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Kingston Upon Hull Buy-to-Let Guide

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    Kingston Upon Hull: The Next Buy-to-Let Hotspot?

    Kingston upon Hull has been much maligned in the past, but thanks to transformative regeneration and a wealth of investment since 2017, Hull has already started reversing its fortunes. 

    Located in East Riding of Yorkshire, buy-to-let investors have their eye on Hull as a city on the rise, with affordable property and high rental demand.

    If you’re looking towards Hull as a potential investment location, our guide will give you a full rundown of whether Kingston upon Hull buy-to-let is a good investment in 2024.

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      Kingston-Upon-Hull river view

      Buy-to-Let Property Prices in Kingston Upon Hull

      Property prices are generally much lower in the North when compared to London and the rest of the South of England, and Hull is no exception to this rule.

      According to Rightmove, properties in Kingston upon Hull had an average price of £157,356 over the last year. This is up 2% on the previous year and up 4% on 2020. This is much more affordable than the UK average of £261,500, as calculated by Zoopa for the July 2023 UK House Price Index.

      House price growth across the country has been sluggish this year, but forecasts predict that property in Yorkshire and Humber is set to rise in value by 11.7% by 2027, as per Savills’ research. Slow growth may be off-putting, but it makes sense to invest now before prices increase. 

      Learn more about UK house price growth in 2023 – 2024 with our recent guide.

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        Kingston-Upon-Hull2

        Buy-to-Let Rental Market in Kingston Upon Hull

        According to housesforsaletorent.co.uk, the average rent for a property in Kingston upon Hull is £610. This is significantly cheaper than the UK average of £1243 as per the HomeLet Rental Index.

        A study by Compare the Market states that Kingston upon Hull was the most affordable city in the UK for renters in 2023. They found the average monthly rent of a one-bedroom apartment in the city centre to be £452.50. 

        While rents are relatively low, the affordable price tag of Hull property means the area boasts some healthy rental yields for UK buy-to-let property investors. Property Data reports that it averages around 5.7% for areas in and around the city but drops as low as 3.3% for further away locations.

        Demand for rental properties has exploded in Hull in the past few years. According to data published by Sky News, enquiries per rental ad in Hull in September 2022 were up 500% compared to September 2019. This undersupply of housing is also pushing rents up, with rents in Yorkshire and Humber up 8.7% compared to last year (HomeLet Rental Index).

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        Kingston-Upon-Hull Aerial View

        Buy-to-Let Investment in Kingston Upon Hull: Area Breakdown

        Hull City Centre is a convenient place to live with good local amenities, and there are also many well-populated suburban areas surrounding the centre, such as Kingswood and Bransholme to the north, Sutton-on-Hull to the east, and Anlaby Road in the south-west. Areas like Willerby in West Hull are more upmarket, and more expensive property can be found there.

        If you want to target student investment properties, the City Centre is usually popular with those who want to be close to the action.

        Student accommodation is also often found around Cottingham Road or Newland Avenue for good access to the University of Hull, just north of the City Centre.

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        Hull City Centre

        Average Property Prices in Hull City Centre (HU2)

        The average property price in HU2 is £99,912.

        Average Rental Yield in Hull City Centre (HU2)

        The average rental yield in HU2 is 7.18%.

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          sutton-on-hull river view

          Sutton-on-Hull

          Average Property Prices in Sutton-on-Hull (HU7)

          The average property price in HU7 is £165,099.

          Average Rental Yield in Sutton-on-Hull (HU7)

          The average rental yield in HU7 is 4.08%.

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          Willerby

          Average Property Prices in Willerby (HU10)

          The average property price in HU10 is £279,642.

          Average Rental Yields in Willerby (HU10)

          The average rental yield in HU10 is 2.66%.

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            Property-Regeneration

            Kingston upon Hull New Builds

            As mentioned, there is an extreme undersupply of available rental properties in Hull, which has led to demand for new build developments in the city to help fill the gap.

            Hull council is working with partner developers to provide the area with newly built housing as part of regeneration projects in various parts of the city.

            Due to the high demand, private developers have also targeted Hull for new build projects. This includes housing estates and apartment buildings.

            However, more major cities usually have more new developments in the pipeline. If you want to properly look at the current new-build investment opportunities, it could be worth widening your search beyond Kingston upon Hull. Looking at nearby areas could include new builds in York or Leeds.

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            Off-Plan Property

            Off-Plan Property in Kingston upon Hull

            As new builds are typically more expensive than older properties, off-plan has emerged as a popular way to save money when investing in newly built units. As a popular place for new developments, there are some opportunities to invest off-plan in Hull property.

            Off-plan refers to investing in developments while still in the planning or construction stage. By investing earlier in the project, the investor can benefit from discounts or payment plans to lower the financial barrier to investing in new builds.

            Kingston upon Hull has some off-plan options, but it could be advantageous to look at other cities to see what is on offer. Off-plan investment opportunities are usually more likely in large cities such as Manchester, London, and Liverpool.

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              Kingston-Upon-Hull Bridge view

              Why You Should Consider a Buy-to-Let Investment in Kingston Upon Hull

              Regeneration and Investment

              Hull has been on a regeneration mission since the 1980s when they built Prince’s Quay and opened the Hull Marina. Since then, Kingston upon Hull was awarded UK City of Culture in 2017, kickstarting a drive to transform the area completely. There has been a wealth of investment in recent years to improve Hull’s condition, and many schemes and projects are ongoing or proposed for the future.

              For example, the UK government has Hull’s city centre in their sights for the ‘Levelling Up’ initiative. Hull City Council were awarded £19.5 million, and the projects will focus on Whitefriargate and Albion Square. Other parts of Hull are also set to benefit from regeneration as Hull City Council are targeting several areas such as Ings and the Beverley Road Townscape.

              Promisingly, Hull’s recently completed projects are already having the desired effect on the local community and economy. The area around Humber Street and the Fruit Market had fallen into nearly complete dereliction, but thanks to a transformative regeneration project, it’s now known as a creative and commercial community with independent businesses and new homes built. 

              Read our guide to Liverpool regeneration projects for the latest sustainability insights.

              Sustainability and Environment

              According to the University of Hull, Humber is the UK’s worst carbon polluter due to the area’s industry being primarily based in energy-intensive sectors. However, Hull is ambitious about its environmental future, aiming to go completely carbon neutral by 2030, 20 years earlier than the UK government’s net zero target of 2050.

              Hull is already a leading location for the offshore wind energy industry, and the city’s carbon-neutral strategy contains plans to start generating much of Hull’s energy locally from renewable sources. Transport infrastructure will be overhauled to make walking and cycling the easiest options, and tree-planting projects will help neutralise unavoidable emissions.

              The city also boasts one hundred parks for eco-conscious renters to enjoy, such as the historic Pearson Park and East Park, the largest one in Hull.

              This forward-thinking attitude to sustainability and Hull’s extensive and ambitious regeneration shows Hull is serious about improving its liveability, and this could point to capital growth and continued high rental demand in the future.

              Stock-Market

              How Does Kingston Upon Hull Compare to Other UK Regions When it Comes to Buy-to-Let?

              Kingston upon Hull has a lot to offer a buy-to-let property investor, with low property prices, projected positive capital growth, high rental demand, and generous rental yields in certain areas.

              But, typically, major cities can be considered safer investments, as more established areas are more likely to have secure future rental demand, higher rent and capital growth. 

              Some cities in the North West also have below-UK-average property prices, such as property investment in Liverpool

              Savills forecast North West property to grow in value by 11.7% by 2027, the same amount as Yorkshire and Humber.

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                Want to Invest in Kingston Upon Hull in 2024?

                Many experts would agree that Kingston upon Hull has earned its reputation as an up-and-coming buy-to-let hotspot owing to affordable property and growing rental demand. Potentially high rental yields and predicted capital growth make the hype around Hull understandable from the point of view of an investor. 

                While Hull is well on the way to shedding its previous image, it still has some work to do, making more established buy-to-let areas arguably safer investments. Areas in the North West, such as Liverpool and Manchester, are predicted to undergo similar capital value growth and can be seen as more attractive to renters.

                Finding the best places to invest in UK property can be a difficult task. With so many variables at play, it can be easy to get lost within a wave of statistics, growth projections and predicted returns. For this reason, the most successful investors will typically engage in as much research as possible.  

                Looking for tips on buying investment properties? RWinvest has the latest insights and analysis to help investors find the right buy-to-let opportunities. See some of our latest guides below:

                Map of Kingston Upon Hull

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                Author

                Jessica Ferris

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                Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.

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