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 property market is approaching its traditional busy season.
Let’s have a brief look at what’s been happening over the last month in the local property market around Hull.
There are currently 1137 properties available on the market in the area. The month prior there were 1166, with 1071 in August, 937 in July, and 1041 in June. The high number of available properties is indicative of the heat having left the market as properties aren’t getting snapped up as fast as they were. Things have calmed back down to normal levels and there is now more choice once again for buyers.
There is a steady number of properties coming onto the market each month. In July there were 329, in August 378, in September 355, in October 364 and in November 264.
In November 221 sales were agreed across Hull. In October that number was 243. In September it was 279 and in August, 282 sales were agreed. The month before that 293 sales were agreed. The number of sales may have been reducing slightly each month but this is simply a sign that the market is returning to pre-pandemic levels of activity. The local facts are that there is still a high level of activity in the Hull property market.
There were 90 price reductions in July across Hull. In August, this number was 100 and in September it jumped to 148. It settled back down to 126 price reductions in October but rose again slightly to 152 in November. This could imply that some sellers’ or agents’ expectations of what the market is prepared to pay are not in line with reality.
In November there were 418 slow movers in the Hull area. In October, there were 362 and in September, there were 338. This means a property that has been on the market for 12 weeks or more and isn’t currently under offer. This could be due to the market returning to more normal levels but expectations still being at the peak levels. In August, there were 313 slow movers on the market and in July, there were 272.
Slow movers can often be due to the 3 Ps – presentation, promotion, or price. We are proud to be in the top 10 agents in the area with the smallest numbers of slow movers. Choosing the right agent for your property can make a very real difference to achieving your moving plans.
In July, each property in the Hull area had average daily views on Rightmove per property of 81. In August it was 88. In September, this number dropped to 80. In October it dropped slightly further to 61 and in November it fell to 53. This is not unusual for this time of year with many families busy as we approach Christmas and the end of term. The high levels of activity in the local Hull property market are likely to increase or at the very least, remain strong in the first quarter of next year.
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, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01482 216060 or email email@example.com.