Our annual “Mayfair in Minutes” looks at the residential market for both the sales and lettings markets. In the sales market – 2-bedroom flats represented 25% of transactions. (DOWNLOAD LINK)
The highlights of the report are that “needs driven buyers” are now back in the market (bored of sitting on the fence and now moving on with their lives) as they see a greater selection of stock and a buying opportunity especially if from abroad with low value sterling exchange rates.
There has been a substantial increase in “super lets” as vendors become “reluctant landlords” and for those seeking a home in Mayfair – they can make fast decisions with only short-term obligations.
The Mayfair sales market has seen a reduction in the volume of transactions in the second-hand properties by 15% on 2017 – however the current new development market will increase the number of homes in Mayfair by 10% over the next 5 years.
2018 therefore had an active year for “off market sales” in the new developments springing up in and around Mayfair. Sales of Mayfair property over £10M in the second-hand market were down last year, primarily due to buyers opting for these new developments.