Hull’s best city status set to attract more investors

Hull city centre.

Hull city centre.

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This five bedroom Edwardian house is one of Hull’s best homes and has 4,250sq ft of space. It also comes with its own snooker room and indoor swimming pool, sauna and Jacuzzi.

Hull’s image took a severe battering after being branded a “crap town” and it has regularly been labelled “deprived” and “depressed” but the city celebrated the new year with a major boost to its image.

It featured in a list of the top 10 cities in the world to visit compiled by Rough Guides. The travel specialists declared that things were looking up for the city and highlighted Hull’s home-grown creativity and its “atmospheric pubs, eight excellent museums and picturesque Old Town”. The global accolade has been welcomed and looks set to further ignite the property market .

The latest Land Registry figures show that prices in Hull rose 5.4 per cent year-on-year in November 2015 and estate agents believe the upward trajectory will continue.

Buy-to-let investors, prevalent in the last property boom, are targeting Hull after spotting potential for growth. The city centre is enjoying a £19m upgrade and 1,000 new jobs are being created at the new Siemens wind turbine factory. In 2017 Hull will be crowned the UK’s City of Culture. Its property prices are a major attraction. Among the lowest in Britain, the average house price in Hull is £72,642.

Estate agent Melissa Rasen, MD of Riverside Property, says: “We are seeing a lot of investors from the south and overseas looking to buy here. The only issue they have is low stock levels. It is becoming more difficult to find investment property at the right price.”

You can buy a two-bed terrace for under £40,000 in Hull, although many investors are turning their attentions to city living. Conversions overlooking the marina are sought-after and command up to £185,000 for a two-bedroom apartment. In the city centre, where prices start at £85,000 for a one- bedroom flat, more apartment schemes are underway. Both investors and owner occupiers are getting excited about the old Fruit Market, which will include flats, mews-style homes, shops, restaurants and offices when Wykeland and Beal Homes complete the project later this year.

Victoria Dock, a 10-minute walk away along a riverside promenade, is also popular and has a vibrant community with its own village hall. Properties there start at £105,000 for a two-bedroom flat.

Out in the suburbs and on the fringe of Hull, the market is largely local with some incomers brought by work and others looking to retire to an area that offers more property for their money. The west Hull villages of Kirk Ella and Brough, where you can buy a two-bedroom semi for under £200,000, are among the most des-res places to live, though first-time buyers are targeting the Dukeries and Avenues area, two miles from the city centre.

“It’s trendy and very up and coming with café bars and restaurants opening up there and there is a great choice of property,” says Deena Weightman, of Hunters. They are also being drawn to the vast new Kingswood development that is helping to regenerate northern Hull. Local family firm Beal Homes is building there and in other parts of the city.The company’s chairman, Richard Beal, says: “Confidence in the area is the highest we have ever seen. The investment we are seeing and the legacy we will get from the City of Culture projects mean that Hull will change for the better and beyond all recognition by 2020. Now is definitely the time to invest in property.”

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