Property investors are flocking to Hull with its ‘modest property price rises and strong rental demand’ setting it out to be a leader in the buy to let boom.
Four years since being awarded the title of City of Culture in 2013, Hull has seen unprecedented economic development and a thriving cultural scene. This is set to see further growth with 2017’s year-long culture festival which will see the city stage a £32 million programme of events.
HSBC placed Hull second in its 2015 buy to let rankings, with its citywide rental yield of 7.8 per cent placing it closely behind Manchester. Further attention is set to be focused on the latest City of Culture during the year of the festival, building on already thriving tourist figures. Five million tourists visited the city during 2015, up 6.4 per cent on 2012, and 2017 is set to break all previous records in the city.
Director of Property Management at Hull based firm Garness Jones, Hans Nieuwkerk, commented: ‘This is a remarkable chapter in Hull’s story, with perceptions of the city finally being overturned. We’re showing the rest of the UK – and the World – that Hull has the potential for great economic and cultural success. It’s no surprise that investors from cities such as Birmingham, Leeds and London are impressed by Hull’s increasingly attractive property credentials, with investment opportunities of all shapes and sizes popping up in every corner of the city.’