How will Hull’s property prices be affected by culture prize?

Alex Johnson

article 52b161043d7146df 1376342146 9j 4aaqsk 300x168 How will Hulls property prices be affected by culture prize?Hull will be the next UK City of Culture (in 2017), but it will be interesting to see the effect on its property prices (Zoopla currently estimates the average asking price to be £123,683 and the average asking rent to be £504). Yesterday we reported on the blog how it now takes an average of 112 days to sell a home in Hull, a figure which has  more than doubled over the last year.

In terms of places where buying is more cost-effective than renting, Hull comes fifth (behind Reading, York, Peterborough and Aberdeen), while Adzuna estimate that Hull is the third most affordable place in the UK – after Middlesbrough and Glasgow – for new graduates to rent property.

Property Ombudsman launches UK’s first Code of Practice for Buying Agents
The Property Ombudsman will be implementing The Buying Agent Code of Practice in January next year in a bid to “create a uniform set of standards for buying agents based in the UK to protect the interests of consumers and to promote best practice in the industry”.

Property Ombudsman, Christopher Hamer, said: “This is a milestone for the industry. Buying agents are a growing market sector in their own right. Unlike sales agents, who are instructed by home owners during a property sale, buying agents act in the interest of buyers to search for and secure the best price on a property. However, both sales agents and buying agents are subject to the same property and consumer protection laws, which is something many consumers and agents are unaware of.”

How the UK feels about house prices
Knight Frank’s latest  House Price Sentiment Index for November shows:

* Householders expect that the value of their home will rise over the next 12 months, but at a slightly slower pace than anticipated in October
* Londoners expect the biggest rise in prices over the next year
* Those who own their homes outright expect stronger price growth than those with mortgages or in the private rented sector
* Householders feel that the value of their home has risen over last month, at the third- strongest pace since 2009

“There will not be a property bubble over the short term”
This is the time of year when estate agents start to make their predictions for the coming months and years. Chesterton Humberts is forecasting that national house prices will rise by up to 8.2% in 2014 but does not think there will be a property bubble in the short term.

Nick Barnes, head of research at Chesterton Humberts, said: “I do not believe we will enter bubble territory as achieved price growth to date outside London has been modest and is sustainable for the time being thanks to the various government mortgage support schemes. Moreover, mortgage interest rates are likely to remain low at least until the General Election meaning that affordability should stay manageable for most households.”

Unsurprisingly, Chesterton Humberts expects the North/South regional divide to persist in the New Year, with London, the South East and East Anglia outperforming the rest of the UK.

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