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​Property Report July 2000

July 2000

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Mayfair's Portered Blocks

Reeves Mews Reeves Mews
South Street, Mayfair W.1    
Fourth floor mansion flat with south
facing reception rooms.

Drawing Room open to Dining Room,
Kitchen/Breakfast Room,
Master Bedroom with En Suite Bathroom,
Guest Bedroom with En Suite Bathroom,
Bedroom Three/Study, Shower Room.
24 Hour Porterage, Lift, 980 year Lease.






Sole Agents
£1,500,000


Reeves Mews


    Reeves Mews, Mayfair W.1
Beautifully presented apartment
with balconies.

Reception Room with Balcony,
Kitchen, Master Bedroom with
En Suite Bathroom and Balcony,
Bedroom Two, Shower Room.
Resident Porter, Lift.





Joint Sole Agents
£795,000



South Street South StreetSouth Street
Park StreetPark Street

    Park Street, Mayfair W.1
Investment flat with 231 year lease in
premier block with 24 hour porterage.

Double Reception Room, Kitchen,
Master Bedroom with En Suite Bathroom,
Bedroom Two, Bathroom,
Currently let until November.




Sole Agents
£730,000



 

Curzon Street
 
    Curzon Street, Mayfair W.1
Modern apartment with patio, parking and porter.
Double Reception Room, Kitchen, Master Bedroom with En Suite Shower Room, Bedroom Two, Bathroom, Patio, Lift, Porter, Underground Parking Space.

Sole Agents
£580,000





Value of sales up 42% in second quarter

Wetherell’s research reveals that the total value of residential property purchased in Mayfair & St. James’s increased during the second quarter (Q1-£44.5m and Q2-£63.5m). This is concurrent with a greater number of properties coming to the market during the spring months and underlines the fact that the residential market in Mayfair & St. James’s is supply led (at the end of the Q1 there were 80 properties for sale; currently there are 101 properties for sale).

Notable Sales

    Chart

Since January notable flat sales include a short lease flat in Park Street (£200,000), a ground floor mansion flat off Piccadilly and a refurbished one bedroom flat in portered block (both £575,000).

A garden maisonette in Park Street (£875,000) and a refurbished period apartment overlooking Mount Street (£1.6m). Houses sold include a mews house off Mount Street with terrace and garage (£975,000), a low built freehold house in Farm Street (£2.3m), a freehold house behind the American Embassy (£2.95m) and two town houses in Charles Street with connecting mews (£4.35m & £8,0m).

Market Growth

At the end of last year and early this year, vendors were reticent to go to the market for fear of underselling in a rapidly rising market, which led to paucity of property for sale. With Banks and Building Societies now reporting an annual rate of growth for prime areas of central London of 10%, this sustainable and comfortable rate of growth is encouraging both vendors and purchasers alike to enter the market.

 
Chart     Market Choice

Now that there is a greater choice of properties for purchasers, Wetherell are finding that the number of sales is increasing proportionally, which indicates purchaser’s confidence and further underpins the market. The table opposite highlights Wetherell’s market dominance and with properties ranging from one bedroom flats to seven bedroom mansions, we probably have the widest selection of properties for sale. Now that there has never been a better opportunity to purchase, combinded with vendor’s realistic expectations, Wetherell believe the local market will go from strength to strenght.

All data based on information supplied to Wetherell. Values based on asking prices.


NAEA


Wetherell


Mayfair’s Leading Estate Agent


Tel: 020-7493 6935     Fax: 020-7629 9303

We sell well

Ombudsman Scheme

No.46 102, Mount Street, Mayfair, London W1Y 5HF JULY 2000


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