'Property price inflation here has outstripped wage inflation'
Despite often being branded as one of the UK's “dangerous” cities and appearing on lists of the “worst places to live,” Hull is an vibrant hub that continues to attract more and more buyers looking to make their budget stretch a little further. And, contrary to the media-driven reputation, Hull offers a remarkably stable market, making homeownership an attainable goal for many residents.
"Hull has occasionally appeared on these lists as one of the dangerous places to live, which could impact potential home buyers' views of the area," said Malcolm Davidson (pictured), of UK Moneyman. "However, the reality is that it's more affordable to live in places like Hull. Property prices have been suppressed, and we don't see the wild fluctuations in property values that other parts of the country experience.”
This stability was particularly evident during the recent economic downturns and the post-COVID period. Unlike other areas that experienced significant spikes or dips, Hull's housing market has remained relatively even-keeled.
“We don't get these enormous spikes in values, either. So, property price inflation here has outstripped wage inflation, making it difficult for people to buy on their own, but it is still more affordable here than other parts of the country," Davidson said.
According to ONS data, the average house price in Kingston upon Hull in November 2024 was was £145,000 – £73,000 less than the average for the rest of Yorkshire and the Humber and £147,000 less than the UK average. The city's affordability and stable market make it an attractive location for both first-time buyers and buy-to-let investors.
"We do see buy-to-let landlords looking to diversify their portfolios look at places like Hull, where they can perhaps buy two properties where in other parts of the country they could only buy one," said Davidson.
Moreover, Hull's economic landscape is bolstered by major employers like Siemens, KCOM, and BP, particularly in the green energy sector. This employment stability, combined with affordable living costs, makes Hull an increasingly appealing choice for those looking to relocate. Davidson also highlighted the resilience of the local community, which contributes to a strong local identity.
"Hull is at the end of the railway line and motorway network, creating a spirit of 'Hull against the world.' It's a close-knit community, and people who move here for specific reasons, like university or a job, tend to stay," he said.
And, looking to the future, Davidson remains optimistic about Hull's housing market.
"We still need homes building in Hull as much as the rest of the UK, especially as the green energy investment takes off. Property has been a good investment for the people of Hull since I've been doing this job, and I think it will continue to be," he said.
“There are challenges there, of course – but there's still many, many people that we can help. And those people that can get on the ladder are looking at retirement now. We all take a hit on income from retirement, but the people in Hull will have that hit in income being a homeowner – and they won't have to worry about paying rent through their 70s and 80s.”
