A recent article in The Economist, (2014) points out that East London is becoming increasingly gentrified. The process of gentrification in and around London is not a new development and in decades past, areas of North and West London have previously undergone a process of gentrification.
Growing numbers of upwardly mobile young people are now migrating to East London for economic reasons, namely those who work in the creative industries are often unable to afford high rents in West and North London. In past decades, a generation of twenty-something’s flocked to rent residences in particular areas of London and in doing so, raised the demand and value of properties that are located within these urban areas. Subsequent rent increases have forced the younger, ‘cool’ generation who largely work in arts, media and sports to East London. (The Economist, 2014)
“…In Camden, where the cool kids of a decade ago moved, the number of people working in the media has fallen since 2001. So too in Kensington and Chelsea and Hammersmith and Fulham: West London redoubts such as Notting Hill are all occupied by bankers now. Instead the 22-year-old journalists, playwrights and artisan bakers are moving eastwards. Tower Hamlets and Hackney are where they are ending up” (The Economist, 2014).
Post by Dianne Bonney
The Economist, (2014). Chasing cool. [online] Available at: http://www.economist.com/blogs/blighty/2014/04/gentrification-london [Accessed 3 Feb. 2015].
Time Out London Blog, (2012). Shit London Hackney Wick. [image] Available at: http://now-here-this.timeout.com/2012/05/29/shit-london-hackney-wick/ [Accessed 18 Mar. 2015].