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​Property Report February 1997

February 1997

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Wetherell Report


LACK OF PROPERTY FOR SALE SLOWS MAYFAIR MARKET


Buyers Push Mayfair Property Values Upwards




The first quarter of last year was an active time for the residential property market in Mayfair. This is being repeated for 1997 but again the familiar complaint is that there is not enough good stock available to meet demand.
Wetherell’s latest survey shows that the present profile of a Mayfair buyer is a sophisticated purchaser familiar with both the area and the values. They are just waiting for the right property to come available.

Low Sales Volume

In the boom times of the late ’80’s turnover of property in the UK was around 2.5 million transactions. Last years statistics show 50% of that figure.

Current estimates suggest that one million people wish to move property but will not place their property on the market until they have found their next purchase!

Time to Buy & Sell

The media reports on the market suggest that we are back to boom time levels, however evidence is thin due to lack of volume sales.
However now is the time to buy if you see the right property.

Due to the lack of stock agents predict a rise in asking prices to tempt potential vendors onto the market. Wetherell also believe that Mayfair is undervalued compared with other areas of central London. Buyers frustrated in their efforts to buy in other areas are looking at Mayfair.

The Village is Back
Wetherell have been one of the main agents leading the return of the area back to a more balanced residential feel with the reversion of office buildings back to their original use as residential houses and flats.
We like to call the area around the Grosvenor Chapel as “Mayfair Village”. Residents value the return to a balanced neighbourhood and are striving for further improvements to the quality of life in the area.

Buoyant Rental Market

The lack of property for sale has resulted in a strong rental market while potential buyers wait for the right property to become available. If you are looking to buy or rent then please call us for assistance.










BEST BUYS


There are currently 105 properties available in Mayfair for sale at a total value of approximately £135M.
Wetherell are instructed on over 50% of the total value available.


1/2 Bedrooms = 40% of market
3/4 Bedrooms = 35% of market
5 + Bedrooms = 25% of market


BY THE CONNAUGHT
Best one bedroom flat @ 295,000
Overlooking the Mount Street Gardens on a 995 year lease.
22′ x 17′ PRIVATE GARDEN
4 Bedroom Maisonette @ 585,000
Newly refurbished. Area: 1,850 sq.ft. 21′ x 18′ Reception. 75 year lease.

FREEHOLD INVESTMENT
3 Houses ideal for letting @ 1.8M
Newly Refurbished. Area: 4,763 sq ft. Each house has a garage. Freehold.
GRADE II GEORGIAN HOUSE
Access to Private Gardens @ 2.75M
Newly restored. Area: 6,000 sq. ft. 6 Bed Suites. 5 Receptions. Lift


BEST LETS


Wetherell currently have a wide selection of property for rent in the Mayfair area. Please call us for our comprehensive list.

SHEPHERD MARKET @250 pw
Newly refurbished one bedroom flat.
PARK STREET @ 450 pw
Two Bedroom flat
PENTHOUSE @ £725 pw
Close Grosvenor Square with terrace
CHARACTER HOUSE @ 1000 pw
2/3 Beds with terrace and parking


Wetherell


Mayfair’s Leading Estate Agents


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


We sell Well



No.14 102, Mount Street, Mayfair, London W1Y 5HF FEBRUARY 1997


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