Mayfair Residential Property Market Update Half Year 2008
Wetherell report that the volume (the number of sales) for residential property sold in Mayfair and St James’s in the first 6 months of 2008 was down by 66% from the similar period in 2007. However the total value (the aggregate value sold) of sales remains the same at approximately £250M.
Wetherell’s individual sales volume was also 50% down however the value of properties sold was double. Wetherell Market share increased for 2008 to 20% (2007 at 15%) of properties sold and doubled to 40% of the aggregate value.
Maintaining aggregate value was due to continuing strength at the upper levels of the market with three house sales contributing £100 million of sales (40% of total value sold).
“By this time last year there had been nearly 125 sales in the market, this year we haven’t even hit 50” said Peter Wetherell.
“This is the hardest market I have worked in since 1973 when we were going through the secondary banking crisis, the result of a lethal mix of rising inflation, rising oil prices, strict credit limits and companies running desperately short of cash. The only difference today is that we don’t have a pay and price freeze”.
The good news for Mayfair is that prices remain firm and that there is still a healthy demand compared to a limited supply of quality stock. “Most price reductions are a consequence of agents over valuing a property to win the instruction and then having to drop the price” continues Peter Wetherell “we have missed out on a number of instructions where we gave the correct professional advice but the vendors’ avarice scrambled their brains”.
Mayfair is still starved of property and the amount of properties on offer is way below historical levels. Only 90 properties are available but with only 6 under offer and 23 properties having price reductions it could be argued that Mayfair is suffering as much as its neighbours.
There is however still a lack of good stock and well priced, presented and marketed properties are still attracting strong demand – you just need the right advice and that comes from speaking with the right agent” concludes Peter Wetherell.
“Wetherell is a force to be reckoned with in London’s prime real estate market”
Spear’s Wealth Management Survey Property Power Index 2008
Peter Wetherell has worked in the area for 35 years and celebrated 25 years of Wetherell in 2007. Wetherell are Mayfair’s leading estate agents specialising in the sale and rental of houses and flats in London’s No.1 area. Operating out of two dedicated offices located in Mount Street, Mayfair’s up and coming top end fashion High Street.
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Sales: 102 Mount Street, London W1K 2TH (Tel: 020 7529 5566)
Rentals: 104 Mount Street, London W1K 2TL (Tel: 020 7529 5588)
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