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 4 Reasons & 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.
3. Employment
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.