'It's like Milan': The 9 UK towns and cities getting posher quickest, as 'gentrification hotspots' named

The UK towns and cities where gentrification is accelerating most rapidly have been named - and they include a city described as England’s answer to Milan.

House price inflation, the increase in earnings and the proliferation of craft breweries, artisan bakeries and whole food shops were among the factors considered by Sell House Fast, which compiled the list.

The change in rental prices, and the rise in highly-skilled jobs, were also taken into account to produce an overall score out of 10.

Southend-on-Sea topped the list, with house prices there having soared by 107% since 2004, and 314 ‘trendy’ businesses per 100,000 people.

Wolverhampton was second, with Manchester third and Bolton fourth.

Manchester has seen the biggest house price growth of anywhere on the list, with the value of the average home there soaring by 177% since 2004, according to the study.

However, it has a relatively low number of trendy businesses per capita, with just 39.8 per 100,000, compared with 100 in nearby Bolton.

One person compared Manchester to Italy’s fashionable second city, Milan, saying: “It is about the same size and was pretty industrial and working class historically, but not so much now.”

Milton Keynes and Portsmouth were joint seventh on the list, along with Leicester.

Milton Keynes saw the second biggest percentage house price rise, of 115%, while average earnings in Portsmouth increased by 74.5%, behind only Oxford and Southend-on-Sea in the list of gentrification hotspots.

Jack Malnick, managing director of Sell House Fast, said: “What this research really shows is that several UK towns are now at the same point London reached years ago, where professional populations are rising quickly, lifestyle businesses are spreading, and housing costs are rising faster than wages.

“Places such as Southend-on-Sea, Wolverhampton, and Bolton stand out. They still look affordable compared with London, but our data suggests that the window may not last long as demand continues to build.”

Below are the UK’s nine ‘gentrification hotspots’, according to Sell House Fast, listed in reverse order.