Unit 3 Flashcards
What is the tertiary sector?
This is a service sector - including activities such as entertainment, retail, insurance, tourism and banking/finance. Biggest component of UK economy, comprising nearly 80% of GDP and % employment.
What is gentrification?
the displacement of working-class populations in an area, as more affluent population move in.
What is the first stage?
1: Early Stage - in run down deindustrialised working class inner cities, artistic groups move in and buy low cost buildings. These are known as ‘urban pioneers’
2nd stage?
2: The ‘Transitional Stage’ - the reputation is enhanced as a ‘trendy’ location, attracting more affluent, liberal/left wing residents. Tourists increase, demand increases, RENTS increase.
3rd?
3: The ‘Late Stage’ - the final stage. The reputation is firmly established as a trendy, affluent area. The rents are increased a lot, pushing out the original working class and urban pioneers and are forced to relocate.
Summarise Shoreditch’s gentrification.
An inner city located in the borough of Hackney, north east of the City of London.
Stage 1 - Hoxton Square started to attract an artistic community.
Stage 2 - Area becomes one of the trendiest places in London.
Stage 3 - Anti gentrification protests occur as many are becoming victims to pricing.
Winners and Losers?
1: W - Local Community, Urban Pioneers.
L - None
2: W - Property Owners, Local Businesses, Urban Pioneers.
L - Local community (cannot afford prices of rent, have to move).
3: W - Property Owners, Local Gov. , New Businesses.
L - Small businesses, Urban Pioneers.
House Prices in Shoredtich?
HOUSE PRICES:
2005 - £225,000
2010 - £345,000
Compared to rest of East London:
2005 - £200,000
2010 - £260,000
What is the % of professional employment in Shoreditch?
EMPLOYMENT: Professional;
1991 - 7% 2011 - 18%
