2018 has been another great year for our great city. Rental property prices have continued to rise as Hull continues to be a property hot spot, and new investment has continued to flood attracted by the likes of Siemens’ £300m turbine production centre and the completion of the £80m redevelopment of the fruit market. All this in the face of Brexit uncertainty that has significantly undermined other cities’ growth.
So, what does 2019 hold for our beloved home on the Humber? In this latest blog from Coversure Hull – Hull’s leading independent insurance brokers – we look at what’s to come in 2019 and find reason not to just be optimistic, but positively excited about what the future holds for Hull’s businesses and residents.
Hull’s Property Market – The Boom Continues?
Since 2013 house prices have risen an astonishing 22% in Hull according to Zoopla. The post City of Culture boom sent demand for property up by 26% in 2017 alone. So, is the growth in house prices set to continue in 2019? Well given the number of businesses entering the city and the explosion of house building it seems fair to say that it will. The building of new homes in areas such as the Marina, the Fruit Market and the conversion of the Queens Garden police station are all part of the council’s Local Plan to build 2,500 new homes over the next 15 years. With Hull’s population continuing to grow – it is now estimated to be at an all-time high of just under 320,000 – these homes will be doubtless find ready buyers who will fuel the property boom.
Hull Business – Set For A Bumper 2019
As a property and
And speaking of the NPP its founder and Chairman, former Chancellor George Osbourne, sees Hull being at the heart of this ambitious project. In particular he has recently lent his backing to the Northern Powerhouse Rail – a proposed route that will give Hull a direct, fast rail link to other key northern cities such as Liverpool and Manchester. Developments on this fantastic project are expected in 2019, so fingers crossed….
A development that is certain is the coming of the new £200m Siemens train factory that will be built just down the road in Goole. This promises to create 700 new jobs and 1,700 indirect roles. Siemens chose the site in part as it provides easy access to Hull – just a 30-minute journey away – and it further burnishes Hull’s reputation as great place for industry to do business.
High Speed Hull: 5G Comes To Our City
Hull has been named as just 1 of 5 UK cities that will offer 5G connectivity in 2019. Leading network EE have announced that Hull will be a trailblazer for this super-fast mobile network. As well as offering Hull’s residents better web browsing speeds, 5G will be a real boost for businesses and will help it achieve its goal of becoming one of the UK’s first ‘connected cities.’
Hull’s Port – A Post Brexit Opportunity?
It’s well known that Hull voted 2-1 in favour of Brexit; a decision many outsiders viewed as odd given the importance of the port and its high level of trade with the continent. Whatever the outcome of the final Brexit deal, there have been growing calls for Hull to become a so-called ‘free port’. Free ports are tariff-free zone which operate in places like the US but which are prohibited under EU rules. The think tank Policy North has called on the government to look into the idea for free ports across the north of England, highlighting how the 250 in the US handle over $750bn of cargo and employ over 40,000 people. Such a move would be a great boost to the whole Northern Powerhouse objective and would give Hull a massive boost. We shall watch European developments in 2019 with interest…
Hull Set For More Great Things In 2019?
There’s no doubt in our minds that Hull’s renaissance is set to continue in 2019. If anything, we expect to see growth accelerate as word reaches even further afield of quite how much our fantastic city has to offer. Anyone who’s been living and working in the city over the past few years can’t have failed to see the regeneration that’s taking place. The 2008 crash hit the city hard – no question about that – and a lot of planned investment never materialised. Those dark days of a decade ago are now gone though, and the optimism that filled the city in 2017 has remained.
Here’s to Hull then, and may it have a happy and prosperous 2019!
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(Proud) Founder of Coversure Hull