New research has revealed that hipsters are helping to drive up house prices across the country, with London’s Dalston topping the list of the UK’s gentrification hotspots.
According to property website Zoopla, house prices in Dalston have shot up a whopping 60% over the last five years to £633,593, making it one of the fastest growth areas in the UK.
Zoopla identified well-known areas that have recently become – or are in the process of becoming – gentrified in 10 of the UK’s largest cities, and looked at property value growth in these locations over the past five years.
Unsurprisingly, London neighbourhoods dominate the rankings, with trendy Shoreditch taking second place thanks to price increases of 58% (£193,301) since 2011.
Having perhaps benefitted from the ‘Olympic effect’, next on the list is Stratford, where the average property will set buyers back £491,222 – an increase of 56% compared to five years ago.
Stockwell, Stoke Newington, and Tooting also figure prominently in the hipster hotspot rankings, with prices climbing by more than 50% in the last five years.
Outside of London, there is a similar pattern with property prices rising in trendy areas as their popularity has soars.
Montpelier in Bristol has seen property price growth of 40% over the last five years, bringing property values to an average of £494,000.
Birmingham’s Jewellery Quarter is also another hipster hotspot, with property prices increasing 31% since 2011 to £151,689.
Chorlton in Manchester, with its wide selection of pubs and bars, boasts property price rises of 28% in the last five years.
Glasgow’s Finnieston, dubbed the city’s new West End, with rows of fashionable cocktail bars and restaurants, has also seen property values increase by 20% over the past five years. But Leith in Edinburgh has seen more modest price growth of just 1%.
Lawrence Hall, spokesperson for Zoopl, 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.”
Top 10 Hipster Hotspots across the UK, ranked by property value growth
| Ranking | City | Area | Percentage increase since 2011 | Average property prices 2011 | Average property prices 2016 | |
| 1 | London | Dalston | 59.89% | £396,264 | £633,593 | |
| 2 | London | Shoreditch | 58.06% | £332,943 | £526,244 | |
| 3 | London | Stratford | 57.15% | £312,572 | £491,222 | |
| 4 | London | Stockwell | 52.17% | £393,380 | £598,615 | |
| 5 | London | Stoke Newington | 51.62% | £443,178 | £671,943 | |
| 6 | London | Tooting | 51.61% | £442,504 | £670,895 | |
| 7 | Bristol | Montpelier | 39.93% | £353,146 | £494,158 | |
| 8 | Bristol | St Pauls | 38.55% | £188,602 | £261,300 | |
| 9 | Bristol | Stokes Croft | 37.12% | £231,760 | £317,800 | |
| 10 | Birmingham | Jewellery Quarter | 31.34% | £115,497 | £151,689 | |
Source: Zoopla
Top Hipster Hotspot in top 10 UK cities, ranked by property value growth
| Ranking | City | Area | Percentage increase since 2011 | Average property prices 2011 | Average property prices 2016 |
| 1 | London | Dalston | 59.89% | £396,264 | £633,593 |
| 2 | Bristol | Montpelier | 39.93% | £353,146 | £494,158 |
| 3 | Birmingham | Jewellery Quarter | 31.34% | £115,497 | £151,689 |
| 4 | Manchester | Chorlton | 28.42% | £233,681 | £300,099 |
| 5 | Leeds | Headingly/Hyde Park | 27.81% | £153,826 | £196,608 |
| 6 | Sheffield | Ecclesall Road | 25.16% | £270,818 | £338,949 |
| 7 | Cardiff | Penarth | 23.40% | £252,329 | £311,377 |
| 8 | Glasgow | Finnieston | 20.31% | £178,556 | £214,817 |
| 9 | Liverpool | The Baltic triangle | 18.52% | £135,907 | £161,078 |
| 10 | Edinburgh | Leith | 13.49% | £184,442 | £209,330 |
Source: Zoopla
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