Hull's Summer Regeneration Update

As the year speeds on by and we pull into the summer months, regeneration continues in Hull, boosting the city’s growing reputation as an excellent place to invest. Sitting proudly as Yorkshire’s only city on the waterfront, it’s easy to see why renters and buyers are keen to make Hull their home. In this month’s area update, we’ll look at key developments happening within the city, future plans for an old shopping centre and the current average house prices.

New Director of Regeneration

Chris Jackson, previously the Director of Capital for NHS England, has been appointed by Hull City Council as the new Director of Regeneration. Prior to his post within the NHS, Chris was a Civil Servant in positions such as deputy director in HM Treasury and he also worked in the Cabinet Office, advising Government ministers on financial issues including local government spending, housing policy, adult social care and private infrastructure financing.

Members of the Council are extremely excited about the addition of Chris Jackson to the Council team, as his wealth of experience and his enthusiasm are likely to prove invaluable. He is already working with the Council’s partners to continue the regeneration that has skyrocketed Hull’s popularity in recent years and he is intent on pushing on in their journey to achieve their regional devolution ambitions.

A Revival of Prospects Shopping Centre

Prospects Shopping Centre has recently been acquired by Zahid Iqbal, who already owns The Ridings Shopping Centre in Wakefield, Packhorse Shopping Centre in Huddersfield and Batley Plaza. The experienced property entrepreneur has an excellent track record of bringing new life into shopping centres and he hopes to continue this in Hull.

The shopping centre currently attracts around 6 million shoppers per year, and Iqbal aims to completely transform the space, further adding to the recent modernisation of the city. He states that his acquisition of this shopping centre aligns with his commitment to Hull and he hopes the reinvigoration of the shopping centre will be a great next step on the city’s regeneration journey.

A New Leisure and Social Venue

An attractive new leisure and social venue is set to appear in Hull, as the City Council have allocated ￡400,000 to the Federation of Sport Limited to develop a unit within William House which has sat vacant for over a year.

The unit sits at over 1,500sqm of floor space and the plans for the new venue include high-grade sports technology, audio-visual equipment, two bars, communal areas and a commercial-grade kitchen. This regeneration plan should bring 43.5 full-time equivalent job openings and it will be a welcome addition to the City’s economy.

The regeneration of Hull has already brought a number of new jobs to the city, which has led to a fall in unemployment rates. Hull’s unemployment rate was around 3.5% in 2023, compared to 7% in 2019 and upwards of 15% in 2012. This highlights the significant change that the regeneration of the city is having on employment, and we expect this to decrease further as the works continue to bring new job openings.

Hull’s House Prices

Recent statistics show that despite the ongoing regeneration, house prices in Hull have fallen in recent months, dropping by 6% (roughly ￡10,800) within the last year to an average of ￡185,000. This is in alignment with the rest of the UK and reflects the stability and the growing confidence in the property industry as a whole.

Hull is currently sitting as the 9th cheapest postcode area to buy property out of England and Wales’ 105 different postcode regions and this coupled with the increasing number of people interested in laying down their roots in the city further highlights why now is an excellent time to consider investing within Hull if you are considering growing your property portfolio.

Final Words

The ongoing modernisation works in Hull are set to continue at full force, with a new Director of Regeneration, plans for an exciting new leisure venue and the upcoming revival of Prospects Shopping Centre. With new jobs expected to come from these works and the growing attractiveness of the city set to continue, we predict that even more renters and buyers will be keen to settle down in the area. We encourage property investors to take a look at the properties we have available for sale?in Hull here at Realm 47. It may be a strategic time to take advantage of the low property prices in preparation for Hull’s popularity to increase even further.