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." 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 .