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 and 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.
The news has rocked London... by prompting a citywide hunt for the world’s tiniest violin. It’s exceedingly hard to muster much sympathy for people being priced out of areas where the average resident’s life earnings could scarcely purchase a broom cupboard. And in this battle pitching the super-rich against the super-super rich, families who find they can’t afford extra space or homes for their kids in the most expensive areas will still earn millions when they sell up and choose to move elsewhere. Full story...
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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 and 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.
The news has rocked London... by prompting a citywide hunt for the world’s tiniest violin. It’s exceedingly hard to muster much sympathy for people being priced out of areas where the average resident’s life earnings could scarcely purchase a broom cupboard. And in this battle pitching the super-rich against the super-super rich, families who find they can’t afford extra space or homes for their kids in the most expensive areas will still earn millions when they sell up and choose to move elsewhere. Full story...
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