Updated for 2026: for the latest figures, read House Prices in Hull by Area: 2026.
As of November 2024, the housing market in Kingston upon Hull has experienced notable growth. This report provides an in-depth analysis of current property prices, market trends, and factors influencing the real estate landscape in Hull.
Average Property Prices in Hull
In November 2024, the average house price in Kingston upon Hull was £145,000, representing a 6.6% increase from November 2023. This growth surpasses the regional average increase of 5.7% in Yorkshire and The Humber during the same period.
Property prices by type:
- Detached properties: £263,000
- Semi-detached properties: £164,000
- Terraced houses: £128,000
- Flats and maisonettes: £96,000
These figures indicate a robust upward trend in Hull's housing market, making it an attractive area for potential buyers and investors.
First-Time Buyers and Mortgage Purchases
First-time buyers in Hull paid an average of £133,000 in November 2024, a 6.8% increase from £125,000 in November 2023. For properties purchased with a mortgage, the average price was £150,000, up 6.7% from £140,000 the previous year. These statistics reflect growing confidence among new entrants to the housing market and sustained lending support from financial institutions.
Rental Market Overview
The rental sector in Hull has also seen significant activity. As of December 2024, the average monthly rent was £627, marking a 10.1% rise from £570 in December 2023. This increase outpaces the regional rental growth of 5.4% in Yorkshire and The Humber.
Average rents by property type:
- One-bedroom properties: £449
- Two-bedroom properties: £557
- Three-bedroom properties: £670
- Four or more bedrooms: £900
The heightened demand for rental properties suggests a thriving market, potentially offering lucrative opportunities for landlords and investors.
Factors Influencing Hull's Property Market
Several factors contribute to the current dynamics of Hull's property market:
- Economic Growth: Ongoing investments in local infrastructure and businesses have bolstered economic prospects, attracting more residents and increasing housing demand.
- Affordable Living: Compared to other UK cities, Hull offers more affordable housing options, appealing to both first-time buyers and investors seeking value.
- Regeneration Projects: Initiatives such as the transformation of Albion Square and the development of the West Docklands, including a new cruise terminal, are enhancing the city's appeal and are expected to positively impact property values.
Looking Ahead: Market Projections
Analysts anticipate that Hull's property market will continue its upward trajectory into 2025. The combination of economic development, affordable housing, and urban regeneration projects positions Hull as a promising location for real estate investment. Prospective buyers and investors are encouraged to stay informed about market trends and consider Hull's potential for long-term growth.