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​Property Report December 1997

December 1997

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  • 1997 has seen a vintage year compared to 1996. Values have risen by up to 25% in some cases over last year due to increased demand and the return of offices back to residential.

  • UK buyers in Mayfair dropped by 28% from last year’s figures. Overall they accounted for only 36% of the market, compared to 50% in 1996. This reflects competition from overseas buyers and is closer to UK presence figures in 1994 when they stood at 32% (1995: 40%) The UK market accounted for a greater proportion at the top end of the market than last year.

  • Middle Eastern presence in the market has slowly been rising since the end of the Gulf War. This year’s figures stood at 26%, a small increase on last year’s 25% (1995: 20%; 1994: 10%)

  • Interest in Mayfair from the Far East has remained on level pegging with last year’s figures of 12.5%. This reflects the continuing lack of supply of quality properties, particularly of 2 bedroom flats in the £250,000 to £500,000 price range, which tend to attract Far Eastern investors.

  • Most in demand this year were two and three bedroom properties which accounted for 58% of sales during 1997. Four and five plus bedroom houses accounted for 29% of sales.

  • Significant sales included:

  • 23 Upper Brook Street, Mayfair – circa £4.75 million
  • 20 Upper Brook Street, Mayfair – circa £5.75 million
  • Penthouses at Fountain House, Park Lane – £3.5-4.5 million
  • 41 Upper Brook Street (P&Os; former period office building) sold for reversion back to residential at £4.2 million

No.18 102, Mount Street, Mayfair, London W1Y 5HF DECEMBER 1997