MAYFAIR RESIDENTIAL MARKET REPORT MARCH 2010
The Grand old Duke of York
When they were up, they were up
With the volume of property transaction up considerably on the same time last year
but still substantially below ’07 & ’08 volumes, it is still a very confusing time for all concerned in the Mayfair property market.
Every week another prediction breaks that the market is going up to be countered by another report that it is going down.
Markets are intoxicating but it is dangerous to make judgements when so little sales data is available. The Grand old Duke of York from the nursery rhyme would have had a field day in the current property market. Timing is everything – the Duke however having built his secure fort at the top of the hill, took his troops down into the valley – a big misjudgement as he lost the battle.
New to Market Sells
Although Mayfair stocks are low, new property put on the market in 2010 represents nearly 25% of the market. With 10% of the stock currently under offer it is interesting to note that it is not from the 30% of the stock that has price reductions but those properties which are fresh to market and sensibly priced.
Serial Sellers – For Sale but never Sold
Wetherell have tracked a number of Mayfair properties which have been available for over a year, having been put on at far too high a figure and then followed the market down with price reductions. Now with reports of price increases they are trying to push the asking price up again.
Property that is correctly priced and well marketed has no problem finding a buyer – indeed there are always more than one interested party and the market through competition finds its value level.
Website Traffic Doubled
Our website traffic has doubled over the last 6 months and demand certainly outstrips supply for prime property, the only problem is that most of the buyers think that cash is king and the vendors have no pressure to sell unless they are tempted.
A weakening currency could therefore help but the prospect of an indecisive General Election has put many overseas buyers on hold.
New to Market
At the top end of the market we have recently launched three Mayfair Mansions in Charles Street, Upper Brook Street and Green Street, two with mews houses with garaging, one with a swimming pool and all with lifts and mod cons.
On the rental market we have a St James’s pied a terre in Rose & Crown Yard at £495 p.w., a maisonette by Claridges at £850 p.w. and the Mount Street maisonette at £2,700 p.w. with a glimpse of Berkeley Square.