There is still much uncertainty over recent months as to which way the UK property market will go. A reported sharp fall in real estate price all over the UK had started in the summer and now seems to be gathering some momentum. The fall in prices is said to be attributed to the spending cut plans that have been put into practice by the current Conservative / Liberal Democrat coalition government. The UK housing market has experienced a decline in sales of 1.5 percent since April 2009 and the average price of a house in October fell by £2,376. What this means is that there is still a lot of people not willing to put their property on the market until they see a significant rise in prices in order to get a return on their investment.
This could suggest that the time is right to invest in property to lease and the best place to still pick up a bargain is across East Yorkshire and Hull. As we are waiting for property prices to increase in the larger cities, Hull’s diverse housing market still boasts the cheapest prices in the UK for both new builds and Victorian town houses. Couple this with the fact that Hull’s agricultural and industrial sectors are experiencing a large number of migrant workers taking up employment all looking to rent accommodation, makes Hull a prime choice for investment.
Hull’s housing market will eventually catch up with other large cities. The change in pension scheme i.e. Sipps introduction, is generating a massive demand for investment properties, therefore, boosting prices. In April 2006, for the first time, it was proposed that residential properties and portfolios will be allowed to be put into personal pension schemes meaning significant tax breaks. This has created a new surge for investment properties that provide a good return on investment. Areas like Hull are key targets for investors and supply and demand has created an uplift in prices. Interest rates have reduced, boosting affordability. When first time buyers struggle to get onto the property ladder it increases the demand for rented accommodation and raises the rent levels, this is already happening.
WHY BUY PROPERTY IN HULL?
Hull is one of the lowest house price areas in the UK
Higher return on investment
Higher potential growth in capital
Substantial Government and European money
Cheap house prices means lower risk on investment
Massive investment in the area
High demand for rented properties
Over 300,000 population in city and surrounding villages
Hull’s large Port is set to grow on North and South Bank
Large housing developments happening in the city centre
Top 10 city
If you are looking to buy property for investment purposes, make sure you take on the services of good property managers in Hull. These guys can take the hassle out of preparing and renting a property on your behalf. They can give valuable advice on locations within Hull (like all major cities there are hot areas and some no go zones) based on local knowledge. Make sure they have excellent local contacts and expertise to assist in meeting your requirements and give advise on contractors after you have purchased your property. They should have contacts with a number of specialist tradesmen and companies for any type of property related issues from full refurbishments to minor repairs.
This article was brought to you by Hull Property Managers Premier Properties and our website is www.premier-properties.uk.com. Premier Properties in Hull are a family business and have been in property development / investment in Hull for over 30 years. Dealing in all kinds of property i.e. student, family, commercial, DSS & professional, we are able to offer a personalised service based on our local knowledge. We pride ourselves on being members of the Hull and District Landlords Association and Council Accredited Landlords. Although we will not manage the property for you, we can advise on an appropriate specialist agency dependant on type of tenant. However, we do have many tenants waiting for property and may be able to supply tenants, if required.Visit our Hull Propety Management website to find out more about our services or follow us on our Hull Propety Management Facebook page. Thanks for reading this article and we hope to bring more in the future.
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