A new research has found that major cities in the UK are becoming the new “hipster hotspots” and are therefore pushing up prices.
Property website Zoopla had a closer look into house prices in areas which have attracted the latest generation of creative, upwardly-mobile people (also known as hipsters). Some of the neighbourhoods in question have become more gentrified as younger people are being more and more priced out of homeownership.
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Zoopla identified Dalston in East London as the top hipster hotspot with an increase in property prices of almost 60% in five years.
Other London boroughs experiencing similar growth are Shoreditch, Stratford, Tooting and Stoke Newington. The property website, however, also listed a fair few suburbs in cities outside of London as their property values rose due to growing popularity.
Brsitol’s Montpelier has previously already been called the country’s coolest place to live at and experienced an increase in prices of 40% since 2011.
House prices in Chorlton in Manchester jumped up by 28% in five years, whilst Penarth in Wales saw an increase of 23% due to its spectacular views and close proximity to Cardiff.
The Jewellery Quarter in Birmingham was another area identified as a hipster hotspot with property values increasing by 31% over the last five years, Edinburgh’s Leigh saw a growth of 13% and Glasgow’s Finnieston experienced a 20% increase over the same time.
Lawrence Hall, a spokesman for Zoopla, said: “As cities change shape and property prices continue to climb, it is inevitable that run-down areas are revived to accommodate growing resident numbers, resulting in new trendy hotspots starting to appear.
”Given London’s population and size, and the city’s ongoing gentrification process, it’s not surprising to see the capital’s edgy enclaves dominating the hipster hotspot rankings.
With gentrification happening across UK cities, we have seen a shift in price for these areas over the past five years as well as a new set of residents for these hotpots in these ever-growing cities.”
These are Britain’s top 10 hipster hotspots by house price growth (with average % increase in property prices since 2011 and average property price in 2016):
1. Dalston, London, 59.89% £633,593
2. Shoreditch, London, 58.06%, £526,244
3. Stratford, London, 57.15%, £491,222
4. Stockwell, London, 52.17%, £598,615
5. Stoke Newington, London, 51.62%, £671,943
6. Tooting, London, 51.61%, £670,895
7. Montpelier, Bristol, 39.93%, £494,158
8. St Pauls, Bristol, 38.55%, £261,300
9. Stokes Croft, Bristol, 37.12%, £317,800
10. Jewellery Quarter, Birmingham, 31.34%, £151,689
And these are the top 10 hipster hotspots in and around 10 of Britain’s cities (with average % increase in property prices since 2011 and average property price in 2016):
1. London, Dalston, 59.89%, £633,593
2. Bristol, Montpelier, 39.93%, £494,158
3. Birmingham, Jewellery Quarter, 31.34%, £151,689
4. Manchester, Chorlton, 28.42%, £300,099
5. Leeds Headingley/Hyde Park, 27.81%, £196,608
6. Sheffield, Ecclesall Road, 25.16%, £338,949
7. Cardiff, Penarth 23.40%, £311,377
8. Glasgow, Finnieston, 20.31%, £214,817
9. Liverpool, The Baltic triangle, 18.52%, £161,078
10. Edinburgh, Leith, 13.49%, £209,330
Statistics are according to Zoopla.
