Hull and East Yorkshire are thriving. It’s great news for property investors, with real opportunities across the region.
This month in our ongoing property investment series, we’re taking a look at HU17 – the Beverley postcode. Centred on the historic market town, this prosperous, aspirational area offers a different proposition for property investors than other postcodes.
For those wanting a safe bet, long term tenants and the potential for excellent capital growth, it’s a fantastic place to build a portfolio.
HU17 is a fairly large post code area, and home to around 30,000 people. These are primarily based in the thriving, historic market town of Beverley. Outside the town, there are a range of popular satellite villages, including Molescroft, Walkington, Cherry Burton and Bishop Burton.
Beverley is a beautiful, historic market town. It has a thriving town centre, complete with a wide range of supermarkets, high street chains and independent shops, as well as pubs, bars a cinema and restaurants. It’s also home to Beverley Minster, a stunning gothic masterpiece, and one of the largest parish churches in England.
It has good schools, a popular market square and an excellent range of facilities for residents and visitors of all ages. On the outskirts of town is the Westwood – an open, communal green space that’s also home to a golf course and Beverley Racecourse.
Beverley is in a fantastic location just north of Hull – it’s within easy commuting distance of Hull and York, and connected to the coast via the Hull to Scarborough train line. A regular bus service connects the town with Hull, the East coast and all the East Riding villages.
HU17, and Beverley in particular is aspirational. It’s an upmarket town with a great reputation. In terms of properties, it’s really varied – from expansive family homes and period properties, to contemporary apartments, town houses and dedicated new build estates.
Beverley is popular with a wide variety of residents, from young professionals, to families and retirees.
For buy to let investors, some of the best opportunities are found in Beverley itself. Flats located close to the town centre and train station will always be popular with young professionals. To the north of the town centre, Molescroft offers more family homes, and excellent access to good schools.
Market Analysis – Zoopla – April 2018
Average property values in HU17 are: £235,789
Average asking prices for a 2 bed property in the postcode are £149,324
Average rents across the postcode for 2 bed properties are around £597 pcm.
Potential yields and real world opportunities
Using these figures, rental yields for 2 bedroom properties come back at around 4.79%.
These figures may not be particularly inspiring, but the real world opportunities paint a different picture. Average asking prices for two-bedroom flats stand at £607pcm, whereas asking prices are £96,667 – providing potential yields of more than 7.5%.
However, the yields themselves are only part of the picture. Taking a long term view, we believe that the real opportunity in this postcode is the capital growth.
Beverley is a safe bet – it’s a beautiful historic town in a great location, with access to open green spaces and excellent facilities. It’s also becoming increasingly gentrified, and there are plenty of renovation properties available for those willing to take on a project.
Going forward, we believe that there is significant growth potential in terms of property values – making it an excellent place to start building a portfolio for those with a long term outlook.
People tend to move to Beverley for the duration – which means lower tenant turnover and higher security. It also tends to attract a more upmarket tenant, making Beverley a safe and stable place to invest.
Hull Buy to Let Property Advice from CJ Property
There has never been a better time to invest in Hull and East Yorkshire property.
There are real opportunities for investors in HU17 and across the region, but there are also real risks – make the wrong decisions, and it could be very costly.
Whether you want to maximise short term yields, or build a portfolio for long term growth – the right local agent will ensure you make the right decisions. At CJ Property, our buy to let investment specialists are here to help you buy the right properties, at the right price.
With vast knowledge and unrivalled experience in the local market, we’re here to help you at every step of your investment journey. From finding the right, desirable properties in the right areas, to looking after your portfolio and managing it on your behalf – we’ll help you to achieve your property investment goals.
Ready to start your investment journey? Book your free, no obligation consultation with CJ Property – the Hull buy to let investment specialists. Call 01482 645270 today for further information.