Property Report July 2001
South Street, Mayfair W.1
Freehold House with Terrace
Two Reception Rooms, Four Bedrooms,
Three Bathrooms, Shower Room, Kitchen,
Cloakroom, Roof Terrace.
Park Street, Mayfair W.1
Refurbished Apartment with Access to Gardens
Reception Room, Kitchen, Master
Bedroom with En Suite Bathroom, Bedroom
Two with En Suite Shower Room,
Local Knowledge – market still strong
Recent comments in the press have been contradictory about the London property market so it is no surprise we are often asked ‘how’s the market?’. Whilst Wetherell cannot speak for other areas of central London, we do feel qualified to comment on Mayfair – after all as the specialist for the area we do have the most transactions, have the largest available selection of property and our centrally located office gives us the knowledge of the buyers at any one time.
Given the diversity of property in the area, accurate statistics tend to be meaningless (the least and most expensive 3 bedroom flats sold so far this year were at asking prices of £425,000 and £2.95m – naturally it doesn’t follow that the average price for a 3 bedroom flat is £1.68m). However, our market research shows that there are currently 74 properties for sale in Mayfair with an additional 26 under offer, whilst turnover of property for the first six months of 2001 has only increased 6% compared to the same period last year.
Healthy Market – demand still outstrips supply
Nationally, a healthy housing market is dictated not so much by the ability to borrow as the ability to repay – housing costs currently account for less than 20% of homeowner’s income; during the late 1980’s it approached 50%. The Mayfair market, being far less dependant on the cost of borrowing is fed by supply and not demand. With a finite number of properties in Mayfair, only a given percentage will be for sale at any one time and the current availability of properties for sale is falling short of demand from buyers, which is a large factor in the increased prices we are achieving for clients; Wetherell recently sold a two bedroom flat (1,082 square feet) in Park Street for £850,000 a price that would have been unheard of only 12 months ago.
Rentals – The finest selection
Wetherell’s rental department has the finest selection of properties on it’s books with prices ranging from £275 – £3,200 per week. With Mayfair’s connections to Canary Wharf, the West End and Heathrow, demand from international and corporate clients remains as strong as ever and the local population appreciate the unique ambience Mayfair has to offer. For those on a stopover and needing the flexibility a hotel may not offer, short term rental apartments are available for one week to six months.
Happy Vendor, Purchaser, Landlord And Tenant
Quality properties are always in demand from awaiting tenants as highlighted by a recent case whereby working closely with the sales department who recently sold a flat (at the asking price) to an investor purchaser, the completion date was brought forward as the rental department had a tenant ready waiting for the flat. The result – a very pleased vendor, purchaser, landlord and tenant.
To see how Wetherell can help you please contact 0230 7493 6935.
Mayfair’s Leading Estate Agent
|No.58||102, Mount Street, Mayfair, London W1K 2TH||JULY 2001|