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​Property Report July 1997

July 1997

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Wetherell Report


IT IS CHEAPER TO BUY A PROPERTY IN MAYFAIR THAN TO RENT ONE

ASSUMING YOU CAN FIND ONE DUE TO LACK OF PROPERTY FOR SALE



Better Buy in Mayfair




With the first half of the selling year behind us, the Mayfair Market has shown continued strength as one of Central London’s prime residential areas.

Wetherell’s latest “Survey of Mayfair Property” indicates that 75 residential properties were sold in the first half of the year with a total asking value of nearly £75 million.

Percentage of sales by size category show that the most active market was for two and three bedroom properties which accounted for 55% of all sales. One bedroom units accounted for 19% of the market while the top end of the market accounted for only 14% of sales volume.

50% below £500,000

In value terms it is surprising to see that 21% of all transactions were under £1/4 million with 36% between £250,000 to £500,000. The luxury end of the market over £1 million accounted for 16% of sales but represented over a third of the total value sold this year. Wetherell were involved in the majority of these transactions.

Flats accounted for 72% of all sales with the remainder being houses or investments deals.

Prices Rising, Low Stock
Wetherell’s research reveals that there are currently only 75 properties (1996: 118) available with a market value of nearly £80 million (1996: £125m). The current shortage has created frustration with buyers not able to purchase to their requirements.

Strong Letting Market

With the lack of sale stock, buyers are competing with the corporate letting market for the choice of property on the rental market. This competition has forced up yearly rents to levels that make the capital value of property cheap by comparison, that is if you can find the right property for purchase.
Present letting income translated into capital yield value creates figures whereby it would be impossible to buy any one bedroom flat in Mayfair for under £250,000 and half a million would only buy you a 2 bedroom flat. Period houses would start at over £1.5 million.

Record Sales
“Mayfair values go up in steps not the usual gentle incline of other areas” says Peter Wetherell, who has worked in the area for over twenty five years, “Lack of supply results in lack of evidence of a strong market. The demand is out there waiting for the supply. Each deal shows the strength of the market”.

Recent sales have indicated nearly £1,000 per square foot for prime International Mayfair locations, over £500 per square foot for “Mayfair Village” locations and nearly £600 per square foot for the sought after Mayfair Mansion.

Lowest Availability

With so few properties on the open market our advice is to buy now while present prices are still quoted.












BEST BUYS

With 20% less instructions than the last quarter and with the total value of stock down a third from £118m. to £80m.,Mayfair is experiencing a drought of available stock

1 Bedrooms     only 9  available

2 Bedrooms     only 21 available

3 Bedrooms     only 17 available

4 Bedrooms     only 6  available

5+ Bedrooms   only 22 available





MAYFAIR CHAMBERS W.1

Cheapest one bed flat @ £150,000

Just off Grosvenor Street, an ideal pied-a-terre in heart of Mayfair.

Sole Agent



MOUNT STREET W.1

Best two bedroom flat @ £250,000

Currently arranged as a large one bedroom. South facing.

Sole Agent.



PARK STREET W.1

Three Bedroom flat @ £335,000

Short lease of 26 years but has spacious accommodation.

Sole Agent



HILL STREET W.1

Three bedroom flat @ £675,000

A ground floor apartment with secure underground garage space.

Sole Agent



SOUTH STREET W.1

From offices to large house. P.O.A.

Upon instructions of the Grosvenor Estate. Overlooking Gardens.

Joint Sole Agent



PARK LANE W.1

Ultimate Penthouse over Hyde Park @ £4M

With Terraces total area 4,515 sq.ft.

Joint Sole Agent



UPPER BROOK STREET W.1

Mayfair’s Magnificent Mansions from £4.75M



BEST LETS

THREE KINGS YARD W.1

House with Garaging @ £1,200 pw

GROSVENOR SQUARE W.1

3/4 Bedroom Apartments from £2,250 pw

MOUNT STREET AREA W.1

Selection of 1 & 2 Bedrooms from £610 pw

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