Investors, Jump On Board This Old Port City Before The Ship Sails
Kingston upon Hull remains a historically significant city. With its famous white telephone boxes, the Humber bridge and it being home to famous poet Philip Larkin. No wonder it won the prestigious UK City of Culture award in 2017. You would be mistaken though for not associating the city as a property investment hotspot. With its affordable, below-average prices, high rental yields, and a recent increase in demand. Hull is becoming a dark horse for property investors and has flown under the radar, until now.
Hull remains one of the most affordable areas in the UK. With the latest data published on Rightmove, the average property price in Hull is £152,786. That’s 60% lower than the UK average which stands at £278,436. Future projections see property values rising by 18.8% within five years according to data published by Savills. As a result, the city has attracted many buy-to-let investors.
Over £1.5 billion worth of investment projects have been poured back into the city over the last eight years, to rejuvenate and reshape it. This transformation will turn the traditional port city into a cultural hub for economic growth, injecting new life into the streets. One project includes the £96 million Albion Square, featuring a mixture of residential, office and retail space. The historic fruit market will also see a makeover with the council pumping £86 million into its regeneration. This will turn it into a hotspot for restaurants, art galleries, museums and shops.
Future Plans for Hull
Hull’s ten-year city plan, put in place in 2013, was set out to originally create 7,000 new jobs for the town’s then 8.6% unemployment rate. Current data sees the plan smashing those expectations and creating 20,000 new jobs and adding £3.5 Billion worth of investment. Even the pandemic couldn’t halt the city’s growth. With local wages rising faster than the national average and employment rates at their highest. Hull was one of the least affected cities.
Data projections are set to see the number of jobs increase to 45,000 by 2030. “With more job prospects and potential tenants within the center of the city and surrounding areas. Property investors are set to capitalise on opportunities the city has to offer,” Tom said.
London City Auctions can help you today
Diversifying your property portfolio can lower your exposure to risk whilst increasing profits, financial security and maximise the opportunity for growth. A portfolio containing a mix of residential and commercial property is sure to appreciate your capital. For those looking for opportunities in residential and commercial property. London City Auctions has two buy-to-let investments on offer at their next auction on October 13th, held online or in person at The Hard Rock Hotel at 2 pm.
Go to www.londoncityauctions.com
Email us at [email protected]
Call us on 02070789755
London City Auctions are a premium real estate auction house that holds monthly in-room auctions, currently at The Hard Rock Hotel – London. There will also be property investment seminars and networking events held pre-auction for the next 3 months. To see days, register for future events, or to receive the catalogue, visit www.londoncityauctions.com.