Not just you and not just your area either. Same thing is happening in Blackfriars Road. Not sure how they manage to get up to the speeds they do as quickly as they do, with the 20mph limit on Blackfriars Bridge, or if they're driving in the other direction how they manage to slow down to 20mph before they hit the bridge. Can only assume speeding fines and driving bans are of no concern to them!
There's always speeding up and down Long Lane. It's a 20mph zone but you see cars and lorries regularly doing more than three times that. In the last year there has been a lot of near misses on the corner of Weston street and Long Lane too. I really hope they implement some traffic control measures soon otherwise it's only a matter of time before a tragedy occurs.
By "racing" do you mean against each other etc., or speeding? I often see a mini-convoy of souped up cars on Southwark Street heading towards Blackfriars. They don't necessarily speed, but the cars are certainly built for it.
From what I've seen, racing rather than simply speeding. This isn't just a case of the odd car exceeding the speed limit by a small margin, but seriously fast and seriously dangerous, as they make no allowance for error, either on their part on other road users / pedestrians.
Racing definitely from the noise, and from the skid marks a couple of weeks ago there were handbrake turns on Abbey St from more than one vehicle coming down from the TBR end and turning on the spot just before the viaduct at the junction with Gedding Place and going back up again.