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​Property Report March 1999

March 1999

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Magnificent March

Grosvenor Square

Grosvenor Square, Mayfair W.1
41 foot reception room with 5 windows
overlooking the square.

Entrance Hall, Drawing Room, Dining Room,
Kitchen/Breakfast Room, Guest Cloakroom,
Master Bedroom with En Suite Bathroom, Guest
Bedroom with En Suite. Resident Porter, Lift.

Sole Agent

Upper Grosvenor Street

Upper Grosvenor Street, Mayfair W.1
A fantastic ground and lower ground
floor maisonette.
Three fabulously large reception rooms,
ideal for grand scale entertaining,
three terraces and conservatory.

Four bedrooms, three bathrooms,
shower room, wc, kitchen/breakfast
room, three reception rooms.

Available unfurnished for a long let
£2000 per week

   Hamilton Mews
   Hamilton Mews,
Mayfair W.1

Apartment with Parking
Space near Park Lane.

Entrance Hall, Reception
Room, Kitchen, Bedroom
with En Suite Bathroom,
Guest Cloakroom, Long

Sole Agent

Off New Bond Street,  
Mayfair W.1

Pied a Terre/Investment in
recently constructed

Entrance Hall, Reception
Room, Kitchen, Bedroom
with En Suite Bathroom,
Guest Cloakroom.

Sole Agent

New Bond Street


Broadbent Street, Mayfair W.1
A sunny third floor flat ideal pied a terre.
One bedroom, shower room, reception room, kitchen.
Available furnished for a long let. £350 per week.

Mount Street, Mayfair W.1
A superb second floor apartment with eat-in kitchen.
One bedroom, one bathroom, wc, reception room, kitchen.
Available furnished for a long let. £500 per week.

Davies Street, Mayfair W.1
A modern second floor flat in a portered block.
Two bedrooms, two bathrooms, reception room, kitchen.
Available unfurnished for a long let. £550 per week.

Mount Street, Mayfair W.1
A stunning third floor flat with high ceilings in a period
building with views over Berkeley Square.
Drawing room, dining room, kitchen, two bedrooms,
two bathrooms, entrance hall.
Available furnished for a long let. £1200 per week.

Mount Street, Mayfair W.1
An elegant second floor flat ideal for entertaining.
Two bedrooms, two bathrooms, wc, kitchen, reception
room, dining room.
Available furnished for a long let. £1600 per week.

Upper Brook Street, Mayfair W.1
A fabulous Mayfair townhouse.
Four bedrooms, reception room, dining room, sitting
room, three bathrooms, wc.
Available furnished for a long let. £2500 per week.


March Update

The successive reductions in interest rates have fuelled demand for quality property in Mayfair since the beginning of 1999, with the great majority of enquiries coming from British applicants. Lower borrowing costs, combined with stable growth in rental and capital values, are also reflected in greater demand for investment properties. To illustrate the demand, since the beginning of this year Wetherell have been instructed on £21.6m of property and have received offers totalling £17.8m.

New properties in prime Mayfair locations are still hard to find and when they become available there is often competition amongst buyers. Within 4 weeks of Wetherell being instructed to market a period Mayfair apartment 3 offers were received, to the extent that situations requiring ‘best and final offers’ are becoming more frequent.

Old & New

A lot of the increasing demand from people wanting to live in Mayfair is coming from seemingly younger people – whilst it is difficult to prove (we cannot request to see copies of everyone’s birth certificate!) it is noticeable. Some of the reasons cited by younger buyers coming to Mayfair, include the greater availability of contemporary designed homes in Mayfair and it’s central location. When the Jubilee Line extension from Green Park to London Bridge & Canary Wharf is completed, access to The City will be dramatically enhanced with, we believe, an increased demand from people wanting to live in Mayfair whilst working in the city.

The Budget

As expected, The Budget announced the ending MIRAS from April 2000 and an increase in stamp duty. Whilst the changes to stamp duty could have an effect on those sales already arranged, where the purchasers have budgeted for stamp duty at the previous rate, over the longer term the increase in stamp duty and abolition of MIRAS will have no real impact on the Mayfair market.

Stamp duty is only payable on properties sold in excess of £60,000. The new rates of stamp duty are, for properties between £60,000 – £250,000   1%; between £250,000 – £500,000   2.5% and for properties over £500,000   3.5%. For example, a property sold for £750,000 will show an increase in stamp duty of £3,750.

Mayfair Rental Market

The rental market remains buoyant with a steady flow of good corporate tenants and excellent private lets.

February was a busy time with the higher end of the rental market highlighted, tenants being relocated looking for large flats or houses with good entertaining space. Premium leases are still a good option for companies and obviously Landlord’s are attracted to an advance lump sum payment.

Wetherell have been newly instructed on two superb apartments in Mount Street. A spacious one bedroom flat with high ceilings available at £500 per week or a stunning two bedroom flat with views down to Berkeley Square available at £1200 per week, both are available on a furnished basis.

The short term letting market is also quite busy with people booking two weeks or a month for their holidays instead of using hotels. Also tenants being relocated are staying in short term rentals until they find a long term let of their choice.



Mayfair’s Leading Estate Agent

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

We sell well

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No.33 102, Mount Street, Mayfair, London W1Y 5HF MARCH 1999