When it comes to investment property, Hull may be one of the last locations that come to mind.
But many things make Hull investment a worthwhile venture in 2024, especially following the tidal wave of investment the port city has experienced since 2013.
To help you make your decision, we’ve listed four essential points exploring why Hull is a great place to invest in 2024.
Let’s start with the numbers:
1. Impressive Rental Yields
Property prices in Hull average at £139,602, which makes the city’s average rental yield of around 7% even more impressive.
Not only are properties in Hull more affordable than those in Leeds and Sheffield, but they provide much stronger rental yields, according to Houses for Sale & to Rent.
The UK’s average rental yield is 5.11% – noticeably less than in Hull.
House price data from the Land Registry, October 2023.
Rent Prices data from Home.co.uk, January 2024.
2. £1.5 Billion of Investment
After being crowned the 2017 UK City of Culture, Hull has received a mammoth £1.5 billion investment spread over eight years.
Hull’s City Plan aims to evolve the city from its historical past into a modern northern powerhouse through a series of regeneration projects, including:
- £27 million transforming fishing ports into a world-class waterfront destination for businesses and tourists.
- £83.6 million regeneration of the Fruit Market – a hotspot for independent restaurants, shops, art galleries, businesses, and property investment.
- £96 million Albion Square redevelopment creating commerce, residential property and green space.
From start-up tech companies and major businesses to independent coffee shops and restaurants, Hull has a booming economy that only seems to be growing:
- More than £5.1bn GVA in 2015.
- 20,000 jobs were created from Hull’s 10-year City Plan.
- £7m KS2 office building provides state-of-the-art facilities for commerce.
- Hull Port remains the UK’s leading softwood timber port, handling approximately 10 million tonnes of cargo each year, amounting to £12 billion in trade each year.
- Set for the future with Hull’s Economic Strategy 2021-2026 aiming to build on its booming economic growth.
4. World Leader in Renewable Energy
Yorkshire and Humber’s fourth-largest city is paving the way as a prime example of an environmental and sustainable city.
In 2021, Hull was awarded the Environment Green Certificate for the seventh year in a row for its use of electric cars and green driver training across the city.
Hull aims to be carbon neutral by 2030, and has already reduced its carbon emissions by 7% in 40 locations.
Much like property investors, the East Yorkshire city has a clear-cut vision for the future, making Hull a good location to invest in property in 2024.