“The Velocity of Mayfair Money” our new Market Report highlights how the sale of one £3 million deal on a two bedroom apartment can result in over £75 million of sales.
We give the motivation for selling and highlight 6 amazing Mayfair properties.
Top End of Market Good
Nearly a third of all Mayfair sales this year have been over £5M with Wetherell involved in over half the sales.
If you were thinking of moving to Mayfair 2 years ago then it is 28.9% cheaper if you are converting from US$ (18% over 1 year). Hon Kong Dollar is similar with the Euro discount at 12% over 2 years and 17.4% over 1 year. Helps pay for the SDLT.
Volume of Sales down by 50% and it is all Osborne’s fault !
July figures for the sale of residential property in Mayfair shows volume of sales down by 50% on July 2015 – further evidence that the former Chancellor George Osborne’s high stamp duty (SDLT) continues to dampen demand due to some of the highest transactional property costs in the world.
As the economist Laffer has suggested; the higher the taxes the less amount will fall into the Revenue’s coffers as the number of those being levied falls.
The importance of the PCL market
Perhaps our new Housing Minister can influence our new Chancellor on the importance of the Prime Central London market place and call for a reduction in SDLT rates to encourage increased volume of sales and hence more revenue for The Treasury.
Mayfair sales for the first 7 months in 2013 were 84 compared with 2016 at only 35 which is a reduction of nearly 60%
Wetherell Market Share
After “Brexit” we highlighted that a third of the residential Mayfair transactions for 2016 were with agents who only did one deal each whilst one agent Wetherell did a THIRD of all transactions.
The latest data also highlights that this year all the deals in July were done by just two local estate agents with Wetherell taking the lions share at just under 75% of transactions. The two agents also command two thirds of all Mayfair instructions for sale which in volume terms are up by over 50% on 2015 giving the buyer a greater selection.