The housing crisis and London

Abstract

City has, from its inception, paid close attention to London, to the ‘World City’ or ‘Global City’ ideologies underwriting its concentration of wealth and of poverty and to challenges from among its citizens to the prevailing orthodoxy. This paper focuses on London's extreme experience of the housing crisis gripping the UK—itself the European nation with the fastest long-term growth of average house prices and widest regional disparities, both driven by overblown financialisation and the privileging of rent as a means of wealth accumulation, often by dispossession. Londoners’ experiences stem partly from four decades of neo-liberal transformation and partly from accelerated financialisation in the last two decades and are now being accelerated by the imposition of ‘austerity’ on low- and middle-income people. The social relationships of tenancy in social housing, private tenancy and mortgage-financed owner-occupation are, however, divisive and the paper ends by identifying what may be the beginning of a unified social movement, or at least a coalition, for change.