The property internet company, Zoopla, reports an interesting pattern emerging in recent years of soaring property prices in areas with high numbers of ‘hipsters’.
Whilst these ‘hipster hotspots’ are often already well known for their artisan coffee houses, funky art galleries, small independent creative businesses, evidence is emerging that the skinny-jean-checked-shirt-clad inhabitants of these areas are positively affecting the value of local property.
A form of gentrification is taking place in areas previously considered less attractive, poorer or run down due to the influx of a younger generation unable to afford the more expensive neighbouring areas.
The thriving area of Dalston in North East London has experienced the highest price rise as a result of the ‘hipster hotspot’ phenomenon with homes now averaging £634,000, an increase of 60 percent since 2011.
Other London areas have also ‘gentrified’ as a result of the hipsters moving in – Tooting, Stratford, Shoreditch and Stoke Newington particularly have benefited in much the same way over the past five years.
And it’s not just London where this affect is seen.
Bristol too has witnessed very significant rises of between 37 and 40 percent to house prices in the areas of St Pauls, Montpelier and Stokes Croft with the very trendy Gloucester Road running through it.
And Birmingham’s Jewellery Quarter, Leith in Edinburgh, Chorlton in Manchester and Headlingley in Leeds have also benefited from the ‘hipsters’ effect as house prices rise significantly more in these places than in the neighbouring areas.
A spokesman for Zoopla, Lawrence Hall, 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…”
“…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.”
The Top 10 Hipster Neighbourhoods by City
• London, Dalston, 59.89 percent house price growth since 2011
• Bristol, Montpelier, 39.93 percent
• Birmingham, Jewellery Quarter, 31.34pc
• Manchester, Chorlton, 28.42pc
• Leeds Headingley/Hyde Park, 27.81 percent
• Sheffield, Ecclesall Road, 25.16 percent
• Cardiff, Penarth 23.40 percent
• Glasgow, Finnieston, 20.31 percent
• Liverpool, The Baltic triangle, 18.52 percent
• Edinburgh, Leith, 13.49 percent