July has been a busy month for Mayfair residential property with 21 properties sold (including 3 houses) for £80M.
The record price was in Davies Street (see link below) at The 21st for a 5th floor 2 bedroom apartment above “C of London” (Cipriani).
Built in 2004 and sold at £2.275M, it was then sold again in August 07 for £3.975M and now three years later for £5.25M which with 1,734 sq.ft. equates to £3,028 p.s.f. A 33% increase since the top of the market in 07 and 130% increase in 7 years. (Not so good as gold however which at time of writing is up 200% over 5 years!)
Headline rates of £3K psf can be confusing when it is still possible to buy in Mayfair for half that rate, depending on location, situation and tenure. (see PDF attachment)
The major event however is the ruling by Westminster City Council to extend parking charges on meters and to extend the yellow line no parking hours until midnight.
For residents and business alike this will follow “The Rule of Un-Intended Consequences” – Residents who cannot find an available resident’s parking space will have to compete and pay for a meter. Guests coming to Mayfair will find parking harder and those working in the evening will find parking costs prohibitive and public transport scarce when they leave work late at night.
NEW TO MARKET
New instructions slow down over the height of summer and we have never known such a low availability of stock currently totalling only 70 properties with 25% under offer.