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​Property Report August 1999

August 1999

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The Best Selection in Mayfair Village


Park Street






Park Street, Mayfair W.1
Mansion flat with 27′ reception hall and
new 125 year lease.

Reception Hall, Double Reception Room, Master Bedroom with En Suite Bathroom and Dressing Room, Two Further Bedroom Suites. Kitchen, Utility Room, Guest Cloakroom, Staff Room with En Suite Shower Room. Lift & Porter.

Sole Agent
£1,500,000

 
Mount Street





Mount Street, Mayfair W.1
Two adjacent flats overlooking
Mount Street Gardens.

Entrance Hall, Reception Room, Bedroom, Bathroom, Kitchen (each flat). Lift and Porterage.

Sole Agent
£395,000 & £475,000













    South Audley Street

   South Audley Street,  
Mayfair W.1

Flat with views towards
Mount Street Gardens.

Entrance Hall, Reception
Room, Two Bedrooms,
Bathroom, Kitchen.



Sole Agent
£440,000



Mount Street,  
Mayfair W.1

Third floor flat with views of Mayfair Village.
Entrance Hall, Double Reception Room, Three Bedrooms, Bathroom, Shower Room, Kitchen. Lift and Porter. 


Sole Agent
£525,000






Mount Street

 


RENTALS


Grosvenor Square, Mayfair W.1
A stunning apartment in a prestigious portered building.
Five Bedrooms, Four Bathrooms, Kitchen, Dining Room, Reception
Room, Guest Cloakroom, Entrance Hall, Lift, Porterage.
Available unfurnished. £3500 per week.

Park Street, Mayfair W.1
A substantial period house over five floors.
Two Reception Rooms, Three Bedrooms, Three Bathrooms,
Kitchen, Guest Cloakroom, Self Contained Studio Flat.
Available unfurnished. £1250 per week.

Mount Street, Mayfair W.1
A superb second floor flat opposite The Connaught Hotel.
Two bedrooms, Reception Room, Shower
Room, Bathroom, Kitchen.
Available unfurnished. £700 per week.

The Audley Library, Mayfair W.1
A rare opportunity to acquire a spacious top floor flat
overlooking Mount Street Gardens.
Three Bedrooms, One Bathroom, Kitchen, Reception Room.
Available unfurnished. £600 per week.

Shephered Market, Mayfair W.1
A newly refurbished, light and spacious maisonette.
Two Bedrooms, Reception Room, Kitchen, Bathroom.
Available unfurnished. £575 per week.

 






















Market Comment



Market Overview



As increasingly more people enter the residential investment market and the supply outstripping demand from tenants, residential investment returns will continue to be suppressed. The recent dramatic growth in prices of central London property has been partially fuelled by investment purchasers but now capital values and yields are making it less desirable for investors.

The long term view of interest rates is that they will continue their trend downwards and with people spending historically less of their disposable income on housing, combined with a sound economy and strong stock market, there is no evidence to indicate that the market will suffer the boom and bust scenario of the late 1980′s.

This is good news for vendors and purchasers alike. Buyers can be confident that the market will not go into reverse and vendors can achieve record prices.

Sellers Packs


In their efforts to speed up the house buying process, it seems likely that the government is to announce in the autumn the implementation of a ‘sellers pack’.

As we stated in our January report, this would be prepared by the vendor prior to marketing and would take the form of a document, to include a local search, title documents or lease with service charge accounts, draft contract with replies to standard enquiries, a survey and other related papers.

However, a recent national survey by The National Association of Estate Agents reveals that the majority of sales fell through due to an adverse survey and/or down valuation. If the ‘sellers pack’ is to include a survey prepared by the vendor it is unlikely that it would be wholly accepted by a purchaser; if the purchaser was to commission their own survey it could negate the desired result of a ‘sellers pack’.




 



September Stampede



The adage ‘sell in May and go away’ can be applied to the Mayfair market. With many people overseas during August it can be the quietest month of the year.

However, enquiries and demand pick up immediately after the August bank holiday as buyers who wish to move before Christmas realise that they only have a few months left to purchase.

Contrary to popular belief, the Mayfair market can therefore be it’s busiest during the last quarter and therefore the best time to sell.




   RENTAL PROPERTY OF THE MONTH   




Just off


Grosvenor Square



A newly refurbished

three bedroom maisonette with




Private Garden



£2,000 per week



Wetherell









NAEA


Wetherell


Mayfair’s Leading Estate Agent


Tel: 0171-493 6935     Fax: 0171-629 9303

We sell well

Ombudsman Scheme

No.38 102, Mount Street, Mayfair, London W1Y 5HF AUGUST 1999