This past weekend saw the annual passing of the Notting Hill Carnival in London’s West end. The carnival has taken place each year since 1966 but this is a special year. The carnival followed the disasterous fire at Grenfell Tower in the same London borough with the procession starting with a commemoration for those who died in that fire. Picking-up the FT at the weekend I always flick to the House and Homes section, this week the feature (Get the Party Started, FT, 26-27 August 2017) was on real estate in the area. Here a graphic informs us that £1m will buy us a 2-bed flat, that £10m will secure a 5-bed penthouse or that a more unfeasible £35m will deliver a grand 8-bed detached home with a car lift. It is worth remembering that the constituency in which these excesses are played-out in the housing market was the site of one of the major upsets of the 2017 general election. Called in a fit of hubris the election produced a reduced majority for the government, but also the first Labour member of parliament ever in the Kensington and Chelsea constituency. Change is afoot and not least because housing issues are at the bleeding-edge of experiences among those damaged by austerity policies and a city economy which delivers homes for investors or those who have already made money in the housing market while neglecting those facing overcrowding, stagnating incomes or the city’s poor.
The terrible events at Grenfell Tower revealed an arrogant and largely dysfunctional local government that was incapable of looking after the safety of its tenants or dealing with the subsequent emergency, which was then placed in the hands of NGOs like the Red Cross. Long an area of wealth and poverty (this is the same area that Wyndham Lewis could describe as Rotting Hill in his novel of 1951, but also the romantic stamping ground of Julia Roberts and Hugh Grant in the film of 1999) Notting Hill and its wider London borough of Kensington and Chelsea still has around a quarter of its residents in public housing (2011 census data), often living adjacent to wealthy streets and terraces that feature in global property supplements. The deeper point not to miss here is that property speculation and investment rides on the cultural heritage and diversity of the area, the community carnival seen as a timely reminder to consider what and where to buy that is exciting and with the prospect of capital gains. Yet such advice surely sits uneasily with the kind of social anger being widely expressed about the inadequacy of the central and local state’s response to the immediate tragedy of Grenfell, and the longer-run crisis in affordable housing provision in the capital. The job of property journalists reveals these faultlines amidst continued screening and scraping for new opportunities and places in which to invest. This logic has been catastrophic to the low-income communities of London and other cities in which capital and its intermediaries has forced the exit of thousands. The spectacle of the carnival, the crisis of Brexit and ongoing commitments to defund public facilities and services remain key events that are entwined with the working of property markets and speculators with the result that anger and division seem set only to widen further in the city.