2007 Volume of Sales Consistent to 2006
2007 Value of Volume Sales up by 41%

41% increase in total value sold

Last year, Mayfair & St James’s experienced an increase of approximately 41% in the value of all residential property sold (compared to 2006) whilst the number of properties sold was similar to 2006, partially a reflection on the lack of new developments for sale in 2006. Even though there were some high value sales, the increase in fiscal terms highlights the continued growth of Mayfair as a Super Prime Central London area which operates on its own macro economy.

Super Prime Mayfair – more sq. ft. = more £p.s.f. = > £2,000 p.s.f.

As a general guide; more square feet (sq.ft.) equates to more pounds per square foot (£p.s.f.). For those flats sold in excess of £2,000 p.s.f., the average size was 2,800 sq. ft. and all of them (except two) were in excess of 2,000 sq.ft. After adjusting to a long leasehold (or freehold) value and assumed as newly refurbished, the following Wetherell sales last year show £2,000 p.s.f. as a benchmark or “Plimsoll line”.

Mount Street: Immaculate ground floor flat overlooking the Mount Street Gardens. 647 sq.ft. with long lease
Mount Street: First floor unmodernised Pied a Terre, 687 sq. ft. 43 year lease
Pall Mall: St James’s duplex penthouse of 3,347 sq.ft. -the most expensive 2 bedroom flat sold in the area last year
Shepherd Place: Low built double fronted family house in paved pedestrian thoroughfare. 4,548 sq.ft. and enfranchisable 28 year lease
Charles Street: Period Grade II listed townhouse with adjoining mews in the heart of Mayfair. 9,538 sq.ft. sold freehold
Upper Brook Street: Unmodernised mansion with mews. The most expensive unmodernised house sold last year. 12,660 sq.ft. sold freehold

2007 Volume Mayfair Market was flats – 83%

Given the lack of houses in Mayfair, it is not surprising to expect more flats than houses to be sold; however you may be surprised by the numbers.

44% of all properties sold last year were 2 bedroom flats
60% of all properties sold last year were 1& 2 bedroom flats
75% of all properties sold last year were 1, 2 & 3 bedroom flats

2008 – NO ONE KNOWS MAYFAIR BETTER THAN WETHERELL Buyers still Buying, Sellers still Selling But only 62 Properties available – Down 50% Lack of Stock

Currently there are 62 for sale with a further 8 under offer, the established ratio of offers to the number of properties for available highlighting that there is fluidity in the market. However the market is used to 90 -120 properties available at any one time and in 25 years we have never known such a shortage of property available.

Mayfair Market to rise by 10% in 2008

The days of successfully speculating in secondary property are no longer with us as banks tighten lending criteria. The Mayfair residential market however is not mortgage driven but driven by International wealth, this money is still seeking a safe haven and where better for growth than Mayfair.

Second homeowners may well consider capitalising on gains made in recent years, subject to the Government legislating on Capital Gains Tax and ‘non-dom’ residents.

With the consensus that Mayfair & St. James’s property will appreciate by an average of 10% for 2008, vendors realise that they can still achieve an historically high price and Mayfair purchasers know they are still buying into an appreciating market.


Buy Prime – Buy Mayfair Buy Location – Buy Mayfair Bulls will beat the Bears in Mayfair

Even though the bears are being more vocal, it is the bulls that will prosper. Mayfair residential property is a blue chip investment with continued growth potential, investment back-up through rental income and the continued trend of commercial buildings reverting back to residential use can only improve investment prospects.

Hot Property

For those Mayfair Aficionados that are eager to jump back into the property waters after the Christmas and New Year break here is a selection of our new and up & coming properties:

Mount Row: A very rare chance to acquire a property which has planning approval for it’s demolition and the construction of a new 10,500 sq ft home
Upper Brook Street: A self contained period building with patio and terrace with the possibility to use either as offices / house / flats
South Audley Street: An unmodernised flat in one of Mayfair’s highly prized and sought after portered blocks, approx 1,800 sq.ft.
Charles Street: A fully refurbished duplex apartment in a period building with a share of the freehold, approx 2,600 sq.ft.

2008 – Value not Volume

For those of you currently in the market, seeking a property you will be experiencing an interesting phenomenon – The estate agents are calling the buyers!

If 2007 was the year of the “best offers in by”, you the buyer can now look forward to 2008 as more considerate year and receiving a lot more attention. However the lack of stock might still make it just as frustrating!




2007 was the busiest year for rentals in Mayfair that Wetherell has ever seen, with properties being on the market for an average of 3 weeks and our average rental price being over £1000 per week. The first few weeks of 2008 have seen the strong 2007 market continue onwards, and 2008 looks to follow suit. Currently Mayfair has never seen so few properties to purchase and consequently people are renting rather than jumping in with a purchase.

Over the last 12 months our Sales department has been active with investment landlords seeking flats and houses to purchase, refurbish and then let in the Mayfair area. Top buy to lets have been:

South Audley Street, Mayfair, W1 – LET

A top floor 2 bedroom Maisonette of 1000 square feet in a period building

Sold for £1,250,000
Let for £1350 per week
Gross Yield of 5.6%

Bloomfield Court, off Berkeley Square, Mayfair, W1

A newly refurbished 2 bedroom apartment in a modern development

Sold for £795,000
On the Market in January for £1200 per week
Estimated Gross Yield of 7.8%


The top end of the market continues to grow but tends to be enquiry led and not sensitive to price adjustments. Typical tenants include media, diplomatic or top end companies.

Upper Fielde , Park Street, Mayfair, W1 LET

A stunning 3 bedroom lateral apartment reached a record rent this month and rented within a week of coming on the market.

Let for £4500 per week

MID RANGE – £1,500 – £3,000 per week

A selection of 4 flats in this beautiful grade II listed building, recently on the market.

Upper Grosvenor Street 2 NOW ONLY AVAILABLE £2900 per week +

ENTRY RANGE – £400 – £1,250 per week

Still our busiest segment of the Mayfair market, rents are continuing to increase at an average RPI of 4% per annum or above. The top end one bed market at £750 per week and the two bed market at £1250 per week and both continue to be the most popular in the Mayfair area.

Carlos Place LET
£750 per week

Stunning modern flat in this immaculate portered block

Bruton Place AVAILABLE
£550 per week

Wonderful Mayfair cobbled Street with charming garden terrace

Grosvenor Square AVAILABLE
£475 per week

Newly refurbished one bedroom flat in 24 hour portered building


The latter part of 2007 has seen an increase in the number of applicants seeking high end family homes. After selling their own homes in the peak of the market, many families are waiting to see what the future market brings before jumping into buying new homes and are renting for 1 to 2 years in the interim.

The majority of current tenancies are renewing due to the lack of properties on the sales market.

Wetherell have already seen an increase in rentals volume by 30% in the last year due to the lack of properties for sale in the area and hope that a strong rentals team combined with a new dedicated rentals office are all contributing to what looks to be a fantastic 2008.