As one of our Mayfair Aficionados – I thought you would be interested in this news:
Mayfair Regains the Crown as London’s No.1 Area
Knightsbridge is no longer London’s top address and is now being beaten in the property pricing stakes by rival Mayfair, due to Knightsbridge having a lack of new homes, outdated stock and constrained supply.
I attach a link of our new Wetherell Research plus here CLICK
For the first time in 10 years, since One Hyde Park was launched in 2007, Mayfair apartment prices have opened up a wide value margin above those of Knightsbridge.
For 2017, Mayfair apartment prices averaged £2,378 per sq.ft. – 6% above Knightsbridge, which averaged £2,242 per sq.ft.
• Almost 75% of Mayfair sales in 2017 achieved £2,000 per sq.ft. or higher, with the underperformers explained by short leases
The new Wetherell research also shows Mayfair starting to overtake Knightsbridge on price indicators for both areas most expensive stock.
• There is a similar scenario in the lettings market
The highest rents in Mayfair (W1K postcode) now average £2,026 per week, which is 17% higher compared to Knightsbridge (SW1X).
PREDICTIONS OF THE MAYFAIR GURU
Five years ago, we could see that planning permissions and office-to-residential conversions were reserving the shortage of quality stock in the Mayfair area.
Back in January 2014 we took the then bold step of forecasting that Mayfair would overtake Knightsbridge to become London’s most desirable address.
At the time agents and developers criticised our forecast and indeed one Knightsbridge developer said in 2014 that Mayfair prices would slow and fall over the coming years.
I am pleased that, with the test of time, our Wetherell forecast has been correct.
Off Berkeley Square – 1.5 bedroom, 6th floor pied a terre in mansion block with porter – £1,300,000 – CLICK
Mount Street – 1st floor, 3 bedroom, 2 reception room, south facing apartment ready for immediate occupation
– sensational interior design – £9,750,000 – CLICK
South Audley Street – 2nd floor, 3 bedroom, newly decorated in portered block – £2,750 per week – CLICK
Savile Row – Penthouse Duplex with a Terrace & Parking– 2 bedrooms – £1,650 per week – CLICK
6th April 2018 sees a new inheritance regime for non-dom owners of UK residential property – inheritance tax will be due on all residential properties. Each individual’s position will have different issues to take into account but up to date advice on values will be required.
WETHEREL VALUATION DEPARTMENT: Andrew Bishop FRICS / [email protected] can assist.
Last weekend saw a major logistics operation – First Time in 80 Years
Mayfair’s latest “boutique” residential development is diagonally opposite Claridge’s.
Greybrook House was originally purpose built in 1929 by acclaimed architects Sir John Burnett and Partners, as Bechstein’s London headquarters and showroom.
Founded in 1853 by Carl Bechstein, the world-famous piano manufacturer’s illustrious client list included Franz Liszt, Edvard Grieg, Claude Debussy, Bela Bartok, Maurice Ravel, Hans von Bulow and Queen Victoria.
This is the first time that a Bechstein piano has been at Greybrook House since 1939 – the piano has been installed in preparation for the VIP Spring Cocktail Evening when
The Award Winning Penthouse has an amazing roof terrace with roof top views of Mayfair. £25,000,000 – CLICK
Connaught to have an Outside Terrace – roll on Summer!
The hotel has just been granted planning permission for 5 tables and 16 chairs at the front of their new Jean-Georges restaurant.
Pedestrianisation of Oxford Street – Who is For ?
The consultation period has been extended to after the Local May Elections – it is heralded by tfl that there was a 48% approval for the scheme with only 33% against.
It is no surprise however that closer inspection of the respondents shows at 50% of the residents where against as well as 68% of businesses.
The highest approval ratings came from visitors to the area or who were not local !
Here is the tfl consultation document.
Annual General Meeting – Mayfair Neighbourhood Forum
If you want your say – whether business or resident – then now is your chance:
Thursday 19th April 2018 @ 6 pm
The Garden Room, Grosvenor Chapel, 24 South Audley Street W1K 2PA
Here is link to provisional agenda:
Footnote: Why Me?
I recently attended the annual conference of The National Association of Estate Agents.
At the event was The Property Academy who recently conducted a survey into home moving trends.
The top drivers for choosing an estate agent were
86% – I felt confident in their marketing ability
78% – I liked and trusted them
76% – I was pleased with their valuation of my property
In 9th place with 19% was – They had the lowest fee.
I have always acted for my clients by listening and understanding their needs and the whole team at Wetherell act with courtesy and professionalism.
Apart from being knowledgeable we try to be informative and being able to give good advice with a fast response.
In the next month Wetherell will be sending you an email to confirm that we hold the correct data so that we can continue to send you our Mayfair Market Reports.
We hope to continue to inform you, to educate you or just to amuse you.