Welcome to our first Mayfair Report for 2017, Highlights are:
* Sophistication in Mayfair
* Market Analysis for 2016
* New Development Market
* Predictions for 2017
* Mayfair Guru Recommends
* Secrets Revealed – Personal Trainer
* ATED Re Valuations for 2017
The term was popularised by Mayfair resident Beau Brummell (1778 –1840) an old Etonian and Oriel College, Oxford who lived in Chesterfield Street and was arguably the originator of the suit and tie.
When you consider that at the time the average wage of a craftsman was £52 per annum then this would amount to well over half a million pounds in today’s value.
Today the word “sophistication” can also represent something that has developed a high degree of complexity and yet is seamless and enjoyable to use – as in “a sophisticated restaurant” or “a sophisticated computer system” or app that captures the imagination of the user and is as such – a joy to use.
To celebrate our 35 years in business since Wetherell started serving the Mayfair community as the local specialist estate agent and ALSO to celebrate our 25 years in our corner shop in Mount Street – Wetherell have “adopted” the term “sophistication” as it so represents the retail, cultural, hospitality, business and residential aspects of the Mayfair area.
I intend for the term to represent Wetherell as well – although I will not be able to match Mr Brummell’s tailoring bill but I quite like the idea that he claimed he took five hours a day to dress, and recommended that boots be polished with champagne!
MAYFAIR MARKET ANALYSIS FOR 2016
The good news is that prices were steady for last year in residential Mayfair property in a market which saw falls for the rest of Prime Central London (PCL).
The bad news for the Exchequer is that the total amount of money invested shrank by over 30% thus denying the Exchequer stamp duty on turnover which had reduced by £195 million on the previous year.
In terms of profile – 75% of the Mayfair market was under £5M with nearly 15% over £10M. I am pleased to say that Wetherell continue to be the “Go To” agent for sales throughout all price ranges.
Who’s in the market? – In 2015 there were 24 estate agents listed as main agent which reduced by 40% in 2016 to just 14.
Total transactions were up by 14% as shorter term occupiers opted to rent thus avoiding high SDLT rates on a purchase due to not knowing whether they would remain for more than 5 years.
Wetherell were No.1 for prime Mayfair rentals and the turnover in the £1.5-2K p.w. segment was up by 30%. (Source: Wetherell Research / Dataloft / LonRes)
NEW DEVELOPMENT MARKET
Anyone who walks around Mayfair cannot have helped notice the exciting amount of new residential developments currently under construction or starting demolition.
“Off market” sale opportunities for new development units for those seeking “green bananas” opportunities have been strong with buyers sharing the vision of buying off plan and into the market for “Mayfair’s Golden Decade”.
PREDICTIONS FOR 2017
The amount of property available for sale has risen by 25% but 65% of the property currently on the market has seen a price reduction BUT this isn’t prices coming down just an adjustment for incorrect pricing at the outset.
Time between launching and under offer has increased plus time between under offer and exchange. However well-presented property will sell quickly if pitched correctly. Talk to the agents who are doing the business not the agents who want to “buy” your instruction by “flattering” you with unrealistic values.
Mayfair is set to be the star performer of Prime Central London (PCL) for 2017 as buyers and tenants discover the stability of the area’s residential market.
MAYFAIR GURU RECOMMENDS
Mount Street – just down from the world famous Scott’s restaurant, a top floor newly refurbished apartment with a 55 foot south facing frontage onto the street @ £4.25M
Mount Row – Your own front door, double height entrance hallway, an enormous private south facing terrace – all with this 2 bedroom maisonette @ £3.25M
Mount Street – literally above our shop – an amazing 1 bedroom pied a terre with bay fronted, south facing drawing room (with balcony) overlooking the tranquil Mount Street Gardens @ £1,350 p.w.
Park Lane – A flagship building overlooking Hyde Park with one of the best entrance hallways in Mayfair – a 2 bedroom apartment with a 42 foot long reception room onto terrace @ £2,250 p.w.
Park Lane – Leading interior designer Nicky Haslam has made his mark on this 5* luxury apartment overlooking Hyde Park. This 2,800 sq.ft. “Pad” features a study where the bookcase automatically disappears to create a 40 foot reception room with 5 windows over Hyde Park @ £7,500 p.w.
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SECRETS REVEALED – NEW YEAR RESOLUTIONS
I want to share with my Mayfair Aficionados that there is a private “1-2-1” gym in the middle of Mayfair Village.
For those with a personal vision for 2017 – If you are seeking bespoke personal training – then in 6 weeks you can double your fitness, lose up to a stone and get into the best shape in your life with an acclaimed personal trainer who has helped Hollywood film stars, supermodels, businessmen and mothers recovering from childbirth. There are a limited number of times slots available, so if of interest then don’t delay.
Email me for further details: [email protected]
ATED PROPERTY VALUATIONS
ATED valuations are required by HMRC to be re-assessed every 5 years, the next being 1st April 2017 (last 2012). It may be that you are on the threshold values of £2M/£5M/£10M/£20M & £20M+.
Moving into new thresholds can double or treble your annual tax and you need professional advice.
Non-Natural Persons (NNPs), Companies, Trustees & Funds – Beware.
Other considerations are Capital Gains Tax (CGT) for overseas based owners and also the “De-Enveloping” of property ownership from company to personal.
If you feel it is worth investigating then it is worth speaking with our Valuation Department.
Andrew Bishop FRICS email: [email protected]
My former PA, Brand Manager and organiser of The Mount Street Association, Jayne Weldon, has accepted the invitation to join the Board of Wetherell as Marketing Director.
She joins an extremely talented and knowledgeable executive team who have all worked for the company for 10 to 20 years and helps us maintain the Wetherell strapline “No-One Knows Mayfair Better than Wetherell”.