Spot­light is shin­ing on Hull’s prop­erty mar­ket

Hull’s prop­erty mar­ket is ben­e­fit­ting thanks to the feel-good fac­tor of the City of Cul­ture, writes Sharon Dale.

Yorkshire Post - Property - - PROPERTY NEWS -

FAME IS a fickle mis­tress but right now she is shin­ing her spot­light on Hull and the con­stant rounds of ap­plause for this year’s UK City of Cul­ture are hav­ing a ben­e­fi­cial ef­fect on the prop­erty mar­ket.

“It’s put us on the map. There’s a pos­i­tive at­mos­phere in the city and the prop­erty mar­ket thrives on feel-good fac­tor. Homes are sell­ing faster and ven­dors are get­ting close to their ask­ing price,” says es­tate agent Robert Beer­cock, of Beer­cocks.

There is a lot to feel good about. The City of Cul­ture is off to a great start, the econ­omy is do­ing well thanks to record lev­els of in­vest­ment, in­clud­ing the Siemens fac­tory – and Hull City foot­ball club is in the Premier League.

Robert Beer­cock be­lieves that prop­erty val­ues last year rose be­tween five and 7.5 per cent and ex­pects a sim­i­lar per­for­mance this year. Prices are af­ford­able. The cheap­est home for sale is a one-bed­room flat for £15,000 and there are ter­raced houses for £40,000. First-time buy­ers can find a two-bed­room house in a rea­son­able area for £80,000.

In cen­tral Hull, apart­ments by the marina and pe­riod town­houses on the Av­enues are the most fash­ion­able places to live. A four-bed­room town­house on the Av­enues starts at about £220,000. The new-builds on the Kingswood Es­tate are also a mag­net for buy­ers and old favourites on the out­skirts of the city, such as Kirk Ella and Cot­ting­ham, re­main pop­u­lar.

Apart from a sig­nif­i­cant num­ber of in­vestors at­tracted to the high rental yields at the bot­tom end of the mar­ket, most of those look­ing to buy in Hull live there al­ready. It is a largely lo­cal mar­ket, though there is one spec­tac­u­lar ex­cep­tion.

Beal Homes is pre­par­ing to build 101 mews-style houses and apart­ments in the old Fruit Mar­ket area of the city cen­tre as part of an £80m joint ven­ture with Wyke­land and the city coun­cil. They are not yet for sale and there has been no mar­ket­ing but over 1,400 peo­ple have called Beal HQ to reg­is­ter an in­ter­est.

“It’s phe­nom­e­nal and very ex­cit­ing. The in­ter­est isn’t just from Hull, it’s na­tion­wide, which is un­usual,” says the firm’s chair­man, Richard Beal. “Sev­enty per cent are would-be owner oc­cu­piers and 30 per cent are in­vestors.”

Ar­chae­ol­o­gists are now scop­ing the land and, all be­ing well, foun­da­tions for the Fruit Mar­ket’s one, two and three­bed­room homes will be laid later this year. The first own­ers could move in next year.

The res­i­den­tial el­e­ment of the scheme was due to be built in stages over three years, but com­ple­tion may now be much sooner. “If the amount of in­ter­est we have seen trans­fers into sales then we will build as fast as we can,” says Richard, who is look­ing at other brown­field sites.

“The Fruit Mar­ket will make a city cen­tre life­style more at­trac­tive and the evening econ­omy more sus­tain­able. It is a very spe­cial de­vel­op­ment but the last thing we want is lots of high rise build­ings full of empty apart­ments so city cen­tre de­vel­op­ment has got to grow at its own pace.”

There is little doubt that it will grow, es­pe­cially as more peo­ple dis­cover the de­lights of this beau­ti­ful wa­ter­side city.

“It looks bet­ter than most parts of Leeds,” says Robert Beer­cock. “Those of us who live here know it’s a hid­den gem.”

For de­tails on Fruit Mar­ket visit www.fruit­mar­kethull.co.uk.

STAR PER­FORMER: Hull’s prop­erty mar­ket has been buoyed by its UK City of Cul­ture sta­tus. Visit www.hull2017.co.uk.

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