According to the London School of Economics, London۪s elite families are gradually being displaced by the super rich۪ and being forced to live in areas they had previously considered undesirable.London is currently home to around 4,900 ultra-high net worth individuals, with assets of at least 23m, and the number of these super rich buyers has risen by 39% in the past decade. During a two year investigation, Dr Luna Glucksberg of the LSE observed that super-rich buyers were snapping up the central London homes of affluent middle class professionals, causing prices in the south and east of the capital to rise as those displaced, middle class families moved on. She claims that the study shows that Wealthy individuals and families that live in London۪s most exclusive areas no longer feel able to compete at the top end of the capital۪s property market.As a result they are cashing in on the prime London properties they own in favour of moving further out to areas south of the river.If you are thinking of moving within London, family-run estate agent Daniel Cobb& can help you every step of the way. Call us at our offices in Westminster, London Bridge or Kennington to discuss your next move.
London۪s 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.
https://www.theguardian.com/uk-news/2016/aug/31/londons-elite-pushed-out-of-exclusive-postcodes-by-super-rich
