Worries about the London housing bubble have increased after it was revealed that everyday London millionaires are being priced out of the city by a new wave of billionaires.
“I’ve lived in Knightsbridge all me life,” said Ken Turnham, a local grocer who made his money through a small fruit and vegetable international shipping chain. “It used to be an affordable place for ordinary millionaires. Not any more.”
“I remember walking down the Kings Road, and seeing a huge variety of local millionaires,” added Turnham, leading our reporter on a tour of the area. “You’d see millionaires drinking champagne outside the pub, millionaires chasing diamond-encrusted hoops with gold sticks down Sloane Street, millionaires playing hopscotch with a thirty grand buy in.”
“That’s all gone now. It’s just billionaires and their sports cars. A crying shame.”
“London is a city famous for its wide social mix of people, from the millionaires of Kensington to the extremely wealthy of Primrose Hill,” said sociologist Maisie Blargh. “If the super-rich are priced out by the hyper-rich, then the unique local flavour of the Chelsea and Fulham areas will be lost… lost forever…”
Turnham has been forced out of the city to his country estate in Kent where he will have to wait for several more months until he has the money to buy another house of his dreams in London.