Capital

their own. There was a sentence that rang down the decades, a very English sentence: ‘Did you hear what they got for the house down the road?’ Once, the amazingly big figure under discussion involved sums which just crept into the ten thousands. Then they were in the multiples of ten thousand. Then they were in the low hundred thousands, and then in the high hundred thousands, and now they were in seven figures. It began to be all right for people to talk about house prices all the time; the topic came up in conversation within the first minutes of people speaking to each other. When people met they held off the subject of house prices with a conscious sense of restraint, and gave in to the desire to talk about them with relief.
    It was like Texas during the oil rush, except that instead of sticking a hole in the ground to make fossil fuel shoot up from it, all people had to do was sit there and imagine the cash value of their homes rattling upwards so fast that they couldn’t see the figures go round. Once the parents had gone off to work and the children off to school you saw fewer people in the street in the daytime, except builders; but the houses had things brought to them all day. As the houses had got more expensive, it was as if they had come alive, and had wishes and needs of their own. Vans from Berry Brothers and Rudd brought wine; there were two or three different vans of dog-walkers; there were florists, Amazon parcels, personal trainers, cleaners, plumbers, yoga teachers, and all day long, all of them going up to the houses like supplicants and then being swallowed up by them. There was laundry, there was dry-cleaning, there were FedEx and UPS, there were dog beds, printer ribbons, garden chairs, vintage film posters, same-day DVD purchases, eBay coups, eBay whims and impulse buys, mail-order bicycles. People came to the houses to beg and to sell things (towels for the homeless, utility company salesmen). The tradesmen and trainers and craftsmen disappeared into the buildings and came out when they were finished. The houses were now like people, and rich people at that, imperious, with needs of their own that they were not shy about having serviced. There were builders in the street, all the time, servicing the houses, doing up lofts and kitchens and knocking though and adding on, and there was always at least one skip parked in the street, and at least one set of scaffolding. The new craze was for doing up basements and turning them into rooms – kitchens, playrooms, utility rooms – and the houses going in for this craze had conveyors of dirt flowing into skips. Because the earth was compressed by the weight of the houses above it, as it was dug up it expanded to five or six times its original size, so there was something bizarre, even sinister, about this digging, as if the earth was spreading, vomiting, rejecting its own excavation, and far far too much of it seemed to come out of the ground, as if it were fundamentally unnatural to reach down into the earth to take up more space, and the digging could go on for ever.
    Having a house in Pepys Road was like being in a casino in which you were guaranteed to be a winner. If you already lived there, you were rich. If you wanted to move there, you had to be rich. It was the first time in history this had ever been true. Britain had become a country of winners and losers, and all the people in the street, just by living there, had won. And the young man on the summer morning moved along the road, filming this street full of winners.

Part One
     
    December 2007
     
     

1
     
     
    On a rainy morning in early December, an 82-year-old woman sat in her front room at 42 Pepys Road, looking out at the street through a lace curtain. Her name was Petunia Howe and she was waiting for a Tesco delivery van.
    Petunia was the oldest person living in Pepys Road, and the last person to have been born in the street and still be resident there. But her connection with the place went back further than that, because her grandfather had bought their house ‘off the plan’, before it was even built. He was a barrister’s clerk who worked at a set of chambers in Lincoln’s Inn, a man who was both conservative and Conservative, and in the way of barristers’ clerks he passed on the job to his son, and then, when his son had only daughters, to his grandson-in-law. That was Petunia’s husband, Albert, who had died five years before.
    Petunia did not think of herself