Property Report January 2005
Taking research from our database, the volume of sales for flats and houses
in the Mayfair area was again down on historical levels.
2004 Volume of Flats and Houses Sales
- 40% down on 2001
- 25% down on 2002
- 25% down on 2003
2004 Volume of House Sales
- 50% down on 2003
2004 Volume of Flat Sales
- 20% down on 2003
MAYFAIR VALUES IN 2004
Values have however continued to rise with new records being
achieved across the spectrum of property types.
- Cheapest Flat: A 3 year lease in Green Street for a one bedroom flat sold on an asking price of £125,000.
- Cheapest House: A compact 2 bedroom mews house of approximately 575 sq ft which sold for just under £500,000.
- Most Successful Development: The new Capital and City development of 14 units above the new Cipriani restaurant at The 21st, in Davies Street where 13 out of 14 flats and penthouses have been sold in this £37m development. (Wetherell have one 2 bedroom flat remaining at a figure of £2,350,000 which includes an underground car parking space.) Also the development of 6 flats at 46 Green Street overlooking the “secret gardens” was completed and sold. These two developments show new developments selling at figures in between £1,250 – £1,750 per sq ft.
- Most Competitive Sale: A house being marketed by Grosvenor off Park Street which was offices reverting back to residential which with 2,700 sq ft with its own private garden and requiring modernisation was offered at £1,750,000 and eventually sold well in excess of £2,000,000.
- Most Expensive House: A new low-built townhouse built in contemporary style with its own swimming pool and quietly on the market at a figure of £15,000,000.
- Most Expensive Flat: A penthouse sold by Wetherell in with its own 1,000 sq ft of terraces which sold at £5,250,000 equating to over £1,700 per sq ft.
The total amount of property sold on our database in 2004 was in excess of £85m.
FORECAST FOR 2005
We enter 2005 with an average amount of property for sale in the Mayfair
market with a total asking price value of in excess of £250m.
- Cheapest Flat: A pied-à-terre off Grosvenor Street on a 21 year lease at £245,000.
- Most Expensive Flat: A penthouse overlooking Green Park at £9,500,000.
- Cheapest House: Down in St James’s on a 41 year lease at £795,000.
- Most Expensive House: A magnificent freehold off Berkeley Square at £15,000,000.
Wetherell forecast that 2005 will be a similar year in volume terms, however unsatisfied demand for property in the Mayfair area is still high and we predict a continuing strong market in value for Mayfair as buyers once again revert to the old adage of “Location, Location, Location”.