High hopes for Hull as buy to let hotspot of the North
As the UK buy to let market gets back on its feet with demand for accommodation remaining high and increased access to funding, shrewd property investors are once again scouting for locations where the key fundamentals of supply and demand are in place and high returns achievable. And it is up and coming cities such as Hull which are capturing investor attention.
Officially named Kingston-upon-Hull, this Yorkshire city on the banks of the River Hull and Humber estuary certainly has a great deal going for it right now. Affording a population of around 250,000, Hull retains its heritage as a busy port city, handling 13 million tonnes of cargo per year. In fact freight handling at the port is projected to rise following Network Rail’s investment of £14.5 million in the rail link, which was completed in mid-2008.
The port operations run by Associated British Ports (and other companies) employs 5,000 people with a further 18,000 employed as a direct result of the port´s activities. The port area of the city has diversified to compensate for the decline in fishing by introducing the Roll-on Roll-off ferry services to the continent of Europe which handle over 1 million passengers each year as well as exploiting the leisure industry creating a marina from the old Humber Street Dock in the centre of the city.
Industry in the city is focused on the chemical and health care sectors. Several well-known British companies, including BP, Smith & Nephew, Seven Seas, and Reckitt Benckiser, have facilities in Hull. The health care sector 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.
Overlooking the Humber, the new £165 million Humber Quays development, which has now gained World Trade Centre status, is adding new high-quality office space to Hull´s waterfront. Kingston upon Hull is also home to the University of Hull, which was founded in 1927 and received its Royal Charter in 1954. It now has a total student population of around 20,000 across its main campuses in Hull and Scarborough.
2011 has seen continued investment into Hull with Siemens´ decision to build an £80 million turbine factory marking a major milestone in the city´s history. Industry on this scale has not been seen for decades; the Siemens factory, to be built on 130 acres of Associated British Ports (ABP) land at Alexandra Dock, could generate up to 10,000 new jobs in the region and will feed into the biggest wind farms the world has ever seen.
Alan Forsyth, Director of well-respected property investment company, Property Secrets and experienced buy-to-let investor, comments,
“It is due to the positive economic track record as well as future growth potential that we believe that Hull is certainly one city to consider as a lucrative buy to let market from a very affordable starting point. Fully refurbished properties can be secured at up to 20% below official RICS valuations with a minimum 7% rental return.
“We have many investors from other parts of the UK attracted by the positive cashflow, and affordable properties here – and are assisting many clients in buying up property portfolios generating passive income on a monthly basis.”
For more information about buying to let in Hull and the free viewing trips offered by Property Secrets call today on 0115 985 3963, email us at service@propertysecrets.net or visit www.propertysecrets.net.