Hull: Property Investment Hotspot, with a Booming Economy - CityRise (2024)

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19Jan2021

Category: Hull

Property prices increase by 20%

Kingston upon Hull, usually abbreviated to Hull, sits on the Northern shore of the Humber Estuary. Located in East Yorkshire, the city is not only crowned as Capital of Culture 2017 but is also known as the Most Poetic City. Once home to poets such as Philip Larkin and Andrew Marvell. Similarly, history dating back to the Second World War surrounds the city. Initially, Hull operated as a market town. Offering services for the military supply port, trading hub, fishing and whaling centre. Furthermore, the town was a leading exporter of wool.

Opportunities for Developers

Notably, it is the 4th largest city in the region of Yorkshire & the Humber. The city is home to a thriving population of 321,000. It comes as no surprise that Hull ranks as one of the three fastest improving cities to live and work in 2017. As a result, many people are choosing to reside in the city.

Furthermore, Hull is home to a growing population of young people. The city enrols over 16,000 students at The University of Hull. Similarly, it is home to several world-class research and development facilities. Including new multi-million-pound developments by RB and Smith & Nephew. Property demand is increasing in the city. This is due to the influx of staff and students. Thus, boosting rental values.

The population is expanding alongside economic success. Consequently, more professionals, families, students, entrepreneurs, and businesses locating in Hull.

The creation of the Local Plan will enable the growth of the flourishing city. Aiming to deliver almost 10,000 new homes over the next 15 years. There are plenty of opportunities available for developers to deliver projects in prime investment locations.

A Key Gateway Connecting the UK

Hull is a key gateway on the UK’s busiest trading estuary. The Humber Ports are the UK’s biggest ports complex, supporting 12,000 jobs and contributing over £800 million to the economy a year. The Port of Hull handles approximately 10 million tonnes of cargo, amounting to £12 billion in trade each year. A £70 billion, 30-year Transport for the North plan, will heighten the well-connected and desirable location of Hull. The sustainable investment could deliver £100billion to the north’s economy, creating a further 850,000 jobs.

The M62 motorway and A63 road link Hull to the cities of Leeds, Manchester, and Liverpool, as well as the rest of the country. The Highways England project is part of a wider £400m scheme. Designed to ease congestion on the major road. For this reason, the city centre will connect to Hull’s marina area. The city is also home to the 8th longest suspension bridge in the world – impressively, Humber Bridge is the only bridge of this scale you can cycle across!

Hull Paragon Interchange provides several direct services to London. Reaching the capital conveniently, in 2 hours and 40 minutes. Hourly and two-hourly services run to Leeds and Manchester and to Doncaster and Sheffield, respectively. Alongside strong sea, rail and road connections, the city provides easy access to international airports. Humberside Airport and Leeds Bradford Airport are only a short drive away as well as Doncaster Sheffield Airport, Midlands and Manchester Airport. Connecting the city to global destinations.

Economic Regeneration

In recent years, the retail sector, tourism, the arts, and further and higher education sectors have played an increasingly prominent role in the process of economic regeneration. Therefore, raising the profile of the city and creating an ideal investment location.

With many great landmarks, Hull entices tourists from across the country. Including the deepest aquarium in Europe, The Deep. The city also hosts The Hull Fair, the largest and oldest travelling fair in Europe. It continues with an extraordinary history, showcasing every October, celebrating its 700th anniversary in 1993.

The city features new spectacular lighting and unique, colourful fountains in Queens Victoria Square. Mirrored pools at Trinity square and an Italian-style plaza surrounding Hull Minister. A £16m investment, revitalises the Hull New Theatre and welcomes the addition of the Hilton hotel in Ferensway, Redeveloping the city creates art galleries, contemporary bars and music venues, which were once derelict houses.

£1.5bn Regeneration Investments Over 8 Years

Over the last 8 years, £1.5bn of regeneration investment has been poured into the ever-growing city of Hull. Arco, the UK’s leading safety equipment supplier has also invested £25m in a new National Distribution Centre in Hull. In 2019, construction began on the largest new-build office development in the city for more than half a century.

In July 2014, the Fruit Market was transformed into Hull’s Centre for Digital Innovation (C4DI). The project was supported by Humber’s Local Growth Fund of £1.3m. The space is now home to 200 tech firms as well as hundreds of digital specialists and freelancers. The Fruit Market is the cultural and social heart of Hull and a magnet for buyers and investors. The next phase of the development will comprise 101 homes. Within four days a third of the units were sold off-plan, with a value of £7 million!

Albion Square is a vital Enterprise Zone at the centre of the city. The £130 million investment will welcome a new leisure space, 12,000 sq m retail space, and 250 residential units. Accompanied with a new multi-storey carpark. A new ice arena will also feature in the heart of Hull. The Old Town area was named as 1 of 10 Heritage Action Zones by Historic England and received a share of £6m. In May 2019, a £42 million construction investment raised flood defences, protecting 113,000 properties from climate change and tidal flooding.

Hull is quickly becoming one of the north’s most desirable places to live in. With a strong, booming economy and multiple investments continuously injected into the city. Hull has proven to adapt and grow to future proof the economy and establishes itself as the UK’s leader in renewable energy. The Siemens Gamesa factory in Hull is producing the blades for the Hornsea Project Two. Not only will this be the world’s biggest wind farm when operational in 2022, but it will also boost the economy of the city. Thus strengthening the housing and property investment market.

An Investment Hotspot

Hull is one of the most affordable places to buy property, in the country. The average price for a property in Hull of £112,839 according to the HM Land Registry. This is below the UK average house price of £256,000. In conclusion, investing here will prove to be profitable, because over the last 5 years house prices in Hull have inflated by 20%. Furthermore, prices will continue to increase as the economy expands rapidly.

The rental market continues to grow with speed. Buy to let landlords benefit from a pool of potential tenants including students and international workers. Statistics from Property Data show Hull offers excellent rental yields of up to 10%, ensuring a profitable investment.

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