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​Property Report June 1996

June 1996

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Wetherell Report


60% OF FLAT SALES ARE TWO & THREE BEDROOM FLATS


1996 Market Update




The first half of 1996 has been an active time for the residential property market in Mayfair. Still the familiar complaint is that there is not enough good stock available to meet demand.

However Wetherell’s latest survey of sales shows that the present Mayfair profile is a sophisticated purchaser familiar with the area and waiting for the right property to come available.

Strongest Market

Our survey of sales for the first half of this year reveal that 60% of flats sold were two and three bedroom properties. One bedroom flats accounted for 31% of the market.
30% of the flats were below £250,000 with 31% between £250,000 – 500,000.
The luxury end of the market over £1 million accounted for only 16% of sales.
Flats accounted for nearly 75% of all sales with the remainder being houses or investments deals.

Mayfair Houses

With the reversion of so many former office buildings back to their original residential use, the Mayfair area is now back in fashion.
Demand is strong for spacious town houses between £1-2 million in either modernised or unmodernised condition.
The original Mayfair Mansions built in the previous two centuries when space was not at such a premium are also back in vogue with the reversion of these buildings from offices back to their original use.
Wetherell have recently sold a 1730′s Grade II* listed building in South Audley Street, with planning permission to revert back to a 17,000 sq.ft. house. The guide price was £5 million to include a large garden.
Another substantial sale was a large corner house in South Street sold on a guide price of £2.25 million for its 8,000 sq.ft. of space.
There are currently ten magnificent houses available in the Mayfair area between £1.65m to £10 million.
Mayfair can now offer three houses with swimming pools with three more “coming on stream” in the Autumn.

Buy Now

There are only 118 properties currently available with a value of around £125 million.
Demand always exceeds supply so we recommend that you start your search immediately.















BEST BUYS

CHEAPEST
1 BEDROOM FLAT

Situated in “Gentleman’s Chambers” of Grosvenor Square.
Price Guide: £125,000

BEST VALUE
2 BEDROOM FLAT

A spacious third floor “walk up” with reception room.
Area: 968 sq.ft.
Price Guide: £210,000
Sole agent



HALF A HOUSE
Upper maisonette in period house. 3 bedrooms, 2 bathrooms,
1,276 sq.ft.
Price Guide: £265,000


BEST VALUE APARTMENT
3 Bedroom flat in modern block with 2 car parking spaces.
1,245 sq.ft
Price Guide: £450,000
Sole Agent



GROSVENOR SQUARE


Elegant flat overlooking the Square. Reception 21’9 x 17′. 2 bedroom suites plus staff studio. 1,437 sq.ft.
Price Guide: £675,000
Sole Agent