Dalston crowned UK's ultimate 'hipster hotspot' for property price growth
6th December 2016
- Zoopla reveals the top ‘hipster hotspots’ across the UK according to property price growth
- London’s Dalston tops the list, with property prices increasing by 60 per cent over the last five years
- Shoreditch (58 per cent) and Stratford (57 per cent) come in second and third place
- Outside the capital, Bristol’s Montpelier, St Pauls and Stokes Croft, and Birmingham’s Jewellery Quarter make up the top 10
London’s Dalston neighbourhood is the UK’s most valuable ‘hipster hotspot’, according to new research from leading property website, Zoopla. The popular area in the London borough of Hackney has experienced a 60 per cent increase in average property prices over the last five years, bringing Dalston’s average property value up to ￡633,593 and 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’s neighbourhoods dominate the rankings, with trendy Shoreditch taking second place thanks to price increases of 58 per cent (￡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 per cent versus five years ago). Stockwell, Stoke Newington, and Tooting also figure prominently in the ‘hipster hotspot’ rankings, having all seen house prices climb by more than 50 per cent in the last five years.
Outside the capital, property prices in other cities’ trendy enclaves have also increased as their popularity has soared. Bristol’s ‘hip’ Montpelier has seen property price growth of 40 per cent over the last five years, bringing property values to an average of ￡494,158. Meanwhile the south west city’s more affordable neighbourhoods of St Pauls and Stokes Croft have seen prices rise by 39 per cent and 37 per cent respectively. Birmingham’s vibrant Jewellery Quarter completes the top 10, having seen strong property price increases of 31 per cent since 2011, with values now standing at an average of ￡151,689.
Heading north, Manchester’s charming Chorlton, with its wide selection of pubs and bars, boasts property price rises of 28 per cent since 2011. 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 per cent over the past five years. But despite its vast farmers’ market (usually a surefire sign of a hipster hangout), Leith in Edinburgh has seen more modest price growth of just 13 per cent.
Lawrence Hall, spokesperson for Zoopla comments: “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 20 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|
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