Hull Property Investment Guide

The north-eastern gateway to Europe is undergoing massive regeneration

Kingston upon Hull stands on the River Hull at its junction with the Humber estuary twenty-five miles inland from the North Sea. Its name is most commonly shortened to Hull, the river that runs through it.

The River Hull was historically a good haven for shipping and the city has grown throughout the years as a result of the economic benefits of its port.

To this day Hull remains a busy port, handling 13 million tonnes of cargo per year. Port operations employ 5,000 people directly, with a further 18,000 employed as a direct result of the port’s activities.

As well as cargo shipping Hull has diversified to compensate for the decline in fishing by the introduction of roll-on roll-off ferry services to Europe. These ferries now handle over a million passengers each year. This has added a flourishing tourist trade to Hull’s economy.

Property prices in Hull are well below the national average by some 42.5%. Last year most sales in Hull involved terraced properties which sold for on average £90,563. Semi-detached properties sold for an average price of £122,258, while detached properties fetched £182,745.

During the last year, sold prices in Hull were 3% up on the previous year and 6% up on 2010 when the average house price was £102,752. Hull has also exploited the leisure industry, creating Hull Marina by regenerating the old Humber Street Dock in the centre of the city. It opened in 1983 and has 270 berths for yachts small craft.

During the early 21st-century, a spending boom in the city saw large amounts of new retail, commercial, housing and public service construction spending. Hull had a resident population of 256,100 in the 2011 census. Hull is also a forward-looking city and is busy creating the largest hub of renewable energy manufacturers in Europe. The Humber Enterprise Zone is the largest in the country and features Green Port Hull which will soon be Siemens’ UK production & logistics centre after a £310m construction project completes around 2016-17.

That means buying investment property in Hull might be right for you if you're looking for a property in a major city with great regeneration potential.

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Economy & Employment

Chemical industries, heath services and the Humber Renewable Energy Super Cluster are driving Hull’s economy.

Modern industry in the city is mainly focused on chemical, renewable energy and health care sectors. Several well-known British companies, such as BP, Smith & Nephew, Seven Seas and Reckitt Benckiser, have business bases in Hull. Siemens is also building two factories in the Humber Enterprise Zone investing £310m and creating 1,000 jobs.

The health care sector here also benefits and is further enhanced by the research facilities provided by the University of Hull, through the Institute of Woundcare and the Hull York Medical School partnerships in the region.
Since the start of the 21st century, with the decline of the fishing and heavy industries in Hull, the retail sector, tourism, the arts and further and higher education sectors have played an increasingly prominent role in the process of economic regeneration and raising the profile of the city.

In 2009 it was estimated that businesses in Hull deliver an annual turnover of almost £8 billion and over 5 million annual visitors contribute almost £210 million to Hull’s economy.

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Investment

The City Plan aims to create 7,500 jobs for local people by delivering a £1 billion investment in the city.

The transformation of Hull into an ambitious, modern city linked to its strong maritime past is already underway in a ten-year regeneration plan. The plan will see Hull regain its status as a dynamic and thriving European port-city with new shopping and leisure facilities, offices, homes and employment opportunities.

The plan currently has 65 projects for delivery in the following areas: Albion Square: 5,000 sqm of offices, 200 new homes, leisure, retail and parking facilities.

East Bank: Hull’s premier residential district has benefited from a new footbridge will go on to develop a lively waterfront area.

Fruit Market: massive regeneration began in 2014 to refurbish buildings in this cultural quarter prior to 2017. Humber Quays: a major commercial district the plan intends to increase office space as well as cafes, restaurants, a hotel and 450 new homes.Quay West: A retail focused development to extend Princes Quay and transform the city centre’s shopping facilities. £165m-£300m will be invested in total and it should generate £20-£40m revenue for the economy annually.

Transport

Air: The nearest airport is Humberside Airport (20 miles), which provides a few charter flights but also has high-frequency flights to Amsterdam and Aberdeen. Robin Hood Airport (48 miles) provides a wider choice of charter flights as well as a number of low-cost flights to European destinations. Leeds Bradford is the nearest airport with intercontinental flights (70 miles).

Rail: Express trains to London (up to seven per day) are provided by First Hull Trains and one a day the Hull Executive, by East Coast. Other long-distance rail services from Hull are provided by First Transpennine Express (to Leeds and Manchester). Northern Rail operates regular stopping trains to local destinations.

Road: The main road east-west into and out of Hull is the M62/A63, which provides a link to Leeds, Manchester and Liverpool as well as the rest of the UK via the motorway network. The nearby Humber Bridge provides road links to destinations south of the Humber.

Bus: East Yorkshire Motor Services serve the outer-city and the East Riding of

Yorkshire as well as places such as Pocklington, Scarborough, Whitby and York. Stagecoach in Hull provide the inter-city transport serving suburban areas such as Bransholme, Greatfield and Orchard Park, as well as going to places such as Grimsby and Scunthorpe.

Cycle: Around 10% more people cycle to work in Hull than the UK average. A report by the University of East London in 2011 ranked Hull as the fourth-best cycling city in the UK.

Education

Hull has over 100 schools, of these Hull City Council supports 71 primary schools and 14 secondary schools. The highest achieving state school is Malet Lambert School.

Independent schools include Hymers College and Hull Collegiate School. The latter, which is run by the United Church Schools Trust, was formed by the merging of Hull Grammar School, which poet Andrew Marvell attended, and Hull High School.

Further Education: is provided by Hull College and two sixth form colleges, Wyke College and Wilberforce College. East Riding College operates a small adult education campus in the city and Hull Trinity House School has been offering pre-sea training to prospective mariners since 1787. There are only two single-sex schools in Hull: Trinity House, which teaches only boys and Newland School for Girls.

Higher Education: The University of Hull is a public university, founded in 1927. The main university campus is located in Hull and there is a smaller campus in Scarborough on the North Yorkshire coast. The main campus is home to the Hull York Medical School, a joint initiative with the University of York. The total student population is around 20,000.

Shops & Leisure

Shopping & Dining: From high street giants to small independent boutiques, Hull has it all with everything from shopping centres to vintage boutiques and markets.After a hard day’s sightseeing or shopping, there are many superb restaurants to dine at. There are many bars and pubs on The Avenues to relax in as well as a buzzing nightlife of clubs and late-night venues.

Culture: All of the city’s museums and galleries are free to enter including the Ferens Gallery and the Maritime Museum. There are city tours available including the famous fish trail.

The award-winning aquarium The Deep is a must-see attraction featuring 3,500 fish including sharks and a colony of Gentoo penguins. For thespians Hull Truck Theatre is one of the UK’s best touring venues with a diverse and inspiring programme of events.

Sport: Hull Kingston Rovers play rugby at Craven Park and Hull City (also rugby), share the KC Stadium with Hull City Association Football Club. Hull Cycle Speedway Club is located at the Hessle Raceway near the Humber bridge.

 

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