That was quickly over. The window of opportunity when the London property market was not the subject of breathless headlines about broken records seems to have been closed, locked, and bolted. As time passes, we may start to question how wide it was. New data shows six-figure house price increases in inner London boroughs, the very areas that everyone fled during the pandemic. This lockdown boom may have been fueled by big-budget holiday savings and big-budget trade ups, but new data shows that there has been a six-figure rise in house prices in inner London boroughs (the very areas from which everyone was reported to be fleeing) over the course of the pandemic. We are already seeing the return of the micro, small, and not-even-a room crap pad. The latest example of this type is the Clapton 75sq ft “studio apartment” with the unusual, but not uncommon, feature of a captain’s bed installed above the microwave drawers, storage and kitchen drawers. The flat will be up for auction at My Auction next week. It has a guide price range of GBP50,000 and is expected to be highly contested. It’s difficult to believe that the soaring rents or high house prices are good for those who don’t own a home in this city. Instead of reliving the worst aspects of the recent housing crisis, Roaring Twenties 2.0 asks how we can manage it so that excess is reserved for parties and not homes.
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