Crowned the ‘most affordable’ place to live for first-time buyers in 2018, Hull’s profile and reputation has risen beyond belief in recent years.
The £80m Fruit Market development, Ferens Art Gallery, The Deep and the historic Old Town district are undoubted jewels in the city’s crown.
But there are a host of other reasons why Hull’s popularity remains high…and is even on the increase. They include;
· Arts & culture – investment into theatres attracting new shows
· Festivals – including the Freedom Festival and Humber Street Sesh
· Family-friendly parks and museums – including the Museums Quarter
· Less than an hour from the East Yorkshire coast
· On the doorstep of beautiful Beverley
· Increasing choice of restaurants and leisure attractions
· Vibrant nightlife –including street food nights and music scene
Fuelled by its success as the UK City of Culture 2017 (and with the average price of a property just £104,376 and many available much cheaper), shrewd landlords have been quick to realise the city’s potential as an investment hotspot.
In our experience, some of these can provide an annual yield of between six to eight per cent - far more than you’ll get from any bank at the moment – or any time!
HU5, HU4, HU8 are just a few of the locations where this level of return is currently achievable.
Plenty of choice for landlords and tenants
At the beginning of 2019, the average monthly rental fee being charged in Hull stood at just over £230 – and tenants were spending around 12% of their wages on rent.
With plenty of property choice across the city and in its surrounding villages, the number of affordable homes available is great news for anyone trying to find their first property investment.
If you’re a professional landlord who is considering buying a property to rent out, the relatively large number of cheap houses for sale in Hull also represents an excellent investment.
· Property prices are amongst the lowest in UK
· You don’t a need massive deposit to buy
· Small buy-to-let mortgages are easier to secure
· You can add and improve your portfolio with minimal outlay
· Enjoy a much better return than putting money in the bank
Every investment opportunity obviously carries with it a certain element of risk, but as any experienced investor will know, these can be negated with help from a trusted local property expert.
At Garness Jones, we strive to keep our finger on the pulse so that our landlords and portfolio holders have ALL the information they need before making a purchase decision.
If you’d like to benefit from this level of expert, local advice, please call (01482) 564564 for an informal discussion.
By Matt Johnson, Residential Lettings Manager
Contact us or fill in the form and we'll get back to you.