“You should know the script by now. A previously overlooked inner-city area becomes newly fashionable, and its housing prices start to edge up. At first, the ensuing transformation creates some buzz—a new paint job here, a new luxury shop there—but soon the population who would previously have called the neighborhood home realizes it can no longer afford the area’s rising costs. They scatter to cheaper lodgings elsewhere and the area becomes the shell of its former self. That this process is happening in London right now is no surprise. What’s more unusual is the social group that is being displaced: the rich.
“According to a new conference paper presented last week by Dr. Luna Glucksberg of the International Inequalities Institute at the London School of Economics, London’s wealthiest families feel they are being pushed out of the city’s most exclusive neighborhoods. Families that raised their children in areas such as Mayfair or Knightsbridge (at least during the periods said children weren’t away at boarding school) are now finding prime London property so expensive that they are stooping as low as buying their offspring homes in farther flung neighborhoods, including Fulham, Battersea or the Georgian parts of Islington.
“This plutocrat displacement […] displays London’s top-end globalization. Areas such as Belgravia were once synonymous with the British ruling class—Oscar Wilde fans will remember that in The Importance of Being Earnest, Jack Worthing is castigated by Lady Bracknell for having a house on “the unfashionable side” of Belgrave Square. And the area is still the ruling classes’ home, it’s just that this class is now international.
“Today, 60% of properties for sale in this part of London go to international buyers. The general tenor of the place has changed nonetheless. In the evenings an eerie stillness settles on it. That’s because these new owners are so rich in both money and global property that their London addresses frequently sit empty, functioning more as dust-sheeted deposit boxes rather than actual homes.
Text: The Guardian, No One Feels Sorry for the Latest Victims of London ‘Gentrification’
Pic: Empty London, Nick Dolding.