Is it safe/sensible to store utensils above the hob?
This really should be a comment, as it doesn't directly answer the question, but it's kinda long ...

I do the same thing, but I'll admit there are a couple of disadvantages:


When you stir-fry, you will aresolize oils which will end up depositing on the utensils (and pot racks above your stove).
Some things will splatter (eg, a long-simmering tomato sauce), which again means the need to wash the utensils.


As for the degredation issues -- if they can't even handle the temperature of steaming, you probably don't want them in the kitchen at all.  I haven't notice any problems with my wooden or wood-handled utensils.

I don't have any better space, as my cabinets are so low that hanging utensils can't really fit anywhere else in the kitchen, and I find hanging so much more convenient than everything in a drawer or a container on the counter that I'm not willing to switch.

Are there safety issues?  Maybe if there were a fire on the stove, but so long as it isn't the fire extinguisher being stored there, I don't think it's that big of an issue.  (that's not to say that I know for sure there aren't any ... I just don't know of any)