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
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.
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.
With so few properties on the open market our advice is to buy now while present prices are still quoted.
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.
|MOUNT STREET W.1||
Best two bedroom flat @ £250,000
Currently arranged as a large one bedroom. South facing.
|PARK STREET W.1||
Three Bedroom flat @ £335,000
Short lease of 26 years but has spacious accommodation.
|HILL STREET W.1||
Three bedroom flat @ £675,000
A ground floor apartment with secure underground garage space.
|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
|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