The average house price in Hull has quadrupled in 20 years, according to new data released by the Land Registry. The figures show that in March 2002, the average house price in Hull was £36,832, and it is now £131,036 in 2022. However, this is still well below the average house price for the UK, which stood at £278,000.
Hull Live reports that the average detached home in Hull now sells for £252,426, while semi-detached homes go for the 3150,146 mark. Meanwhile, terraced houses come up at £113,319, and flats are averaging at £87,708. Overall, Hull houses prices are showing the 20th biggest rise in England and Wales.
However, the soaring prices of the past couple of years may be set to take a nosedive, amid rising interest rates pushing up mortgage costs. It is also widely predicted that the squeeze on the cost of living will start to cool off the demand in many regions.
According to the Express, the rampant housing market has led to significant overpricing of homes in many areas, by an average of 8% to 11%. Some areas seem to be faring worse than others, with mid Wales and Harrogate in North Yorkshire singled out as particular culprits.
One property expert commented: “Ultimately, any property is only worth what someone is willing to pay for it and a local estate agent is likely to have knowledge about the local market that an online valuation tool simply can’t compete with.”
He went on: “That is especially true in the current market where things are changing very quickly from one week to the next. Now that the ‘cost of living’ crisis is really starting to hit, we are definitely beginning to see a cooling of the market.”
He added that the first two weeks the property is on the market are the most crucial for generating interest, so it’s important to price competitively.
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