Life in London neighbourhood named 'rising star' best place to move but locals are being priced out

Elephant and Castle was recently named the 'rising star' of places to live in London by property experts, but on speaking to local residents, many fear they are being priced out of the area amid new developments and spiralling rental costs. Experts from North Property Group predict that house prices will go up by as much as 21 per cent by 2026 and rents will increase by 14 per cent in the same period.

Adrian Guerrero who runs a traditional Latin bakery under the arches of the railway station has fallen fowl of these costly hikes. He said: "There is no control on rents. They are meant to only go up by 10 per cent in a year but have gone up by 40 per cent or 30 per cent".

Adrian reports he has to pay an eye watering £12,000 a month on rent, not including bills. "Most months, almost all our profits go on rent," he said, "We're almost working for free."

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Despite the incredible cost of keeping afloat, he still tries keep his prices down to serve the local Latin community his produce for money they can afford. He has worked his bakery there for the last 10 years. He said he owned another similar establishment called Casa Colombia nearby but had to close the business down after it ran into the same issues.

Accepting the grim reality of change in Elephant and Castle, Adrian thinks he will have to close up shop in the next two years.

Bill, who did not want to give his last name, said he has lived in the area most of his life. He spoke about the rent increases in the area in light of North Property Group's prediction. "Rents are already shooting up. They have been since all this started."

He gestured to the towering new builds that surround Elephant Park, "since they gentrified the area. He added: "Before that rents have always increased but not by the amount they're increasing now per year."

'There's no community now'

He added: "When you get people moving here who are wealthy, it pushes up all the prices. It pushes up all the rents. And private landlord don't need any encouragement to put up the rents. They're notorious for it."

It's not just the rental increases that upset Bill, but also the loss of community in the area, punctuated by the new establishments which have opened in recent times. "These places are where you have wine and a meal - they're not like the old fashioned boozer. There's no community now. It's completely broken down."

Many of the old inhabitants have had to move elsewhere amid rising prices, leaving holes in the community to be plugged by new comers, he said. On a more hopeful note, he added: "I supposed the new people here will get to know each other though a build up a new community."

'A house I bought in Nunhead for £40,000 is now worth £300,000'

Emeka Otagburuagu runs the Black Cowboy Cafe out of the Elephant Arcade just off the main roundabout. He also had a more hopeful take on things. "I don't get worried about stuff. It's a vast world. To be honest with you, you can always just try and adjust," he said.

"Isn't that the entire of London, not just here?" he questioned, going on to report that a house he had bought in Nunhead in 1990 for £40,000 was now worth £300,000. He had sold it in 1995 for £80,000. "So it's not just here, it's everywhere. Its unfortunate," he asserted.

Emeka moved to the United States where he worked as a trucker for nine years. He bought a house over there but for personal reasons he had to return to the UK. "I had £20 in my pocket when I came out of the plane in 2013, and now I've got this" he said standing in the brightly decorated cafe. "Does that look like somebody worried about stuff?"

He began his cafe at the Elephant and Castle Shopping Centre in a trailer. The shopping centre was knocked down in 2020 so he has moved into the Elephant Arcade since and hopes to get back into the newly developed centre once its finished.

Elephant and Castle is his home too and he said "Renting for me is ideal because I have a good family. If I was to think of buying it would impact my business." He added: "I have no power in terms of stuff like that, we just go with the flow. Worry is for when you're in a very very bad spot. I grew up here so worrying is not really a problem. So long as I have healthcare, I don't need to worry."

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