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​Property Report July 1998

July 1998

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Jubilant July



Mount Street




Mount Street, Mayfair W.1


Period apartment in excess of 2,000 sq. feet.
Newly refurbished first floor flat with Drawing
Room, Dining Room, Kitchen, Master
Bedroom with Ensuite Bathroom, Bedroom
Two, Bathroom, Lift.





J.S.A. Egerton 0171 493-0676
£895,000



 

Curzon Street




Curzon Street,
Mayfair W.1


Penthouse
apartment with
rooftop garden.


Seventh floor
penthouse, fully
refurbished with
double garage,
lifts, porter and
lease of 137
years. Double
Reception Room,
Kitchen, Three
Bedrooms, Ensuite
Shower Room,
Two Bathrooms.















£875,000



 

Hertford Street,
Mayfair W.1


Refurbishment
Opportunity.

A period building
located off Park
Lane comprising
5,771 sq ft. with
planning for
conversion to flats.







J.S.A. Beauchamp
Estates 0171 499-7722

Price On
Application






 


 

Hertford Street


 


RENTALS


Shepherd Market, Mayfair W.1.
An ideal pied a terre, recently refurbished.
One bedroom, bathroom, reception room, kitchen.
Available furnished for a long let. £325 per week.

Grosvenor Hill, Mayfair W.1
A superb spacious second floor flat.
One bedroom, bathroom, reception room, kitchen, wc.
Available furnished for a long let. £450 per week.

Mount Street, Mayfair W.1
A stunning first floor flat in a period building.
Double reception, kitchen, wc, bedroom, study, bathroom.
Available unfurnished for a long let. £700 per week.

Davies Mews, Mayfair W.1
A top floor spacious flat with a terrace.
Two bedrooms, two bathrooms, wc, reception room, kitchen.
Available furnished for a long let. £750 per week.

Blackburne’s Mews, Mayfair W.1
An ideal corporate apartment with terraces and parking.
Three bedrooms, three bathrooms, reception, kitchen, wc.

Available furnished for a long let. £925 per week.

Hill Street, Mayfair W.1
A fabulous newly refurbished townhouse with lift.
Six bedrooms, four receptions, staff suite, kitchen.
Available unfurnished for a long let. £3000 per week.

Mount Street, Mayfair W.1
An exceptional penthouse overlooking Berkeley Square.
Five bedrooms, four bathrooms, two inter-connecting
reception rooms, dining room, kitchen. Roof terrrace.
Available unfurnished for a long let. £3000 per week.

 

























 
Bruton Street




Bruton Street, Mayfair W.1


Stroll to Berkeley Square.
Third and fourth floor maisonette in
period building with lift. Reception
Room, Kitchen, Two Bedrooms,
Bathroom.





£250,000




July '98 Update


Half Year Report    Turnover Down but Prices Up


Wetherell’s research has revealed that in the first six months of this year 60 properties have been sold (49 flats and 11 houses), with a total value of £47m and ranging in asking price from £120,000 to £10,500,000. If this rate of turnover continues for the remainder of the year, it will show figures down on 1997, but this is more a reflection on the shortage of properties available; capital values have been increasing at 6.25% since the beginning of the year.

Two bedroom flats, which always represent the majority of sales, now average £425,000 with three bedroom flats averaging £700,000. Although the average achieved rate is £391/square foot, values vary widely depending upon location, condition and length of lease.

Against 23 estate agents that sold properties in Mayfair, Wetherell sold the highest number of properties, from one bedroom flats to a 15,000 sq. ft. mansion, maintaining their position as Mayfair’s Leading Estate Agent.

The Next Six Months    Stable Market


‘….The market will slow in the next six months……You may get less for it now than you did last year……The London property marketing is softening…….’
Such are recent comments to be found in media reports; the more they are recited, the greater likelihood it will become a self-fulfilling prophecy. The National Association of Estate Agents’ latest research revealed that in London and the South East, the majority of estate agents reported that the market was not improving.

Others are now voicing our prediction in January that sustainable growth of 20% per annum would be unlikely through 1998 as it was in 1987. It remains to be seen whether there will be a ‘short sharp shock’ or an extended ‘cooling off’ period for the market to find equilibrium between buyers and sellers.

Summary    Realism Required


‘Advice is seldom welcome; and those who want it the most, always like it the least’









Philip Dormer Stanhope, Fourth Earl of Chesterfield


 
Purchasers, hearing stories about the market overheating, are becoming increasingly cautious and our advice to people selling is realism. If you are selling, top prices can still be achieved, although it is becoming increasingly evident that buyers are rejecting properties coming to the market at asking prices that anticipate further price rises -
if you are buying there is a good selection of property available.




NAEA


Wetherell


Mayfair’s Leading Estate Agents


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

We sell well

Ombudsman Scheme

No.25 102, Mount Street, Mayfair, London W1Y 5HF JULY 1998




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