No sun but plenty of heat in the Mayfair market!
The summer sun was not the only event that did not happen in Mayfair this year. The seasonal summer lull, the quiet time when all the buyers are away, did not happen either!
Serious buyers aggressively bid on newly available properties, realising the continued shortage of stock for sale and concerned over the continuation of rising prices.
Records are still being achieved but still representing good value when compared to our Belgravia neighbours.
Wetherell’s experience in the market this year indicates:
- The £1 million one bedroom flat is now a reality
- £1,200 – £1,600 p.s.f. for residential Mayfair is now the norm
- £2,000 p.s.f. for Prime Mayfair is now longer a goal but a benchmark
- Prime prices this year have in some cases increased by 50%
Now that the schools are back to work it is the seasonal time for new instructions to come to market. Whilst buyers and sellers alike cast a glance to the turbulence in the financial and stock markets, it is still business as usual in the prime property market.
Location, location, location – where better than Mayfair