– Hull has a population of 260,200.
– That’s an estimated 108,416 households.
– According to gov.uk, there was an estimated 4 repossessions for every 100,000 households in the first quarter of 2018.
– Below market property in Hull is a great opportunity for property investment.
Hull has experienced 25% in capital growth over the last 5 years, and with a number of projects still to be completed, this trend may well continue for the foreseeable future. Considering this, sourcing any repossessed or below market value property in this area may offer fantastic long-term financial returns.
Hull’s growing reputation:
Historically, Hull was not portrayed as a city of trend or artistry, and In 2004 was even named as the worst place to live in the UK in a channel 4 pole. Despite this, it’s becoming clear to any individual with knowledge of the city, that it’s reputation is rapidly changing for the better. There was no better way in confirming this than when the city was announced as UK’s city of culture in 2017. This was a result of strategical investment in the area, boosting the variety of available activities and events, such as the a new aquarium and galleries. Following a brilliant year for Hull’s cultural and socio-economic credentials, as well as the university moving up 6 places in the University league table rankings, there is a clear indication that the cities image as a whole may be changing for good. In fact, after being labelled the UK’s city of culture, a further 1 billion pounds of investment has been in pumped into Hull, according to the cities council. An obvious outcome of this is a rise in demand of those that want to reside in the city, resulting in a soon spike in property prices. This means that there is a great chance to find a repossessed house in Hull.
Property investment in Hull
In 2018, there were reportedly 4 mortgage repossessions in the city for every 100,000 households. So the statistics of distressed property indicates there are still repossessed houses for sale in Hull. There are also extensive plans for property to be developed in the area, which also offer promise for those interested in below market value opportunities. This isn’t just because of the soon rising rental demand and house prices anticipated in the area, but also because purchasing the property before it’s fully finished allows the investors to buy the specific lot at today’s price, before it’s even built. This means you can potentially buy a brand new property in the up and coming area, just before the rise in property prices start, resulting in a high-yielding investment.