London - A Tale Of Two Cities

[The Eagle]

http://www.thisislondon.co.uk/markets/article-23837748-london-a-tale-of-two-cities.do

London - a tale of two cities

Anthony Hilton Anthony Hilton

25.05.10

The Candy Brothers, who are building some of the most expensive flats ever seen in London on the old Bowater site in Knightsbridge, said earlier this month that there had been an encouraging pick-up in sales in recent weeks, even though some of the units can cost £20 million or more.

Today the Legatum Institute published a report* which said among other things that the unaffordability of housing for first-time buyers had doubled between 1997 and 2007 and one in 10 adults in London are now on a waiting list for social housing.

At a time when all the talk is of cuts the report points out just how strained the social structure of London already is.

Poverty affects 30% of working age adults, 36% of children, more than one third of pensioners living in inner London and roughly one in five in outer London.

Over one million Londoners were on public support in 2002 and that figure is sure to rise given the current economic problems and the anticipated job losses.

London has become probably the world's first international city, “the headquarters of globalisation”, but in the process and as traditional jobs have been lost, it has developed an economy based on servicing the wealthy.

The West End is a centre for the world's economic elite with prosperity four times above the national average and greater even than the richest parts of the US.

But outside finance and the media, the earnings of most of London's population is heading the other way with the decline in their incomes disguised till recently by the ease with which they could pile on debt.

According to the LSE's Tony Travers, London's first-world core is surrounded by a population which seems to be sinking towards the third world.

That may put it too strongly, but the point of the report is to illustrate that the social mobility which countered these extremes is less than it was, and society is becoming rapidly more polarised and unequal as a result. The coming cuts will make it worse.

The rewards of globalisation having gone to a tiny slice of the population, the assumption is that those who missed out on the gain will nevertheless be those who will bear the pain.

*The Broken Ladder: The Threat to Upward Mobility, by Joel Kotkin

The way we are going London is doomed, since the 'elite' is doomed (despite all their efforts of recent years to maintain thier status).

[1888]

The most depressing city I have ever been to

it has everything but a soul

[Peter Hun]

http://www.thisislondon.co.uk/markets/article-23837748-london-a-tale-of-two-cities.do

The way we are going London is doomed, since the 'elite' is doomed (despite all their efforts of recent years to maintain thier status).

I afraid the rich get richer in an economic crash. That's certainly what's happened in Argentina, the middle class become very poor and the elites very rich.

I think 90% of the people who buy apartments in Candy's development will be foreigners, London will always be a draw to them, its the oil rich's playground, so a 25% currency discount will be a bargain.

Dream on if you think London is doomed, I don't spend much time there but it isn't going anywhere but up... long term.

[The Masked Tulip]

The most depressing city I have ever been to

it has everything but a soul

+1

IMPO London is now a home for the super rich and those who aspire to being super rich... and all the flotsam and corruptuon and prostitution and drugs, etc, to feed the super-rich. London does not appear to care who you are, where you come from, what you do - not matter how evil - as long as you are very rich.... in which case, London turns a blind eye to your evil...

..and this is our capital city...

[okaycuckoo]

Spot the gap - poverty affects 36% of children, except their mothers/parents are on child tax credits - the real poor are single men who don't get those credits and are at the bottom of the list for social housing:

Today the Legatum Institute published a report* which said among other things that the unaffordability of housing for first-time buyers had doubled between 1997 and 2007 and one in 10 adults in London are now on a waiting list for social housing.

At a time when all the talk is of cuts the report points out just how strained the social structure of London already is.

Poverty affects 30% of working age adults, 36% of children, more than one third of pensioners living in inner London and roughly one in five in outer London.

Over one million Londoners were on public support in 2002 and that figure is sure to rise given the current economic problems and the anticipated job losses.

London has become probably the world's first international city, “the headquarters of globalisation”, but in the process and as traditional jobs have been lost, it has developed an economy based on servicing the wealthy.

The West End is a centre for the world's economic elite with prosperity four times above the national average and greater even than the richest parts of the US.

But outside finance and the media, the earnings of most of London's population is heading the other way with the decline in their incomes disguised till recently by the ease with which they could pile on debt.

BTW: I love London!

[The Eagle]

Welcome to the main artery of free market capitalism.

Rather the core center of masonic power through which the 'elite' rules the western world.

(the fact that it's also the home of the royal family is IMHO no coincidence...)

Edited May 25, 2010 by wise_eagle

[Greg Bowman]

+1

IMPO London is now a home for the super rich and those who aspire to being super rich... and all the flotsam and corruptuon and prostitution and drugs, etc, to feed the super-rich. London does not appear to care who you are, where you come from, what you do - not matter how evil - as long as you are very rich.... in which case, London turns a blind eye to your evil...

..and this is our capital city...

We eat babies too! what a load of old Celtic cobblers my friend and you are a poster who is very readable.

It's a tough place in which to make it but the rewards are higher for all industries. I reckon it has always been thus from Roman times.

Won't stop the rest of the country trying their luck - some will make it some won't - cycle of life. The same applies to Londoners the ones who can't cut it move out - I think thats healthy.

[interestrateripoff]

So social housing is under real strain, just think what will happen if the repo man comes on mass to repossess over extended borrowers who stretched to become first time buyers.....

All this money spent on housing in a city that's built on a flood plain.

Genius.

[Pindar]

London is a dark city. The atmosphere is one of greed, lust and inequality. Anybody wanting to go there either needs their head examining or is rich enough to live in one of the posh bits. Give it a few years and they will be walling off Kensington and Chelsea like it's on the edge of the Gaza strip.

[Lucifer]

We eat babies too! what a load of old Celtic cobblers my friend and you are a poster who is very readable.

It's a tough place in which to make it but the rewards are higher for all industries. I reckon it has always been thus from Roman times.

Won't stop the rest of the country trying their luck - some will make it some won't - cycle of life. The same applies to Londoners the ones who can't cut it move out - I think thats healthy.

I think what you say was true even up to 10 years ago, and still has much truth today. The problem is that London

is becoming very polarised. You can afford to live here if you are in council housing and on benefits, you can afford

to live here if you are extremely rich. But for a whole slew of people who are in the middle, who probably are the people

who make up the bedrock of the city, its becoming increasingly difficult to afford life here and I'm not sure that bodes

well for London, though equally I think there always be enough wealthy people here to put an effective floor under

property prices (thus perpetuating the problem I mention...).

[1888]

We eat babies too! what a load of old Celtic cobblers my friend and you are a poster who is very readable.

It's a tough place in which to make it but the rewards are higher for all industries. I reckon it has always been thus from Roman times.

Won't stop the rest of the country trying their luck - some will make it some won't - cycle of life. The same applies to Londoners the ones who can't cut it move out - I think thats healthy.

its an easy place in which to make it imo

its the greed is good mentality which makes it so

its also what makes it abhorrent

just my experience of 5 yrs there

[winkie]

We eat babies too! what a load of old Celtic cobblers my friend and you are a poster who is very readable.

It's a tough place in which to make it but the rewards are higher for all industries. I reckon it has always been thus from Roman times.

Won't stop the rest of the country trying their luck - some will make it some won't - cycle of life. The same applies to Londoners the ones who can't cut it move out - I think thats healthy.

London is a great place to live there are plenty of opportunities out there if you want them recognise them and use them..born in MH live in F but....you reach a point when you know when the right time has come for change....to give others a chance, if they want it, are up for it and can grab hold of it....good luck.

[Dave Spart]

We eat babies too! what a load of old Celtic cobblers my friend and you are a poster who is very readable.

It's a tough place in which to make it but the rewards are higher for all industries. I reckon it has always been thus from Roman times.

Won't stop the rest of the country trying their luck - some will make it some won't - cycle of life. The same applies to Londoners the ones who can't cut it move out - I think thats healthy.

The rich have got to live somewhere. If you were a billionaire* where would be you first priority? The centres of influence might be near the top of your list. Would be mine.

*If you are a billionaire, can you lend us a fiver, guvnor?

[Mrs Bear]

The most depressing city I have ever been to

it has everything but a soul

Bolax.

[cartimandua51]

We eat babies too! what a load of old Celtic cobblers my friend and you are a poster who is very readable.

It's a tough place in which to make it but the rewards are higher for all industries. I reckon it has always been thus from Roman times.

Won't stop the rest of the country trying their luck - some will make it some won't - cycle of life. The same applies to Londoners the ones who can't cut it move out - I think thats healthy.

Well, perhaps not in Anglo-Saxon times - they didn't go a lot on big cities. But certainly from about 1400 London was notorious for sucking in desperate indigents and hopefuls from the countryside; most of them died from the horrendous conditions, but a few made it. Dick Whittington (minus cat, probably!) had a kernel of truth to it.

[Cogs]

We eat babies too!  what a load of old Celtic cobblers my friend and you are a poster who is very readable.

It's  a tough place in which to make it but the rewards are higher for all industries. I reckon it has always been thus from Roman times.

Won't stop the rest of the country trying their luck - some will make it some won't - cycle of life. The same applies to Londoners the ones who can't cut it move out - I think thats healthy.

I'm happy all those sorts of people and their crushing inadequacies are located in one place well away from me as well

[ScaredEitherWay]

Spot the gap - poverty affects 36% of children, except their mothers/parents are on child tax credits - the real poor are single men who don't get those credits and are at the bottom of the list for social housing:

And single women .... there are more single women than single men, so you guys stand a chance of getting partnered up. Also, single women earn less than single men.... it's tough being a short, older, single woman. I drew all the short straws!

[ccc]

If I were a billionaire London would be near the bottom of my list to live in. Want to be near the centre of influence ? Well being a billionaire just chopper ina nd chopper out when you fancy. Want to eat in the best most expensive restaurant in the land ? Ditto.

I ahve no idea why somebody with wads of cash would choose to live there. Have a place and pop in and out as you wish ? Of course. Live there ? Can't see why.

[Harry Sacks]

I'm sure someone will see it's a radioactive wasteland soon enough.

[plummet expert]

London is a great City of which we should be rightly proud. It will be still be there after the crisis is over and will still be great.

However, you'd have to be brave ( and very rich!) to pay £20m for a new flat there! I expect someone with loads of kids on housing benefit will end up there placed by a london borough.

[Cogs]

London is a great City of which we should be rightly proud

Freudian capitalisation? Deeply, deeply ashamed morelike.

[erranta]

Rather the core center of masonic power through which the 'elite' rules the western world.

(the fact that it's also the home of the royal family is IMHO no coincidence...)

Do you mean the 'bucks' in Buckingham?

[righttoleech]

We eat babies too! what a load of old Celtic cobblers my friend and you are a poster who is very readable.

It's a tough place in which to make it but the rewards are higher for all industries. I reckon it has always been thus from Roman times.

Won't stop the rest of the country trying their luck - some will make it some won't - cycle of life. The same applies to Londoners the ones who can't cut it move out - I think thats healthy.

I am a also fan of TMT........but there are few places I would rather live than London......just wish we were all as rich as the provincials fantasies would have it.

[miko]

London is a great City of which we should be rightly proud. It will be still be there after the crisis is over and will still be great.

However, you'd have to be brave ( and very rich!) to pay £20m for a new flat there! I expect someone with loads of kids on housing benefit will end up there placed by a london borough.

A friend of mine was working in the sales office on a development ( must be 7 years back now ) In Camden Town . The houses big town houses were about £1M, ex amount had to go to the council and they got the ones that overlooked the park . So the people that paid £1m lived next door to big familys on Benefits who got the same house with a better view.

[Guest_Bosworth_*]

A friend of mine was working in the sales office on a development ( must be 7 years back now ) In Camden Town . The houses big town houses were about £1M, ex amount had to go to the council and they got the ones that overlooked the park . So the people that paid £1m lived next door to big familys on Benefits who got the same house with a better view.

London is a place of diversity and boundaries. I live right on the outskirts of the Canary Wharf estate - just a couple of minutes walk to the office - in a wonderful large £1m+ house on a lovely villagey street, next to a park, by beautiful old pubs, local shops, river etc. etc.

50 yards behind me is a grotty council estate which regularly introduces gang warfare up and down my road.

Interesting times...

Glad I'm renting