It is difficult to imagine a more grotesque situation than entire streets full of mansions lying empty in Chelsea, Knightsbridge and Kensington whilst just down the road the number of people sleeping in shop doorways soars. But this is the sad reality of a reckless free-market economy which turns our homes into just one more commodity to be gambled with by the rich.
It is impossible to guess just how big the London housing bubble will get, and how far outside of the capital the impact will stretch. The news that house prices have risen by 18% in just one year should chill everyone who hopes to continue actually living in the city.
London’s housing market is being turned into a billionaire’s casino, and as more money pours in those returns will keep getting bigger. Or at least they will until someone…
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