Wednesday, 4 July 2012
Back in 1968, when Tim and Penny Hicks bought the dilapidated 157 Portland Road for £11,750, the latter's mother was shocked that they had chosen to move their family from up-market Chelsea into an area more known for rag and bone men than bankers [Notting Hill]. Forty-four years later, their house is now worth more than £2m. "I should think we were the second or third of the settlers," Penny Hicks says. BBC.co.uk June 27, 12 (The real driver of gentrification was the abolition of rent control.)
A few years ago there was a rash of shops in Stoke Newington selling retro 50s lampshades, nick nacks and furniture. They’ve all gone, or transformed themselves into shops selling framed prints, distressed industrial furniture, mattress-ticking cushions, old orange Penguin books, furniture made out of recycled offcuts (I suspect all manufactured from scratch). Or have they decamped to Dalston and points East? The moneyed prefer the shabby chic look – it’s hipsters who like Whitefriars glass. Or they did five years ago.
More about gentrification here.
Yet more about gentrification here.