Our “Back to School” September report on the residential Mayfair Market – what an opportunity for current buyers with an increase in stock by 24% on 2015 availability and 67% higher than 2014.
With a value of over £750 million for 161 properties there has never been a better opportunity to buy.
VALUES v VOLUME
The values continue to be strong due to what Mayfair has to offer – however volumes of transactions are substantially down but interestingly the least significant fall in transaction volume so far this year has been the £10M+ market especially when compared to the rest of Prime Central London.
ASKING PRICES & QUICKEST SELLERS
Correct pricing is more important than ever – The Wetherell Report details the percentage of initial asking price achieved has slipped by 3% over the last year but the good news is that the quickest sellers are 2 bedroom flats.
THE PERFECT OPPORTUNITY FOR OVERSEAS BUYERS?
London and Mayfair are significantly cheaper than they were 2 years ago due to exchange rates and the weakness of sterling with those buying in dollars being the most affordable time since 2012.
Wetherell with a market share on sales of flats between £5M and £7.5M have recently listed 3 new homes on the market. Links at the end of this email.
Featured this month are two lifestyle apartments with private roof terraces plus a stunning mews house with all features required for modern Mayfair living – think parking, gym, cinema, steam room, air-conditioning, hi-spec and outside space.
MAYFAIR NEIGHBOURHOOD FORUM
For anyone who lives or works in Mayfair – you need to sign up to The Mayfair Neighbourhood Forum – this will be one of the first in England and will give a voice (localism) to you all in creating a “local plan” and bringing back vital funds into the local community for identified public realm improvements.
I believe we all have a duty to the generations of people who have laid out and improved Mayfair over the centuries to get the next 20 year right!
This is what the plan is all about:
Think air pollution beyond internationally agreed limits
Think NO2 on Oxford Street is three times EU health maximum
Think heavy footfall with 109 major accidents in 2014 (with 9 fatal).
Do Your Bit – Sign Up Now
CALL FOR MORE INFRASTRUCTURE FUNDING
Last week I went to a reception at The Churchill Room in the House of Commons for a reception given by The New West End Company (NWEC) and hosted by our local Mayfair MP, Mark Field.
The occasion was the launch of The West End Partnership initiative to lobby central government for public capital to top up the private investment in the West End infrastructure to maintain its global position as the world’s most popular international visitor destination.
18.7 million visitors spend £11.84 billion which equates to 8% of the total for England and Wales but the West End only retains 4% of the tax take!
Supporting 300,000 jobs the West End is the world’s top shopping destination with 200 million visits each year creating £11 billion in sales and £2 billion in tax.
Drilling down into just Mayfair & St James’s – known as the “London Luxury Quarter”; there are just 77 streets generating £3 billion in annual sales as the world’s top retail district.
WITH SUCCESS COMES PROBLEMS
With all the positives inevitably come the negatives:
Shortage of commercial space
And this is before the opening of the Elizabeth Line (CrossRail) which will increase potential visitor numbers by 220,000 visitors per day!
INFRASTRUCTURE IMPROVEMENT ON A GLOBAL STAGE
The NWEC reports that our infrastructure and public realm are not world class or up to date compared to current expenditure plans for Paris / New York / Dubai / Tokyo and Hong Kong.
The NWEC 2030 VISION is based on increasing the business rate claw back to create an extra £409 million which if invested now will create £3.8 billion additional tax take over the 15 years.
I will leave you with this thought – The economic output of the West End (£51 billion of economic output as Gross Added Value in 2014) is greater than the City of London by £3 billion and perhaps the area should be awarded the same “special City status” similar to The City to control its finances as it is quite obvious that it is “The West End” where the majority of the world wants to visit.
The West End acts as a barometer of national performance – if flagships stores and headquarter offices disappear from Mayfair, they are not going to roll out anywhere else in the UK.
Note: The whole NWEC report sits on our Wetherell website: