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After being awarded the status of UK City of Culture 2017, Hull property investment skyrocketed.
Kingston upon Hull is one of the UK’s leading property investment hotspots, with over £1.5 billion of investment being poured into the city over the past eight years.
The property market in Hull is now built up of new-build residential and commercial properties for the 288,462 people of Hull to work and live in.
But is Hull a good place to invest in property?
And why invest in Hull?
This guide will look at the benefits of investing in Hull buy-to-let property and the best postcodes in Hull for investors.
Let’s take a look then, shall we?
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 2022, 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 2022.
Let’s start with the numbers:
Property prices in Hull average at £151,506, which makes their high average rental yield of 5.80% 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% – slightly less than in Hull.
House price data from the Land Registry, June 2022.
Rent Prices data from Housesforsaletorent.co.uk, June 2022.
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:
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:
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 they have 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 2023.
Click Below to Read Our Detailed Guide
The wealth of investment brought to Hull has helped bring more businesses into the city and increased the property’s value.
Hull buy-to-let investors want to ensure they’re putting their money in the right places and getting the best yields possible.
So, if you’re a property investor wondering ‘where should I invest in Hull property?’, we’ve got you covered.
We’ve broken down the five postcodes with the best rental yields in Hull, so you know exactly where the best areas are for Hull property investment.
Offering Yields of Up to 6% and the Chance to Invest With Just £25,199
Like anywhere, the property market in Hull can be hard to navigate, and investors need to make sure they invest in the right places.
Planning out the process can help you receive massive capital growth and a reliable income when you finally decide to invest.
Research what areas you can afford to invest in for rental property, but keep in mind additional costs like stamp duty and legal fees.
Unless you have the cash, you’ll need a buy-to-let mortgage to fund the purchase.
Different tenants have different requirements for a property, so it’s essential to consider who you want living in your property.
The student and young professional market can be very profitable, but they have short leases, creating void periods.
Families often want an unfurnished property and will likely stay over the long term, providing stability.
Make sure you pick an area people want to live in.
Families might want to live near a school.
While young professionals might want a central location close to reliable transport links.
If the location isn’t suitable for your target tenants, then they won’t choose to let the property.
New build properties will likely come with fewer maintenance issues and could be more attractive for potential tenants.
Older properties can allow you to add value through an extension or renovation.
Don’t fear expanding your property portfolio and investing away from home.
Unless you plan on being very hands-on, it is possible to invest in Hull buy-to-let property with a property management company.
For more investment tips, check out our essential guide.
By submitting your details you agree to allow RWinvest to store and process the information submitted and receive product information and other communication, as stated in the privacy policy.
