'The Observer' editorial: "London, a city in thrall to money and greed"

"Inequality is booming in our capital. A debate about housing and the impact of the global super-rich is long overdue"

Link to web site

"... A recent report in the Financial Times suggested that even high earners in London [find that] entire boroughs - such as Camden and Hammersmith - are 'no-go' areas for middle-class professionals. As the FT says:

"Even those with a net household income of more than £58,000 – just edging into the top 5% of all earners – would be unable to afford a home in more than one in four London neighbourhoods."

Chris Hamnett, professor of geography at King's College London, claims that the capital's property is now used by the global rich as 'a process of global asset diversification'. Bricks and mortar in our capital have morphed into a currency. But many are locked out of these transactions.

In London, there are 800,000 on the housing waiting list; overcrowding is rife; house building is at an abysmal low. Private landlords thrive as demand outstrips supply, and ordinary citizens see a huge proportion of their income go on rent if they can afford it at all."