According to a recent analysis of 10,000 properties by MoneySupermarket.com, Hull was named as the most affordable city in the UK to buy residential property. The recent analysis captured the average house size, average room size, average cost per room and typical mortgage term.
The analysis highlighted that the national average property size was just under 68m2 with just under 30m2 of this allocated to living space and the remainder bedroom and bathroom space. It also reported that the average cost of a 3 bed property in the UK is now £220,000 and the average repayment mortgage term in the region of 25 years.
When you compare the UK average to that off Kingston Upon Hull, the same 3 bed property would cost on average £164,000 (25% Below Average) and therefore the mortgage payment term is also lower; on average 21 years with capital repayments of around £500 per month.
Putting all these things together; lower than average property prices, shorter mortgage terms along with one of the lowest percentage owner occupier rates in the UK, Hull really does stand out as a fantastic place to invest in residential property currently. Since receiving the City Of Culture award in 2017, there have been significant improvements in the local area and infrastructure which is continuing as a legacy to the award and really improving the feel of the area.
Hull will continue to be the area that we believe has the greatest potential for property returns in the foreseeable future and the area that we are continuing to invest heavily into. If you would like to discuss the opportunity that current exists please get in touch and a member of our team would be only too happy to speak with you.
The full report can be viewed at https://www.moneysupermarket.com/mortgages/housing-deficit/