Opportunity for dollar based purchasers.
Opportunity for those seeking choice.
Opportunity for investment.
I have been researching the residential sales market for Mayfair for the 12 months up to end of September 2016.
There are currently 154 properties currently available for sale in Mayfair.
Of these 20 are under offer.
Stock is 50% up on normal but so is the percentage under offer which usually is about 10%. So good news for buyers and the market.
Nearly 50% of market is available after a price reduction.
Only 15% of Wetherell stock for sale has reductions and most of those are where we have been appointed as a subsequent sales agent. A price reduction after an initial launch at an inflated asking price does not always mean the market has gone down rather it is a re-aligning to the correct price.
Only 46 properties have sold so far this year in Mayfair compared to 75 in 2015 , 76 in 2014 and 113 in 2013 for comparable period up to end of September.
The volume of Mayfair stock is up by approximately 50% and volume of sales down by 88% over average previous 3 year period. Stamp Duty revenue to the Exchequer will fall and the trickledown effect to the overall economy will suffer. Take note Chancellor Hammond.
The good news is that Wetherell has nearly 50% market share on property sold and 100% share of property currently under offer over £5M – this might represent only 25% of under offer market but also takes 80% of the value.
Click to see what is available or call us for other “off market” opportunities.
Don’t wait to buy in Mayfair – Buy in Mayfair and just wait – The best is yet to come.