Hull's property boom is second biggest in country
HOUSE prices in Hull have soared over the past decade.
A recent survey has revealed the city has seen the second biggest increase in the country over the past ten years.
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'RENTAL IS KING': Mark Brooker, of Poppy Residential in Union Street, Hull. Picture: Jerome Ellerby
According to Halifax, property prices in Hull rose by 68 per cent from 2002 to 2012.
The average house price in Hull was £101,914 last year compared with £60,515 in 2002 – an increase of £41,399.
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However, estate agents say there has never been a better time to buy.
Dawn Towse, area manager at Quick and Clarke estate agents in Hull, said the market reached its peak in 2007.
"During the boom between 2000 and 2007 prices doubled, particularly in west Hull," she said.
"Since 2007 prices have stagnated a little but the market is recovering well. Hull, in my opinion, is the best place to buy at the moment.
"We have now got to a point where I need more stock. We are selling that many houses.
"If you have the money, it makes much more sense to invest that into property and reap the rewards that high rental prices can provide."
As property prices have increased, the rental market has also grown stronger.
Mark Brooker, managing director at Poppy Residential in Union Street, said: "There has been a change in what people are looking for from a house.
"First-time buyers and renters are looking for a property that is ready to live in. The rental market is king at the moment."
Hull also outperformed the Yorkshire and Humber region as a whole.
The city's 68 per cent increase eclipsed the region's ten-year change of 18 per cent.
See the Mail's property supplement inside today and every Thursday.
9 Comments
by KirstyandPhil
Thursday, January 31 2013, 1:20PM
“This is a variation on the same theme come scam in todays Scunthorpe Telegraph:
http://tinyurl.com/a8yjt44
Interestingly after commented on by yours truly; in no time at all article got shunted back onto page 3 of news forum!! Lols
Do us all a huge service Northcliffe and, stop insulting our intelligence, blagging AND banning us! PLEASE!! ;-)”
by Ianm_hull
Thursday, January 31 2013, 12:37PM
“Banks, estate-agents, the buy-to-let brigade. All economic parasites.”
by big_house_boy
Thursday, January 31 2013, 11:03AM
“I couldnt agree more. I have purchased over a dozen properties in Hull and the rental market is explosive. Hull is booming!!!”
by big_house_boy
Thursday, January 31 2013, 10:55AM
“i couldnt agree more with this. i have myself bought over a dozen or so properties in hull and the rental market is fantastic. Hull is booming for me!”
by Blakey_
Thursday, January 31 2013, 10:16AM
“Are estate agents still as hated as bankers?”
by hullaxe
Thursday, January 31 2013, 9:52AM
“Instead of quoting figures for the past 10 years, possibly we could know the true figure for the past 4 years ?
Certain to tell a far different story.
Yet more spin from the untrustworthy estate agents.”
by goldenspecial
Thursday, January 31 2013, 8:53AM
“Spivs talking up the market. Zzzzzzzz!”
by London2Hull
Thursday, January 31 2013, 8:46AM
“Above inflation house price rises are good only for banks and estate agents. The "boom" over the last decade across the UK has meant many families now cannot afford to move up the ladder as salaries rises have not kept pace with house price rises.
Low and stable house prices mean more of the money you earn can go in to the local economy rather than to the banks. The worst thing Hull can do is encourage another "boom" whereby prices double again and wages go down in real terms (below inflation raises or none at all).
People need change their mindset. For the vast majority houses are places to live in and not financial instruments.”
by KirstyandPhil
Thursday, January 31 2013, 8:44AM
“Surely there are no naive, gullible and unwary punters in Hull that fall for such blah, blah?! But there again, on 2nd thoughts! ;-)”