Some neighbourhoods have become more “gentrified” as younger generations of home buyers have found themselves priced out of the areas nearby, a study by the property website, Zoopla, found.
Dalston in East London was identified by Zoopla as the top hipster hotspot, with property prices there having typically increased by nearly 60% over the past five years, now averaging £633,593.
In the Headingley and Hyde Park districts of Leeds, prices have shot up by nearly 28 per cent in the last five years, taking the average property value to £196,000. In Sheffield, Ecclesall Road properties now fetch an average of £338,000 - a quarter more than in 2011.
Montpelier in Bristol, which has previously been dubbed one of the “coolest” places to live in Britain, has seen property price growth of nearly 40% across the last five years.
Meanwhile, Chorlton in Manchester has seen house prices increase by 28% over the past five years. And in Wales, Penarth, with its seaside views and close proximity to Cardiff making it a popular location for young professionals, has seen property values jump by 23% since 2011.
Birmingham was also identified as a hipster hotspot, with property values in the Jewellery Quarter having increased by 31% over the past five years.
And in Leith in the Edinburgh area, house prices have increased by 13% since 2011. Glasgow’s Finnieston has also seen property values increase by 20% over the past five years.
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.”