A new list of ‘hipster hotspots’ within some of Britain’s major cities has been unveiled – and they exhibit some of the most dramatic house price leaps in the country over the last five years. The list has been compiled by property website Zoopla and includes Liverpool’s The Baltic Triangle, Bristol’s Montpelier, Manchester’s Chorlton and London’s Dalston.
It covers places that have seen an influx of wealth and gentrification in recent years, as high-earning households snap up properties in areas that historically housed working-class families and were previously viewed as ‘undesirable’. Younger generations often move into such areas after finding themselves priced out of places nearby.
Zoopla compiled the list of hotspots by comparing house price growth in 47 ‘up and coming’ areas in 10 of Britain’s biggest cities in the last five years. It then spoke to estate agents in each of the cities about which places are the most ‘up and coming’ areas, especially appealing for young people. It found that outside of London, property values in city suburbs have also surged as their popularity has grown.
They include Montpelier in Bristol, which has seen prices grow nearly 40 per cent in the last five years, and Chorlton in Manchester, which has an increase of 28 per cent during the same period.
With its seaside views and close proximity to Cardiff, Penarth in Wales is a popular location for young professionals and has seen property values jump by 23 per cent since 2011. Birmingham was also identified as a hipster hotspot, with property values in the Jewellery Quarter rising 31 per cent in the past five years. And in Liverpool there has been an 18% increase in properties in The Baltic Triangle area.
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.
