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.
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.