Millennials: it’s not all bad news for you! By Claire Carmichael.

Blog // January 29, 2018

Our mortgage team is very busy with enquiries coming in from the younger generation looking to purchase their first property, and although I thoroughly enjoy working with all of my clients, I take great satisfaction in helping young people get a first foot on the property ladder.

Certainly in Hull, there are some excellent opportunities and according to Rightmove, last year most property sales in Hull involved terraced properties which sold for on average £100,302. Semi-detached properties sold for an average price of £127,928, while detached properties fetched £202,432.

Hull, with an overall average price of £117,998 was cheaper than nearby Kingswood (£160,289), Cottingham (£200,433) and Anlaby (£193,198).

During the last year, sold prices in Hull were similar to the previous year and 6% up on 2015 when the average house price was £111,678 so you can see even though this is likely to be at least twice the amount we spent on property in the nineties and early noughties, these are still mostly within reach for today’s first time buyer.

It is exciting to see what is happening in Hull. The new energy and vibrance in the City has encouraged property development and there are new luxury apartments in the city centre and traditional terraced homes have been refurbished to a very high standard and still affordable.

Interestingly, the Bank of mum and Dad is funding a quarter of all home purchases in the UK but with house prices still relatively low in this area, a ten per cent deposit is much easier to find than on a property in the South or even Leeds and Manchester.

So, now is a great time to start thinking about your first home and Hull provides one the best opportunities in the UK for young people to do that, as reports show other parts of the country have made the possibility of owning a house, only a dream. I feel this is a great incentive for students, graduates and young professionals to remain in Hull or relocate to our great City.

For advice on buying a home, please call us on 01482 217234.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The Insurance Partnership Financial Services Ltd, Partnership House, 40-42 Beverley Road, Hull, HU3 1YE.

Paul Newman

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