Estate agent comparison site GetAgent has published a report which delves into the areas millennials and young people are looking to buy property, based on the volume of local, independent shops and the availability of affordable housing. In this analysis, Nottingham comes out top based on a high volume of indie shops, and average house prices 35% lower than the UK inner city average, therefore it’s a perfect storm for millennial buyers who are looking to buy a cheap property, close to businesses they can comfortably rely on.
Bristol comes out on top for indie shop volume, with an estimated count of 99 indie shops per 100,000 people, but with a 2023 average inner city house price of £471,117, offers less affordable housing than Nottingham, which is estimated to have around 53 indie shops per 100,000 people and an average inner city house price of £319,566.
Of course, these house prices aren’t representative of the wider UK housing market, but what this research does show is that the Nottingham city area has very attractive prospects for both independently owned businesses and millennial property buyers who want the luxury of being able to shop at local businesses and also get access to affordable house prices.
Other areas with a high estimated indie shop volume includes:
Edinburgh, 76 indie shops per 100,000 people.
Manchester, 59 indie shops per 100,000 people.
Sheffield, 55 indie shops per 100,000 people.
Glasgow, 57 indie shops per 100,000 people.
London, 325 indie shops per 100,000 people however the notoriously high inner city house prices make London a less desirable place for millennial home buyers.
Colby Short, co-founder of GetAgent added:
“While the Waitrose effect may have been a draw in previous years, we’re seeing more and more homebuyers value a thriving independent scene when looking to buy in a given community. Whether it be a unique nightlife, boutique stores, or independent eateries, indie shops provide a wider range and a more diverse offering when compared to big brand stores. They also encompass a greater sense of community, and this has become increasingly important to homebuyers since the pandemic, in particular. So move over Hackney, Nottingham is the nation’s best spot for hipster homebuyers when it comes to the highest proportion of indie shops and house price affordability.”