NO HOUSING PROBLEM HERE

"On Avenue Road in St John's Wood, London, known as "Millionaire's Row", a crane towers over a £21m development of only two new homes. Blenheim House Construction is building the luxury residences with double-level basements that include swimming pools and underground car lifts. There is little outward sign of recession here. In recent years City bankers and the international wealthy have colonised this area, turning a historically affluent and cosmopolitan suburb into an even more economically exclusive place to live. It has become a prime location for a group once courted by a government enamoured by wealth creators but now bearing the brunt of political criticism and higher taxes. The purchasers of the Avenue Road homes are unlikely to be troubled unduly by the increase in stamp duty or an increased rate of income tax of 50 per cent." (Financial Times, 7 April) RD