London, 'Safe Haven'

London, “safe haven”

Crisis in Maida Vale does not exist: prices rise, people buy, and life goes on.

House prices continue to rise in Maida Vale, and people keep on investing in the area in spite of the recession, according to an estate agent of the area.

Max Martin, an estate agent of Pembertons, at 125, Shirland Road., says, “Whether they are English, Greek, French or Italian, all big fortunes come and invest in central London.”

He adds, “You don't feel the recession in central London. All that is zone 1, 2... Everyone wants to buy here.”

Inflation in the housing market has made a lot of noise in the news, July having been the fastest growing month since November 2006. But for him, the media create this illusion. As he puts it, London is a “safe haven”.

In Maida Vale, where Martin has worked for five years in this estate agency – so since the beginning of the 2008 crisis – he says that he has seen no change in business. “Just prices have increased, but there are still people to buy.”

Mary Ashworth, resident of Wymering Road since ten years, says she has not felt the recession whatsoever. She adds, “I am actually also renovating one of my apartments on rental. It costs a bit of money, but it is worth it on the long-term with future lodgers.”

Indeed, when walking in the streets of Maida Vale, it makes one wonder how come so many houses are being under construction.

“These are just works of maintenance. Putting new floor, touching up a bit... Every seven years, people do their property up,” says Martin.

Since central London is such a “safe bet”, people are ready to make investments and renovations which will add to the capital gain of their property. Whether it is for buying or renting, there will always be someone to pay the price.

This article was written as an assignment for the London School of Journalism.