Property News · September 1, 2016

London's elite 'pushed out of exclusive postcodes by super rich'


Displacement of old money is in turn pricing neighbourhoods in south and east London beyond the reach of average Londoners – LSE reportLondon’s traditional elite, such as lawyers, architects and academics, are being pushed out of their enclaves in Mayfair, Chelsea and Hampstead by an influx of global super rich investors, causing a chain reaction of gentrification across the capital, according to research by the London School of Economics.An influx of extremely wealthy overseas buyers is leading the old elite to sell up and move from London’s most exclusive postcodes and buy in areas they previously considered undesirable, said Dr Luna Glucksberg, of the LSE’s International Inequalities Institute. Continue reading…

Source : theguardian.com
Read more…London’s elite ‘pushed out of exclusive postcodes by super rich’

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