WITHDRAWALS ON THE RISE
The number of sales for Mayfair residential property in 2017 has been overtaken by the number of properties withdrawn from the sales market as disappointed vendors withdraw their homes from the market.With only 26 Mayfair sales so far this year amounting to approximately £83M – properties withdrawn total 30 with quoted asking prices totalling £114M.
Many of these properties were lured to the market with high quoting prices offered by agents who did not know the market.Others came to market were the agents “bought in” the instructions – quoting high – in the hope of a price reductions in a few months after they had signed up the vendor.Our latest Wetherell Mayfair Market Report – “The Price is Right” – discusses the headline grabbing quotes of “45% of properties have price reductions” – DOWNLOAD HERE
Although this might appear high; in reality the high percentage is due to an increase in stock. As our graph (see report) shows that the actual number of properties sold after a price reduction has not really changed over the last 7 years.
TIME TO VIEW
The positive outcome is that with a slower market the number of available properties has risen to nearly 150 (broken down to 130 flats and 17 houses).The opportunities of choice have risen with potential buyers being able to view a selection in a more comfortable and professional manner before making a decision.
For Sellers – The most important aspect of our research is that if you are serious in selling – then CORRECT initial pricing is essential when launching your property and try and not be flattered by all those “wild valuations”.
For Buyers – What better time to buy with a greater selection of availability, the summer approaching and Mayfair itself rapidly becoming one of the world’s “Destination Locations”.
MAYFAIR GURU SAYS
As I have said before : “Don’t wait to buy in Mayfair. Just buy in Mayfair and wait – because the best is yet to come.”
STOP PRESS FOR SALES
Hertford Street, W1J, £1,700,000
A wonderful two Bedroom dual aspect apartment within a popular mansion block benefiting from a long lease and 24 hour porterage.
South Audley Street, W1K, £5,950,000
An elegant and wonderfully refurbished first floor two Bedroom apartment of 1,470 sq ft with high ceilings and long Lease.
Hays Mews, W1J, £7,350,000
A stunning, newly refurbished Freehold house of 3,311 square feet with garage, lift and roof terrace found within a prestigious Mews close to Berkeley Square.
STOP PRESS FOR RENTALS
Grosvenor Square, Mayfair, W1K, £1,595 per week
A newly renovated two bedroom rear ground floor apartment with fantastic entertaining space and private patio garden.
Mount Street, Mayfair, W1K, £1,350 per week
A luxurious and newly renovated studio apartment finished to the highest standard with views over Mount Street Gardens.