Property Report January 1994
Seller’s Market in 1994
The market in 1993 was without doubt the year to have bought residential property in Mayfair.
With prices up to 30% off the peak of the market in 1989 the buyers who had the confidence in the belief that the market had reached bottom, reached into their pockets and bought some of the choice properties that are so rarely available.
The Past Year
Some notable highlights of 1993 saw the sales of two mansions at around £6 million each, both in bad condition, and both originally on the market at nearly double the selling figures.
A number of Mayfair houses, in the £1 million range, sold for a third off their original figures and likewise some excellent apartments sold for 30% off their peak.
One example was an apartment of two bedrooms just off Grosvenor Square which we sold in 1988 for £350,000 and bought back for a client from the bank last summer for £180,000!
The Year Ahead
All estate agents and professional commentators are now reporting the same story, the recession is over, there is a lack of supply and an increase in demand.
We are now faced with a distinct shortage of prime property and the last quarter of 1993 saw a hardening of prices and in one case a top floor maisonette sold for a price near 1989 prices!
The national press have reported various predictions of a rising market where the central London increase has ranged from 5% to 19%. Wetherell feel confident that purely by the supply and demand ratio, that the increase will be 10% but any more will just have to be seen and the market tested.
It is not too late however to pick up a good investment. After all an investment is a commodity that will not go down in value and the last year has hopefully proved that point in residential property.
Below their is a selection of houses and flats that Wetherell still have on their books which we feel represent good value and should the market increase substantially will prove to be very sound investments indeed.
A character mews house which was reputed to have been occupied by The Beatles at one time! Originally a two bedroom house the present owner has converted it into a spacious one bedroom mews house with two reception rooms.
Price Guide £197.500
Always one of the more popular locations of Mayfair and the most asked for is the first floor.
This first floor flat has been modernised and offers two bedrooms and a reception room on a long lease.
Price Guide £235,000
|ST. ANSLEM’S PLACE||
There are very few freehold houses in Mayfair and even fewer with their own integral garages. This two bedroom and two reception room house overlooks gardens to the rear.
Price Guide £375,000
|OFF BERKELEY SQUARE||
Rarely available a three bedroom penthouse in a modern block with porterage and car parking by arrangement. The double reception room has open aspects over the roof tops of Mayfair.
Price Guide £550,000
|UPPER GROSVENOR STREET||
A first floor apartment in a former gentleman’s club. The front drawing room is wood panelled and interconnects with the dining room. With approximately 2,000 square feet the accommodation only has two bedroom suites.
Price Guide £675,000
Owner now keen to sell. A three bedroom apartment with two reception rooms in a 24 hour portered building on the south side of the Square.
Price Guide £675,000
VENDORS URGENTLY REQUIRED TWO & THREE BEDROOM FLATS
We sell Well
Tel: 0171-493 6935 Fax: 0171-629 9303
|No. 3||102, Mount Street, Mayfair, London W1Y 5HF||JANUARY 1994|