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Aerial drone photo of the beautiful historical town of Harrogate, North Yorkshire in the UK showing the residential housing estates and rows of houses from above in the summer time
Exploring the Rise in House Prices
Since 1995, house prices in Hull have seen significant increases. In 1995, the average price for a home in Hull was around £49,600, while in 2024, that figure has increased to £185,000. The rise isn’t uniform across all areas, but the general trend is clear: house prices have climbed considerably.
House Prices Hull City
Within Hull, the average asking price of properties in 2024 was around £166,978, with homes selling after about 14 weeks on the market. The average listing price in Hull increased by 15.9% over the past six months. Detached homes, in particular, are fetching around £326,382, and terraced homes average around £125,973.
Surrounding Villages
Hull’s surrounding villages have also experienced similar trends. In the villages, the house prices generally trend higher compared to Hull. For example, in Swanland, a village close to Hull, standard properties can fetch prices as high as £695,000 for a detached house, while Brough has properties listed for upwards of £356,106 for four-bedroom homes.
House Prices Comparative Analysis
While Hull’s housing market has increased, it’s still more affordable compared to other areas in the UK. Hull ranks as the 9th cheapest out of 105 postcode areas in England and Wales, with an average price of £185,000. However, the cost of living, including housing, has outpaced wage growth over the same period, making housing less affordable for many. For example, the hourly minimum wage rate in 1995 was £3.60, and in 2024, it was £11.44. This increase, although significant, doesn’t match the rise in house prices, impacting overall affordability.
Looking to the Future
It’s uncertain what the future holds for house prices in Hull and its surrounding areas. Various factors such as economic conditions, infrastructure development, and government housing policies will influence these trends. The big question is, what will house prices be like in 30 years? Will wages increase in line with housing costs, or will affordability become even more challenging?
In conclusion, the rise in house prices in Hull and its surrounding areas reflects broader national trends but also unique regional factors. While property prices have increased significantly, they remain relatively affordable compared to other parts of the UK. The key will be ensuring that future wage growth keeps pace with housing costs to maintain affordability for local residents.
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