Secondly It Has One Of The Biggest Night Time Economies South Of The Thames.

Secondly it has one of the biggest night time economies south of the Thames. There are a large number of wine bars, bistros and restaurants all doing an apparently healthy trade, which increases the appeal of this area for young professionals and those with young children.
Implications of gentrification in London
Gentrification is best explained as the social and spatial manifestation of the transition from an industrial to a post-industrial economy based on financial, business and creative services, with associated changes in the nature and location of work, in the occupational class structure, earnings and incomes as well as the structure of the housing market. (Hamnett, 2003)
As has already been discussed house prices in the London area have significantly increased. The same increase in rent costs has also occurred due to landlord's realisation that increased income could be made from houses, flats and apartments in run down, inner city areas providing they met an acceptable standard for the middle classes. As the inner city areas fell in to decay and there was a fall in the price of inner city land relative to rising land prices in the suburbs forming the basis of the Rent Cap theory formed by Smith, 1981. Cited on Tom Slater's Website. Low income families have therefore been forced out of the area as they cannot afford this increase in rent and cannot afford to purchase their own property in these areas.
Slater also noted a change in local amenities, services and shops. If you walk past a gourmet delicatessen, a renovated Georgian house, a Starbucks Coffee outlet, rows of expensive cars, or a flash new estate agency, the chances are that you are in an area which is experiencing or has just experienced gentrification. The shops and conveniences that were once needed for the working class community are not suitable for those with a more expendable income and less of a community spirit.
London is a cultural and economic diverse city. In the late 1990s twenty two per cent of Inner London's population were not UK nationals (Buck et al.2002) However, London's middle - classes share a common relationship to each other which is largely exclusive of those who are not 'people like us.' (Butler, 2003)

Butler and Robson (2003b) noticed this increasing segregation between the classes and cultures of London. With settlements attracting certain individuals and where the community integration is of people who do the same, act the same, look the same, so families have no contact with the families of different class or ethnicity. The claim that London is a 'city going global' has become a cliché but never the less reflects many of the major trends such as finance, labour markets and producer services, but wider ones such as multiculturalism and cosmopolitanism appear to be being lost.