Introduction

Successive governments from Thatcher to May have viewed the ‘revitalisation and urban regeneration of British council estates’ as something that ‘benefits’ and creates value for the whole of society (Perera, 2019:8). Urban regeneration is defined as a process which involves the revamp, revitalisation, renewal and redevelopment of urban areas. Through transforming areas of economic, social, and environmental decline, urban regeneration interventions aim to create value (Roberts, 2000). As such, this paper critically assesses one key urban regeneration strategy, ‘property-led’ regeneration, drawing on the example of the Heygate Estate in the London Borough of Southwark.

Lessons can be drawn from the Heygate Estate as there are currently 170 council estates are either

undergoing or subject to consultations over demolition due to the conservative governments Estates Regeneration scheme. The estate has also received a great deal of coverage in media, and academia on debates related to gentrification and displacement, hence, why this paper aims to shed light on who benefits and loses in property-led regeneration schemes.

To do so, the paper is structured in a coherent manner. The paper begins by explaining the key drivers involved providing an overview of the development. Next the paper examines the monetary and nonmonetary gains and losses for developers, communities, and state authorities. At the same time, the paper assesses the financialisation of property developments and the distribution of risks amongst stakeholders

directly and indirectly involved in the development. The paper draws to a close summarising the strengths

and weaknesses with concluding remarks on property-led regeneration.