will play a vital role in unlocking the true potential of the North of England. Consequently, it has boosted employment in the area employing a high-skilled workforce of 1000. The expansion (measuring seven football fields!), will result in the creation of more jobs. Naturally, the influx of professionals has led to a rise in demand for higher-quality property. As a result, the rental market in Hull has strengthened as competition has increased. Demand is increasing but levels of housing stock remain low. This is causing rents to inflate, which is fortunate for landlords. Investors can expect to achieve excellent yields of 7% on average. Which is higher than the UK average of 3.36%.
*Image credit: VolkerFitzpatrick
As Hull continues to redevelop and improve, those who purchase a property now will maximise the returns on investment in years to come. Property demand will continue to inflate as the economy grows and the population expands. Despite the lower price points of Hull, there is enormous growth potential. This unbeatable concoction of low purchase prices and significant potential for capital growth presents the most profitable investment opportunity. As successful regeneration projects, totalling an impressive £1.5Bn, come into fruition, capital appreciation in the city will skyrocket. To read more about Hull’s regeneration plans click here.
Investors in the Environment, Leading the
The city has fully immersed itself in delivering a brighter, cleaner and greener future. Therefore, it is no surprise that Hull has once again achieved the highest Green accreditation for Investors in the Environment (IiE). The city has retained this title for the 9th year running.
Moreover, the council has teamed up with renewable energy experts to ensure the successful implementation of green projects. Installations around the city contributing to the 2030 Carbon Neutral Strategy include:
Crowned as one of the
The carbon-neutral ambition of the city continues with speed. Hull is one of the 19 UK cities to earn recognition from Tree Cities of the World. This recognition as a Tree City reflects Hull’s commitment to growing and maintaining green spaces. Therefore, enhancing the quality of life of residents. This is a direct reflection of why more people are now moving and commuting to Hull to live, work and invest.
Furthermore, a new heating system with a single central boiler will provide lower-cost heating and hot water, saving over 2000 tonnes of CO2 annually. The project will benefit businesses and residential accommodation in the connected network.
In conclusion, if you are looking for an inexpensive route into property investment, Hull presents the ideal opportunity. It ticks all the boxes for investors from affordable prices, high rental yields, huge gains on capital growth and its ever-booming economy. As the city continues to develop, the only way the value of your property will go is on an upwards trajectory.
So if you were avoiding investing in property because you are afraid you did not have enough money to invest, think again! You don’t need a lot of money to start your journey, but you do need to take your time to conduct your research. This is why our team of Investment Consultants are always at hand, to guide you through your property goals. Our professional and experienced team can advise you on the best property investment for you. Get in touch today, simply click the ‘Chat to us’ button on the bottom right of your screen and you could be one step closer to achieving financial freedom.
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