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Hull is a HOTSPOT for Buy to Let Property

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Hull is a hotspot for property demand

Hull is a busy market place for homes.

It’s great news for first time buyers and buy to let investors in Hull & East Yorkshire!

Hull proved to be a property hotspot last year, with demand for homes increasing by 26 per cent over the February to December period, closely followed by Doncaster and Bradford at 25 per cent.

According to eMoov’s quarterly Property Hotspots Index review of the UK, the results for the city placed it third in a top ten of places that saw the biggest percentage increases from February to December.

Hull’s position reflected a trend seen in Scotland , where Glasgow witnessed an increased demand of 28 per cent, the biggest change across the whole of Britain.

Second place in the top ten listings went to Sandwell, with an increase of 27 per cent.

Conversely, demand in London fell by 28 per cent.

Overall, the property market cooled by 8 per cent.

Online estate agent eMoov monitors the change in supply and demand for the most populated locations across the UK, by monitoring the total number of properties sold in comparison with those on sale.

London was the headline maker with demand for property in the nation’s capital having dropped by 28 per cent.

Although predicted to slow, the property boom in recent years that saw the capital’s house prices rocket to double the national average, had definitely begun to drop off.

Westminster, home to some of London’s most iconic landmarks , witnessed the biggest decline across the city, with demand for property in the central borough dropping by almost half (42 per cent).

The Borough of Westminster has the highest average property prices in the country (£1.7m) and with the Autumn Stamp Duty reform only benefiting those paying up to £932,000, things are unlikely to pick up any time soon.

As rising prices in the capital push more and more homeowners out of London, the resulting ripple effect has seen an increase in popularity in the surrounding commuter friendly areas.

Elsewhere, Liverpool enjoyed an increase of 9 per cent in demand, but not all major players from the North enjoyed the same success. Demand in Leeds dropped by 5 per cent, Newcastle by 8 per cent and demand in Manchester plummeted by a substantial 14 per cent.

Brighton was enjoying high demand last month, along with Portsmouth and Southampton.

Russell Quirk, founder and chief executive of eMoov.co.uk, said: “People are starting to sacrifice the London lifestyle and opt for areas further out to commuter zones.

“This is evident with the ripple effect that’s spreading across the surrounding areas and even to the North with a staggering number of northern locations enjoying a rise in demand.

“Although demand in December alone may have been lower in comparison with the South, overall, the call for property in the

North is increasing far greater than down South.

“Our prediction is the demand for property up North will continue to increase and London will continue to drop.”

Article by Hull Daily Mail – Read more here …

Malcolm Davidson
Mortgage Advisor in Hull & East Yorkshire

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