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Buy-to-let gentrification: Extending social change through tenure shifts

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  • Antoine Paccoud

Abstract

Recent discussions of gentrification in the UK have centred on new builds and on the influence of particular public programmes. This paper focuses on a form of gentrification that has cut across both of these: buy-to-let, broadly defined as the purchase and transfer of a dwelling to the private rental market. Initiated in response to a favourable legislative and financial context, this form of property investment has not usually been considered as gentrification, likely because it is at odds with the historical link between gentrification and ownership in the UK, poses problems with consumption side explanations and is not seen as displacing low-income residents. The paper uses a detailed comparison of small-area social and tenure data from the 2001 and 2011 UK censuses to show that buy-to-let has become a prominent tenure trajectory in gentrifying neighbourhoods. This prominence emerges from the opportunity it affords to use the general value gap created by the deregulation of the private rental sector to close rent gaps in the most urban, central and disadvantaged areas of England. This tenure shift, shown to be intrinsically linked to gentrification, creates vast opportunities for asset appreciation but also initiates long term trajectories of displacement in surrounding areas.

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  • Antoine Paccoud, 2017. "Buy-to-let gentrification: Extending social change through tenure shifts," Environment and Planning A, , vol. 49(4), pages 839-856, April.
    • Handle: RePEc:sae:envira:v:49:y:2017:i:4:p:839-856
    DOI: 10.1177/0308518X16679406
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    6. Mezaroş, Mădălina & Paccoud, Antoine, 2022. "Accelerating housing inequality: property investors and the changing structure of property ownership in Luxembourg," LSE Research Online Documents on Economics 116432, London School of Economics and Political Science, LSE Library.
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    8. Paccoud, Antoine & Niesseron, Pauline & Mace, Alan, 2020. "The role of ethnic change in the closing of rent gaps through buy-to-let gentrification," LSE Research Online Documents on Economics 102985, London School of Economics and Political Science, LSE Library.
    9. Agustin Cocola-Gant & Ana Gago, 2021. "Airbnb, buy-to-let investment and tourism-driven displacement: A case study in Lisbon," Environment and Planning A, , vol. 53(7), pages 1671-1688, October.
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