January 9, 2015  

High Rise developments in London – and Battersea

Just in case anyone out there still believes that the development of high rise residential blocks, on the Battersea river-front and all round the Nine Elms Lane area, has anything to do with housing need or provision of housing for Londoners then see “The Super-Rich and Us” on iPlayer BBC2 last night, 8th January at 9 pm.

This is an excellent analysis by Jacques Peretti of the tax haven and property speculation hub London has become with Battersea playing one of the major roles in the property area. The one thing it misses out on is, not only are these properties nothing whatsoever to do with supplying demand, but they are actually worsening the position.

I am not sure quite how to prove my point but I have more than sufficient anecdotal “evidence” to suggest that the ludicrous property boom along the Battersea river-front far from reducing prices in the market (which is surely what classic economics would suggest) is actually encouraging house and rental inflation in the rest of Battersea/Vauxhall, etc.

This should be compulsory viewing for all those Tory councillors and their not inconsiderable number of Labour sympathisers who believe that building more and more is anything like a sufficient response to the housing crisis. We desperately need more control of the market – oh and pretty hefty taxation of the rich!

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About Tony Belton

Labour Councillor for Latchmere Ward 1972-2022, now Battersea Park Ward, London Borough of Wandsworth Ever hopeful Spurs supporter; Lane visit to the Lane, 1948 Olympics. Why don't they simply call the Tottenham Hotspur Stadium, The Lane? Once understood IT but no longer

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