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How hipsters have caused a house price boom across the country


12-06-2016

Hipsters - such as the founders of the Cereal Killer cafe, pictured - have led to house prices in certain areas booming
 
Hipsters - such as the founders of the Cereal Killer cafe, pictured - have led to house prices in certain areas booming Credit: warren allott

Hipsters are infamous for their perfectly groomed facial hair, artisan coffee and uniform of skinny jeans and plaid shirts. 

Now you can add soaring house prices to that list. According to the website Zoopla, property in "hipster hotspots" across the country has shot up in value in recent years.

Its research looked into the impact on house prices in areas that have attracted new generations of creative, upwardly-mobile people. Some neighbourhoods have become more "gentrified" as younger generations of home buyers have found themselves priced out of the areas nearby.

The epicentre of the UK's hipster housing price boom is Dalston, in north-east London, where house prices have increased 60pc in the last five years. The average home there now costs almost £634,000.

Shoreditch, Stratford, Tooting and Stoke Newington were also identified as gentrifying areas of London where house prices have soared in the last five years as hipsters moved in.

In numbers 

How house prices boomed with the ‘hipster effect’

  1. Dalston, London, 59.89pc house price growth since 2011
  2. Shoreditch, London, 58.06pc
  3. Stratford, London, 57.15pc
  4. Stockwell, London, 52.17pc
  5. Stoke Newington, London, 51.62pc
  6. Tooting, London, 51.61pc
  7. Montpelier, Bristol, 39.93pc
  8. St Pauls, Bristol, 38.55pc
  9. Stokes Croft, Bristol, 37.12pc
  10. Jewellery Quarter, Birmingham, 31.34pc

Data from Zoopla

But it's not just London where hipsters have stimulated house price growth: Montpelier, Stokes Croft and St Pauls, all trendy neighbourhoods in Bristol, have had an uplift of between 37pc and 40pc in the last five years. 

The Jewellery Quarter in Birmingham, Chorlton in Manchester, Headingley in Leeds and Leith in Edinburgh have all felt the hipster touch, sending house prices soaring at a higher rate than the surrounding areas.

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."

www.telegraph.co.uk/

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