Five locations undergoing gentrification
by Housesimple on 12th December 2017
Artisan coffee shops, installation art spaces and converted factories: we're all getting to know the key signs of gentrification. As young, skilled workers move in and begin introducing their own cultural markers, deprived urban areas are slowly transformed, one filter coffee at a time. While the effects of this modern phenomenon have erred on the side of controversy, there's at least one major benefit to gentrification: house prices usually sky-rocket, giving local homeowners a chance to profit.
Here are five areas feeling the winds of change.
The urban sprawl of Thamesmead formed the backdrop for Stanley Kubrick's film A Clockwork Orange, but the housing estate is set to get a new lease of life. Plans are in place to build 20,000 new homes in the area. When the new Abbey Wood tube station opens in 2019, the revitalised neighbourhood will be just 25 minutes from Bond Street.
Fans of Irvine Welsh's novel Trainspotting would barely recognise Leith today. Long-standing local pubs have been replaced by craft beer bars. Art galleries and bistros like The Walnut are bringing a cosmopolitan feel to Leith Walk – there's even a Starbucks. Demand from Edinburgh's young professionals is high, and house prices in Leith have risen by 25% over the past five years.
This inner-city neighbourhood has seen a huge surge of interest recently, with property values rising by 17% in the past year. Despite this increase, the average price of £171,498 is still extremely favourable for young professionals and first-time buyers. Ladywood itself hasn't quite gentrified yet, but new residents will find artisan coffee shops and boutiques in the nearby Jewellery Quarter – a true hipster hotspot.
St Paul's, Bristol
Bristol is gentrifying faster than any UK city aside from London, and the neighbourhood of St Paul's has seen the biggest changes. These include the opening of a crowd-funded coffee shop (Milk Teeth) and a craft-brewing school, as well as the transformation of working men's establishment The Brunswick Club into an art collective space. Property prices have risen by a whopping 37.6% over the past five years.
This Victorian suburb is popular with students and young professionals, and house prices have risen by 27% over the past five years. The area has plenty to keep residents occupied. Headingley is home to the city's oldest cinema, which now specialises in arthouse and independent movies. It also has fine dining restaurants like Heaney and Mill and fancy brunch spots like Monsieur Déjeuner.