In January 2016, the Lottery Fund announced a £1.2million cash injection in to Hartlepool’s Church Street shopping district to order to “breathe new life” in to their area (3). This further reinforces the inward investment trend into the area following a £5.5million pledge from the Tees Valley Regional Growth Fund in order to achieve the latest local economic targets; Hartlepool Vision (4).
Hartlepool was identified by the Regional Growth Fund as an area ripe for investment as the economy has shown a strong promise of growth for the last 5-6 years. Between 2011 and 2012, when recovery was slow nationally, house prices in Hartlepool surged upwards 5.7%; a growth 0.2% greater than that of London (1).
Hartlepool’s housing market has reached a stage of maturity (6) when compared with the national inwards migration benchmark of 70%. The Department of Communities and Local Government find Hartlepool’s residential property market to be self-contained and sustainable based on the fact that it’s migration status suggests 80% of house moves are from within the Hartlepool region. We believe that this trend looks set to continue. The Hartlepool Strategic Housing Market Assessment (6) found that 81% of Hartlepool residents who planned to move home within the next 5 years planned to move within the immediate area. Furthermore 211 individuals specifically reported their intentions to move in to the Victoria area of town which benefits heavily from the tourism industry.
Just 400 meters from the multimillion pound Hartlepool Marina which created 138 full time jobs in the local tourism sector between 2009 and 2013 (2), Victoria is perfectly positioned for tourism industry workers. The wider tourism economy of Hartlepool generated a revenue of £24million in 2013; 16% of the total tourism revenue of the entire Scarborough Coast (2). Hartlepool Master Plan for Regeneration (7) details the schedule of works to be carried out in bringing greater tourism and employment numbers to Hartlepool, particularly through expansion of the Marina and Waterfront, increasing traffic and employment prospects in the area.
With greater employment prospects, comes an increase in the demand for housing. According to the Montague Review (9), the Government see private rented accommodation as essential for meeting the housing needs of the UK. Housing developments are well supported by mixed-use projects that provide the amenities for residents. As part of the Waterfront Regeneration Masterplan (8) a large mixed-use development is set to be announced. Property Moose is currently funding a mixed use Property in the Victoria ward of Hartlepool in order to support the Borough Council in its goal of fostering economic growth and quality affordable housing (6).
Disclaimer and Legals
Property Moose does not provide any advice in relation to investments and you must rely on your own due diligence before investing. Please remember that property prices can go down as well as up and that all figures, rates and yields are projections only and should not be relied on. If in doubt, please seek the advice of a financial adviser. Your capital is at risk if you invest. This post has been approved as a financial promotion by Resolution Compliance Limited.
Property Moose is a trading name of Crowd Fin Limited which is an Appointed Representative of Resolution Compliance Limited which is authorised and regulated by the Financial Conduct Authority (no: 574048).
References
- http://www.thisismoney.co.uk/money/mortgageshome/article-2223574/Land-Registry-Hartlepool-property-hotspot-house-prices-jump-5-7.html
- http://www.hartlepoolmail.co.uk/news/business/143million-boost-and-138-new-jobs-as-hartlepool-s-tourism-business-booms-1-7294827
- http://www.hartlepoolmail.co.uk/news/local/1-2million-injection-to-make-hartlepool-vision-a-reality-1-7700223
- http://www.planningresource.co.uk/article/1102125/lep-backed-bids-fund-winners
- https://www.gov.uk/government/publications/private-rented-homes-review-of-the-barriers-to-institutional-investment
- https://www.hartlepool.gov.uk/download/downloads/id/423/strategic_housing_market_assessment_2015_-_march_2015.pdf
- https://www.hartlepool.gov.uk/download/downloads/id/355/hartlepool_regeneration_masterplan_and_vision_17_septempptx
- https://issuu.com/hartlepool/docs/hartlepool_regeneration_masterplan3
- https://www.gov.uk/government/news/montague-plan-offers-boost-to-private-rented-sector
