“I took some pictures in my old area of South Hackney, especially Kingshold Estate, as part of my research into Hackney post-war estates,” writes Richard Yeboah. Before the money moved in, Hackney in the east of London was a very different place.
So much in life is about property. So get this: when adjusted for inflation, in 1995 the average price of a home in Hackney was £102,557. It’s now £479,453. In 1995, the median income in London was £19,000. In 2012-13, the median income in London was £24,600. It’s now £43,500. Property has risen in value well ahead of earnings in the city. But Hackney’s new residents also have more disposable income. On average, the amount of money locals have left after mortgages, rent and taxes has risen from £6,448 in 1997 to £19,261 today – more than double the UK average (source: UHY Hacker Young). The Money has moved in. Hackney has boomed.
Richard’s photos show us the pace of change, this rapid metamorphosis from ‘fade and jaunty” inner-city deprivation to hipster hangout. Change has not all been positive. Locals often feel their home now belongs to someone else. They’re unable to afford to live in the area they were raised in.
Richard Yeboah is a writer and public servant from Hackney, London exploring the transformation of post-war housing estates in the London Borough of Hackney, examining the development, decline, and regeneration of estates since the end of the Second War War. Richard Yeboah aims to publish a book next year to illustrate both the positive and negative impact of regeneration and gentrification within Hackney over the last 70 years.
You can find out more about Richard Yeboah and his work at ricyeboah.com.
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