Property experts have frequently claimed that Hull is becoming one of the north’s biggest housing hotspots over recent years. A company called Iguana Developments, which turns office blocks into residential units looked at the yields on its Hull properties and announced the city had taken the lead over cities like Manchester and Leeds.
The rise of Hull as a property hotspot has been linked to a range of factors. These have included increasing demand and relatively low buy-in values. The city has also seen plenty of changes over the years which have arguably made it more appealing to younger residents. The city centre and the Old Town are both under the process of regeneration, and it’s said that this has enabled it to attract new residents from various walks of life. There is a long history of people relocating to Hull for educational and work purposes before deciding to settle in the city permanently.
Figures released by Hull University in 2019 showed that 62% of graduates were opting to remain in and around the city. In 2019, the Hull property market grew by 8%. The city was named the UK City of Culture for 2017, and this appeared to attract a great deal of investment, with rising numbers of tourists visiting the city and a wave new of new development projects getting underway. It’s said that the City of Culture Award helped change many attitudes towards the city for the better.
In the past, Hull has been synonymous with shipping, wool and fishing. Today, it is becoming increasingly synonymous with the clean energy revolution as well as logistics. It has been described as a ‘world-class hub’ for businesses from a wide range of industry sectors. The post-Covid rise in homeworking suggests that there will be even more demand for high-quality residential properties in Hull over the forthcoming years.
The city’s association with all things green have led to it being branded as the UK’s ‘Renewables Capital’. A £200 million Science and Innovation Centre is to be built in the city. It’s expected that a rising number of eco-friendly startups could be setting up home in the Hull over coming years, which is likely to only increase the demand for property in the city. Over 3,000 new homes have been built in the city over the past seven years. Some of the most popular attractions in and around Hull include the Hull and East Riding Museum, Wilberforce House, Hull Maritime Museum and the Museum Quarter, The Deep, Ferens Art Gallery the Bonus Arena and the City Hall.
It seems that Hull will become even more attractive to property investors and professionals seeking quality homes over the coming years. The city’s reputation would appear to be improving all the time, and there are many options available to those seeking to acquire a home in the city on a budget.