Hull Leads Green Revolution

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 Commences

Siemens Gamesa

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