“Countdown to a New Mayfair” is our latest Wetherell research report which shows how residential Mayfair will look over the next 5 years. CLICK TO DOWNLOAD
As you presently journey around Mayfair; whether you go North, South, East or West, you will pass construction sites building a new residential Mayfair.
In my opinion people will look back on the Mayfair of the early 21st century as a pivotal moment in its 350 year history.
Whether retail, offices, culture, hotels or restaurants – the Mayfair offering and selection is the epitome of service and best in class – not just for central London but on a world stage.
The residential offering now coming on stream is the last piece of the jigsaw puzzle to complete the picture of a new modern Mayfair.
“Mayfair takes back the crown from Knightsbridge” is Wetherell’s battle cry as buyers see the right developments being built in the right place.
Don’t wait to buy in Mayfair – just buy in Mayfair and wait – because the best is yet to come.
MAYFAIR NEIGHBOURHOOD FORUM
We are pleased to announce that after three years of preparation, The Mayfair Neighbourhood Plan, has now been submitted to Westminster City Council.
You might not know, but, the Plan is a policy document for the next twenty years.
Its overall function is to articulate policies with which future development in Mayfair should comply.
It has been built on the ideas and comments received through a number of consultation events and we hope reflects the community’s desires and aspiration for Mayfair.
Westminster City Council will now review the Mayfair Neighbourhood Plan alongside the supporting documentation.
The Council will then launch its own six-week consultation period and an independent examination will be undertaken.
Following the examination, if the Plan is found to be satisfactory, a referendum will take place. YES – another referendum!
The latest copy of the Plan, along with the noted supporting documentation, is available to view on the website
WESTMINSTER CITY COUNCIL
You might have seen reports in the press recently on the subject of the amount hospitality received by Councillor Robert Davis, the Deputy Leader of Westminster City Council.
The Guardian collated public information to show that Davis had logged 514 hospitality events over the last 3 years.
Rather than castigating the gentleman I believe that the councillor should be applauded for the time and effort that he has put into the borough not just over the last 3 years but through the last 36 years.
I do not attend all the local events that I am invited to, however almost without fail, when I did attend I would see Councillor Davis present at the event promoting the West End and giving a well-researched speech in support.
It might not of escaped your attention that The 2018 Local Government Elections will take place on Thursday 3 May 2018.
TWO OF THE BEST
All of our openly marketed properties can be viewed on our website www.wetherell.co.uk
However I wanted to pick out one rental and one sales property to end this monthly update.
Our Wetherell research on last year’s Mayfair sales indicated that the largest price category for number of sales is between £2-5M representing nearly 44% of unit sales.
I have therefore chosen an apartment for sale which with its recent price reduction has just “entered” into this category at £4.95M.
An elegant and newly refurbished First Floor two Bedroom apartment of 1,340 Square Feet
Period Portland stone building dating from 1900
12ft ceilings throughout and benefiting from a share of Freehold @ £4.95M – CLICK FOR DETAILS
For the rental market the average Mayfair rents increased over 2016 with the amount of lets up 5% on the 5 year average.
This is in contrast with the rest of prime central London which was down in both value and volume.
A brilliantly bright two Bedroom penthouse.
A world renowned and quintessentially British address
Featuring roof terraces and balconies
Including Car Parking and Day Porter @ £1,650 p.w. – CLICK FOR DETAILS
SPECIALIST KNOWLEDGE THROUGH REAL TIME EXPERIENCE
The benefit of a leading local specialist –
Looking at the 2017 data for residential sales in Mayfair it is interesting to note that there were 19 estate agents involved in Mayfair sales last year.
However 13 of those agents only sold 1 or 2 properties in the Mayfair area for that entire year.
Whereas the top 3 agents had a vast majority share of transactions.
In a market dictated by lower transactions it is essential to ask the right questions to your agent on value and marketing.
It also obviously helps if that agent has local market knowledge and experience.
There is no such thing as a local “algorithm”.