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​Property Report April 1998

April 1998

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April Abodes

Hill Street




Hill Street,
Mayfair W.1


The ultimate pied a terre in the heart of Mayfair.
One Bedroom, Bathroom, WC, Drawing Room, Kitchen, Sauna.



Price on Application

Chart
The graph illustrates prices for two bedroom flats in a typical Mayfair Village block over the last 28 years. From the ebb of the early 1990′s it is evident prices have risen strongly to the extent that it is now possible for good quality flats to achieve between £450-£600 per square foot, depending on the length of the lease.


 

Green Street,
Mayfair W.1


An elegant high ceiling maisonette
with patio terrace.

Three Bedrooms, Two Bathrooms,
Reception Room, Dining Room,
WC, Kitchen, Patio Garden.





£1200 per week

Mount Street





 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


















 
Green Street
 
 
 
 

Mount Street,
Mayfair W.1


A newly refurbished top floor flat overlooking Mount Street Gardens.
Two Bedrooms, Two Ensuite Bathrooms, Reception Room, Kitchen.



£850 per week








April Update


Mayfair Rentals Market
The rentals market is showing consistently strong demand for good quality properties from studios and one bedroom flats to large five bedroom family homes. Tenants are less concerned if a property is furnished or unfurnished but they do expect a property to be newly refurbished or newly decorated and therefore landlords have had to become more receptive to tenants demands.

Short Term Rentals
With the Summer approaching, the short term letting market is upon us, with many people coming to London who prefer the independence and privacy of a residential apartment compared to hotel suite. To fulfil this specialist market, Wetherell’s lettings department has many luxurious apartments within Mayfair available for rent on a weekly or monthly basis, some offering maid service.

Long Term Rentals
For long term letting we currently have three superb flats available, all with views over the much sought after Mount Street Gardens. In a traditional red brick building in Mount Street the flats offer accommodation of either two or three bedrooms, with prices from £750 per week. In a little known backwater behind Berkeley Square is Bourdon Street, where three newly built apartments of either two or three bedrooms are available from £750 per week. Each flat has the benefit of a terrace or patio and the opportunity to rent a double garage, subject to separate agreement.

Sales Market
As indicated by the graph above, sales values have seen accelerated growth since the downturn of the early 1990′s. Wetherell are however witnessing a divergence of values, almost to the extent of a two-tier market developing. Properties that have any combination of a long lease, very good condition or unique features will attract buyers readily. Secondary properties (yes, even Mayfair has them!) will still attract buyers, but the price should reflect the downfalls.

Conclusion
General activity appears to be down on this time last year; however this is due to a shortage of properties rather than a lack of buyers. The budget showed a nominal rise in stamp duty but the long term view of interest rates is that they will go down. The activities of the financial markets in Japan and the Far East may cause concern for some, but Wetherell believe that it will not affect the Mayfair housing market. As Mayfair becomes more of a residential district we are finding that the majority of purchasers are buying for occupation, followed by investment purchasers.







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