It is common that wealthy people buy a house in an area and decide to do it up. Others do the same and then the area experiences a snowball effect.
Case Study - Notting HillDuring the 1950's Notting Hill was experiencing inner city deprivation, race riots and a high Afro Caribbean population.
During the last 30 years due to its ideal location in central London, wealthy business men have moved in and renovated houses on an individual scale. The movie Notting Hill helped raise popularity for the area.
Today the area is a fashionable places with very high house prices. It has one of the world's most famous markets 'Portabello market'. It is also home to the 2nd largest street festival behind Rio, 'Notting Hill carnival'. Many upmarket services have moved to the area so they can cater for the wealthy individuals who live there.
Effects of the gentrification include:
- stabilisation of a declining community
- reduced vacancy rates
- an increase in property values
- however there has been displacement of locals
- also conflict and resentment between the old and new residents
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