NUL (Gentrified areas) Flashcards
Gentrification
Defined as the buying and renovating of properties often in more run down areas by wealthier individuals
Important process of housing improvement supported by groups such as estate agents and local authorities
Involves the rehabilitation of old houses and streets
Reasons for gentrification
Rent gap- price of property has fallen below real value, such properties are attractive to builders as they can afford to renovate and make profit
The ‘pioneer’ image- trend of creative individuals moving into more edgy neighbourhoods, gentrification of SoHo in New York has been linked to their reputation
Support of government and local decision makers- keen to improve the economy and environment and inner city areas
Reasons for gentrification
Rent gap- price of property has fallen below real value, such properties are attractive to builders as they can afford to renovate and make profit
The ‘pioneer’ image- trend of creative individuals moving into more edgy neighbourhoods, gentrification of SoHo in New York has been linked to their reputation
Support of government and local decision makers- keen to improve the economy and environment and inner city areas
Pros
Rise in general level of prosperity and increasing number and range of services and businesses
Increased local tax income for local authority
Physical environment of the area is improved
Greater employment opportunities created in areas such as design
Cons
People on low incomes cannot afford higher property prices or rents
Higher car ownership increases congestion
Potential loss of business for traditional local shops
Gentrifiers may be a threat to traditional community and cause tension
Homes sold for £1 in Liverpool
Innovative way of regenerating inner city estates is selling run down housing to individuals for a very low price
2013, council sold 20 derelict homes in Kensington for £1 each, number of basic rules to prevent people from abusing rules
