By Jamie Mccudden
This press release will showcase and analyse the potentially devastating impacts of rising property values in Shoreditch. Furthermore, recent research has considered the gentrification premium in Shoreditch, London and the effects this may have on the area.
The research was undertaken as part of a dissertation project, this was conducted by human geography student, James McCudden. This piece of work was successful in discovering the significant changes that rising property values have consequently caused in the area of Shoreditch. Recent articles in The Telegraph have claimed that ‘cool London is dead and the rich kids are to blame’ and I fear that the same fate could await one of London’s coolest places Shoreditch. Shoreditch has become a popular and fashionable area of London hosting a large amount of cultural attractions. As a result of its increased popularity over the last twenty years, the area has become host to a significant gentrification premium with Knight Frank claiming that property prices have outperformed other areas of central London with a 46% increase in property prices in the last three years.
Throughout my research, it became evident that Shoreditch is going through a process of super-gentrification whereby the increasing property values are unfortunately, driving many of the creative community out of Shoreditch. Through driving out this creative community, it would destroy many of the cultural assets that constituted Shoreditch’s original attraction. In summary, this represents a significant issue as we do not want to see an increasing number of London’s coolest areas lose their original attraction.
Arguably, a significant aspect of Shoreditch retaining its popularity is for local planners to ensure that future developments keep in character with the rest of Shoreditch, maintaining its current image and therefore, allowing the area to maintain its value as an integral part of culture, today. Furthermore, the promotion of creative arts in Shoreditch is an important aspect and therefore, work should be done to ensure that they are not, subsequently, priced out of the area.
Ensuring that areas we have grown to love, like Shoreditch retain their integrity and their popular characteristics is something that should we should really care about. Because after all, these are areas that can offer us a vast amount of cultural capital while guaranteeing that benefits can be reaped in the future.