Christmas songs are on the radio, there’s a flurry of activity in the shops and the promise of lots of fun with our loved ones. It is also the season for questions like whether a home is large enough for the whole family or whether, children having flown the nest, it is too large?
New Year means new beginnings for many and so inevitably the thought of a new home is on many people’s minds. All this means that the lettings market is approaching its traditional busy season.
It’s been an extremely busy month in the lettings market in Hull. Let’s briefly examine the local rental market facts and figures, which cover both long- and short-term lets.
In Hull there are 405 rental properties currently available with an average rent of £720 pcm and a median rent of £595 pcm. Last month there were 373 rental properties available with an average rent of £711 pcm and a median rent of £600 pcm. There were 104 new rental properties that became available over the last 14 days.
There are 247 properties currently available in the £500-£1000 pcm bracket which is an increase from 240 last month and 229 in September. There are 118 in the £250 – £500 pcm price band, an increase from the 94 available last month but still less than the 132 available in September demonstrating the high demand for properties to let in this price bracket in the local area.
In Hull, there are 155 properties available that have two bedrooms, a similar number to the previous two months when there were 148 and 142. In September 2 bedroom properties were achieving an average rent of £716 pcm. In October their average rent increased slightly to £737 pcm. The average rent for 2 bedroom properties has decreased slightly this month to £704 pcm.
There were 65 available properties with three bedrooms in September. Last month there were 77 and this month there are 96. The average rent for a three bedroom property in Hull has increased from £892 pcm in September to £914pcm in October but dropped back down to £885 in November.
There are currently only 3 available five bedroom properties in Hull. They have an average rent of £1,849 pcm and a median rent of £2,123 pcm.
Work is to start on a huge new £200m development on the edge of Hull, Developers behind the Yorkshire Energy Park forecast around 4480 jobs will either be created or supported during the construction. The Technology business park between Hull and Hedon is expected to start early 2023. The development is specifically for firms in the energy, data, technology and manufacturing sectors and this will bring new investments and jobs to the region and support local communities. Currently a greenfield site, this 45 hectares of existing greenspace is being improved to provide habitat for protected species under plans approved by Natural England. The first phase works include a new power station by Vital Energy to provide energy for site users, a data centre and a new main access road, followed by a start on the energy and date centres in late 2023.
Yorkshire energy park director issued this statement:
“Our work with key stakeholders in the South Holderness area has been building over the last few years as we are determined to bring forward something that our local community can be proud of. We are also committed to putting the park at the heart of the UK’s Energy Estuary and these applications are the next part of that journey.”
If you’re looking for further information about the Hull property market, please feel free to contact us. If you’re thinking of letting or renting property in this area, please don’t hesitate to get in touch. You can call 01482 216060 or email email@example.com.