The rental market in Hull and the surrounding area is buoyant and looks set to remain that way for several years. It is a trend that is reflected in many other parts of the UK. For a number of reasons, people are choosing, or being forced, to rent instead of buying their own home.
Why demand for rental accommodation is so strong
The economic downturn has made it increasingly difficult for people to secure mortgages. Even those who can get a mortgage often cannot pull together enough money for a deposit. An Increasing number of people in the UK have little choice but to rent.
The fact that people have less job security than they once did is another contributing factor. It is becoming harder and harder to find a job with a permanent contract. Therefore, people are moving around the country from job to job. Understandably, for many it no longer makes sense to buy a property. Therefore, they are renting instead.
Investors are also buying property in Hull
This trend does not mean, however, that estate agents in Hull are not being kept busy. They are dealing with lots of enquiries from people looking to invest in property in Hull and the surrounding area.
There is a lot of interest in the area because the price of property in Hull is relatively low. This means that investors who cannot afford to buy elsewhere frequently turn to Hull to begin building their property portfolio.
Most landlords like to own and run several properties; this allows them to spread the risk. Hull is perfect for this kind of investor because it is possible to buy several properties in the area, even on a relatively small budget. If one property is unoccupied for a period of time the landlord still gets a reasonable income from their other occupied properties.