Gentrification as defined by Dictionary.com:
..the buying and renovation of houses and stores in deteriorated urban neighborhoods by upper or middle-income families or individuals, thus improving property values but often displacing low-income families and small businesses.
As the cool and trendy hipster trend emerged its way quietly into London, as did gentrification. It took place almost suddenly. Although this is not a new concept, the effects can be lasting and detrimental.
SOUF LONDAN or SOUTH LONDON
South London is known for its rough and rowdiness, especially in areas such as Peckham and Brixton. Notorious for gangs, violence and home to heavily populated Afro and Afr0-Caribbean communities.
Since Boris Johnson, the mayor, has been in power since 2008, there has been rapid ‘housing development’ in not only South London, but London as a whole. Particularly taking place in areas which are considered ‘deprived’.
HOUSING & GENTRIFICATION
This article shall focus mainly on the areas: Brixton, Peckham and Camberwell, areas which have been considered deprived. Particularly focusing on housing and the correlation between gentrification and housing.
This graph illustrates the great increase of house prices in the chosen areas (Brixton, Peckham and Camberwell). Due to the fact these areas were deemed as deprived, house prices were considerably lower than the average house prices on the London.
The demand for housing increased as more people brought homes in these areas as they were considerably cheaper. Increasing the price and as a result making it harder for community locals to stay in their own areas.
LONDON HOUSING CRISIS
Gentrification is not the only factor for the lack of housing and booming house prices. As a result of increased population in London in 2008, the demand for housing has subsequently became greater.
Taking a look at the monthly gradual housing increase from 2008 and 2015. The drastic increase is clearly visible.
Although housing prices in London and South London may not be as a direct result of gentrification, it has certainly been a contributing factor.