BRITISH BUYERS LEAD RESIDENTIAL MAYFAIR MARKET
1995 Market Review
British buyers for Mayfair residential property accounted for 40% (32% in ’94) of sales in 1995, with Europe as a whole accounting for 51% (41% in ’94) of purchases in the market.
Wetherell’s 1995 survey on sales in the area indicates a continued trend for the re-emergence of Mayfair as the prime residential area of London.
Over 1 million square feet of former office space has reverted back to its former residential use and “Mayfair Aficionados” now appreciate the village atmosphere of the area.
Sales Down by 24%
1995 proved to be a harder year than 1994 with sales volume down by 24%.
The Far East market was down to 17% (1994 : 36%).
However this could be attributed to the lack of supply for the untapped demand of the market.
63.5% of the sales in 1995 where under £500,000 with the top end of the market over £1million accounting for only 20% of sales.
The prime market however showed continued strength with the “Mayfair Mansion” or town house still showing a return to the 19th century style of living.
Flats for Investment
The flat market showed further strength on last year as demand for the rental market continued to grow. Rental investment return strengthened the capital value of the flats for sale.
Three large buildings sold for investment at sale prices between £2.25 – £5 M. The buyers intend to rent out the flats for investment.
Predictions for 1996
1995 has been a harder year than 1994 in volume of sales but values have held and in some cases increased.
There is a limited availability of residential property in Mayfair and Wetherell see further demand for all types of property as more people appreciate the village atmosphere of the area.
The continued reversion of former office buildings back to residential use is bringing back the character of London’s No.1 area.
At present one cannot predict increased prices in the market but buyers can be confident of their investment and continued value in their property.
|UK BUYERS BACK ON TOP|
MAYFAIR RESIDENTIAL SALES 1995:
|BUT SALES DOWN ON ’94|
BEST SALES MAYFAIR ’95
Wetherell sold a three room K&B; mews house on a 55 year lease.
Price Guide: £185,000
|MOST EXPENSIVE HOUSE||
A substantial corner “chateau” of 18,000 sq.ft. sold in unmodernised condition and on a long lease for reversion to one house.
Price Guide: £4.5M
A one bedroom flat in a block of “Gentleman’s Chambers” in Grosvenor Street on a 37 year lease.
Price Guide: £85,000
|MOST EXPENSIVE FLAT||
A five bedroom penthouse off Park Lane on a long lease.
Price Guide: £2.2M
Wetherell specialise in the sale and acquisition of residential property in London’s No. 1 area ………. Mayfair.