For many years, the city of Kingston upon Hull has had one of the lowest average home prices in the country. However, this looks set to change as new figures released by Reeds Rains and Acadata Ltd, a research-based consultancy practice, shows a significant increase in property values in a recent house price index.*
Stephen Goforth, branch manager for Reeds Rains Hull says: “While house prices in Yorkshire and Humberside have remained flat on a monthly basis, property values in the City of Kingston upon Hull have hit a new record of £111,409, up 0.9% compared to the previous month.
The index also suggests house prices have been boosted by the City of Culture status.* The City of Culture is a title given to a city in the United Kingdom for a period of one year. The aim of the initiative, which is administered by the Department for Culture, Media and Sport, is to provide social and economic benefits and in 2017, Kingston upon Hull will take the title. This increase in status may have provided an additional boost to demand for property within the city, as the pickup in tourism supports the local economy as a result of the award.
The improvement in Hull’s home values has also been boosted by the increase in new jobs in the city. Major firms, including Samsung, are lifting employment in the city, which in turn has resulted in more demand for housing.
Additionally, the range of planned, cultural events should have a positive impact on tourism and help to transform people’s perceptions of the city.”
If you would like to find out how Reeds Rains can help you as a buyer or seller, simply contact your local Reeds Rains Hull office.
(*) LSL Property Services/Acadata House Price Index February 2016