Liquid error: wrong number of arguments (2 for 1) Are Londoners being forced out of the capital in favour of profit | Marsh & Parsons Sales and Lettings Estate Agents London

Blogs, Press & Media

Are Londoners being forced out of the capital in favour of profit

Thu 26 Feb 2015

The miracle of gentrification: it fills areas once deemed as unsavoury with trendy bars and all rejoice as Time Outcrown a new alternative part of London that simply must be discovered.
As regeneration projects take over the capital, can Londoners still live comfortably in a city where money speaksvolumes?

But as the cultured elite sip on over-priced cocktails and admire bollards designed by Antony Gormley, whatbecomes of those who are inevitably forced out by this controversial process due to the accompanying higherrents and living costs?

One only has to think back to 2014 and the plight of the Hackney New Era estate, to see how real a problem thisis for working-class Londoners. The inhabitants found themselves on the winning side of the battle as they saw offthe advances of the Westbrook Brothers, a US asset management firm with ambitious plans to turn the area intoits own up-market slice of east London.


Had it not been for the intervention of comedian turned activist Russell Brand, the people of the New Era estatemay not have been so lucky. This, unfortunately, is not an isolated incident, and there have long been fears that those living on low-incomewages in London face an uphill struggle when it comes to renting or buying in the inner-city boroughs.


A couple of years before Russell Brand ditched the stage for the soapbox, Elephant and Castles Heygate andAylesbury estates saw many low-income Londoners forced out by the areas regeneration.


Despite the tenants fierce opposition to the project a London Assembly report released in 2013 found that fourin five Heygate residents did not want to move they were ultimately unsuccessful in their petitions. As a result,according to a Freedom of Information request submitted to Southwark council, at least a thousand householdswere displaced in Aylesbury alone, whilst Heygate estate was demolished in 2014.


Meanwhile, over in west London, its not just working Londoners facing displacement due to the mayors EarlsCourt regeneration project, small businesses are also suffering. It seems businesses can prosper in the capital, aslong as they are the desired kind of business. The Guardian reported last year that cafes in the Hammersmith &Fulham area with a healthy trade found themselves in a position of uncertainty due to the areas redevelopmentand the desire for profit, above all else.


It seems businesses can prosper in the capital, as long as they are the desired kind of venture. The Guardianreported last year that cafes in the Hammersmith & Fulham area with a healthy trade found themselves in aposition of uncertainty due to the areas redevelopment and the desire for profit, above all else.


Additionally, the Earls Court 8 billion project also saw 760 council estate homes demolished to make way fornewer accommodation with a much higher price tag, forcing many out of the area.

To add to the plight of low-income Londoners, there are wannabe-Londoners who come to the city in search ofwork and opportunity and create greater competition within the housing market. They are left renting tiny roomsfor the price of a flat in Leeds with little other viable option unless they are willing to move further out of the city.


Despite many believing that renting in the capital is fast outpacing the rate of real wage increases, real estateagents Marsh & Parsons believe that private rent will grow by another ten per cent over the course of the nextyear due to the high demand for rooms and flats in the city.


Rent caps have been muted by various organisations and besides being hard to implement, there is no hardevidence that this would successfully stabilise such a volatile area of the economy.


So, if neither Londoners can afford to live in the city nor those in search of higher paid jobs, it seems that thoseable to live in the capital are few and far between.


If the profits of landlords and big companies are constantly put above the needs of Londoners then surely thecapitals centre will eventually become a huge doughnut where nobody but the rich and privileged will be able tolive, and what a tragic reality that would come to be.
Joey Tyson

Contact our office

Close

Contact our Lettings team

Close

Contact our Selling team

Close

Contact our About us team

Close

Contact our Corporate Services team

Close

Contact our International team

Close

Contact our Land and New Homes team

Close

Contact our Professional Valuations team

Close

Contact our Professional Services team

Close

Contact our Property Management team

Close

Contact our Riverside Properties team

Close

Contact our Career team

Close

Contact our office

Close

Request a viewing

Close

 

Close

Share this with a friend

Close