We Spoke to the Posh Aristocrats Being Pushed Out of London By Super Rich Foreign Investors

Please spare a thought for London's old-money elite. The first study of its kind has revealed that hyper-gentrification has seen foreign super-wealth drive rich British families out of places like Chelsea, possibly forcing them to – shock, horror – slum it south of the river.

According to Luna Glucksberg of the International Inequalities Institute of the London School of Economics and Political Science, "The study shows that the wealthy individuals and families that live in London's most exclusive areas no longer feel able to compete at the top end of the capital's property market. Instead, they feel like they are being pushed out of elite neighbourhoods."

Before you well up in sympathy, property prices being pushed up by Saudi oil wealth and Russian oligarchs is even leading to " both overt and covert racism", said Glucksberg.

I headed to Chelsea to find out how it feels to be suffering from the effects of gentrification because your mere riches are being gazumped by ultra-riches.

VICE: Hi Tom. So, your dad's Deputy Lieutenant of Glamorgan and you went to boarding school. Does that make you old money or new money?
Tom: No money. If you really have money, you won't talk about it, and if you want to talk about it, then you really don't have it.

Does gentrification make you angry?
I chose Earl's Court – or "Girl's Court", as I call it – because you can have a multimillion pound house right next to a crack den, and a knocking shop with transvestites – but that's half the flavour of the streets here; it's a nice mix. But it's all changed because it's going far too gentrified thanks to the likes of estate agents. It loses the flavour. When rich and poor have to share a neighbourhood, which they should… every time I see developments being built and they said they'll do X amount for the council, I just think it's sad because money doesn't transcend between who's in the penthouse and who's in the gutter. Because maybe the man in the penthouse gets the guy in the gutter to wash his windows now and again. There's a sense of community. Remove that and then everyone's gone and then everyone's a stranger.

What a lovely community. Has foreign money priced you out?
No, because I date very well! Saudi, Russian, etc. I've dated quite a lot of good people. I see the super-money. I don't have anything against them. London wouldn't survive without the money that comes in every August from Saudi. The majority of the city is now either bought from… god bless the Russians – or maybe the Qataris. I'm happy to allow anyone in that can preserve or maintain this beautiful city.

So how has the area changed?
I was at Knightsbridge recently. Fast cars… don't be a nuisance. You don't live here. On a noise pollution level, it is rude. These guys can realistically afford to have a race track in their back gardens or palaces in Riyadh. The sad thing is that I've lived in Chelsea; you've got stunning properties which are sitting here empty. I just think it's sad that we're a beautiful city but we're becoming a ghost city. Old homes need to be lived in and feel lived in.

How would you feel if a Saudi moved in next door?
Depends if he knew me from my previous life! Whoever moves in next door is my next door neighbour, regardless of colour, creed, religion. There's a lot of this kind of Ukip ignorant mentality. We as a British Empire had India years ago. I have nothing against anyone that's worked hard and made a life here because our lot got lazy.

How has new money affected you?
My mum has a great term – she's a wonderful lady, titled, etc. She's real class. She goes: oh, you never call anyone common, Tom. Nouveau rich will shout about it. And good luck. If you want to shout out about it, then great. If you want to be aristocratic and talk to Coutts only, then do it. It's a free world. Money isn't free – that's the sad thing.

Osama, 19

Hi Osama. Do you consider yourself new money or old money?
Osama: I'm neither. I'm anti-money. I don't believe in the concept of money. It's paper; it's not real.

Yep. Do you think Chelsea residents are getting priced out?
I don't get involved in that sort of stuff. I just eat some sandwiches and go about my day. I tend not to add extra layers to one's life because I don't find that relevant.

How has the area changed since you've been born?
It's become more capitalist. Everything is bigger, grander. It's getting closer to America, how they sort of live. A life of greed and casinos and strip clubs. That's what it's going to be like ten years from now.

Would you be annoyed if a Russian billionaire moved in next door?
I've got a Russian neighbour anyway. It's not a big deal. The more the better, to be honest. The more diverse something is, the more it brings people together. If you have a country with just white people, they'll only know how to live with white people. When they see people of other ethnic minorities, they won't be used to them.

What if your future kids had to slum it south of the river?
If I could afford for them to live in Chelsea, I don't see reason why not. But not everyone has those sorts of privileges. If they're going to be born in Chelsea, then they have to be exposed to other lifestyles so they don't have the idea it's like that everywhere.

So you've lived here for 18 years. How has it changed?
Edward: There was a bit of drugs here in the beginning, but it's cleared up a bit. I don't see rich foreigners, just tourists.

Are you old money or new money?
Old money. I'm old fashioned.

Would it annoy you if your kids couldn't live around here?
It doesn't bother me. I'd live in Bayswater if I didn't live here.

Old money or new money?
Jack: I'd definitely say new money. A lot of people have money from their parents, and that's not me.

You've lived here for five years. Does it annoy you that you're now getting priced out?
Yes, because there's less stock and it's driving prices up. But I personally wouldn't want to live around here long-term anyway. I'd like to go maybe to Surrey, as there's more outdoor space.

How has gentrification changed the area you know and love?
There's a more diverse range of eateries and restaurants. I like that. It's cultured.

@its_me_salma

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