V verses V & SDLT
Volume verses Value is still the issue for residential sales in Mayfair.
SDLT (the acronym for Stamp Duty Land Tax) could also stand for “Stall the Deal Level of Transactions” since the Chancellor’s hike in top tier tax to 12% in December 2014. With the majority result in the General Election to the Conservatives they might like to reflect on declining revenues that this tax will in future generate. Transactional volumes in Mayfair so far this year are 40% down on 2014 with sales over £2m down nearly a third.
However the quality and value of the deals at the top end of the market remain extremely strong with Wetherell involved in 80% (in value and volume) of all deals above £5M in the open market for both large apartments and houses which are still in short supply.
TOP RETAIL SPEND TO HIT £10BN
Crossrail rolls into town in 2018 and it has been estimated that the retail spend in the West End will top £10Bn by 2019, which will put us ahead of any other European city.
Mayfair can offer the spread from High End to High Street and the West End with its 100,000 employees generates £8.8Bn for the UK’s GDP. Current building projects along the line are estimated to have a gross development value of £2.5Bn.
Top country for average retail spend (reported by Global Blue, who specialise in foreign travellers’ spending) is Qatar with an average transaction spend of £1,906 followed by UAE and then Saudi Arabia ( £1,551 / £1,495) with China currently 4th place with £1,450 although they do provide 23% of the international shopping spend on Bond Street.
Overall the average international spend in the West End is £969 per transaction which is 38% higher than the rest of the UK.
MAKE YOU VOICE HEARD
I am involved in the Consultation process for the Mayfair Neighbourhood Forum which seeks to ensure that their objectives reflect local opinion and that means not only those who live here but also who work or visit Mayfair.
I attach the latest newsletter of the Mayfair Forum which details the consultation dates and locations. I and my team will be signing up new members in Berkeley Square between 11:30 and 14:30 on June 30th and July 2nd.
Visit the website:
School Art Competition – as part of the community Wetherell recently held a colouring competition for the pupils at St. George’s of Hanover Square Primary School to give their interpretation of our front cover of “Who Lives in Mayfair “ report. Winners will be reported in our July report and displayed in our Mount Street window display.
“SUMMERTIME AND THE LIVIN’ IS EASY”
These words form the first line to one of the most memorable songs of the 20th century (here is the link to the 5 best recordings of the song: )
With this in mind what better than to showcase some of Mayfair’s finest homes with outside patios, terraces or gardens.
New to Market – The Mellier Penthouse – A duplex in an 8 windows across wide stuccoed building opposite the Royal Institution in Albemarle Street. A brand new 5,845 square foot (including 560 sq.ft. roof terrace), three bedroom duplex penthouse with grand entertaining spaces, triple height ceilings, terraces and 24hr concierge.
The upper level of the duplex apartment boasts a light south facing informal sitting room with fully equipped open plan kitchen, Music room lit by 22 foot Atelier window and a beautiful winter garden of 220 sq. ft. Click to see full details ….
UPPER GROSVENOR STREET
New to Market – A stunning South facing apartment spanning 2,167 square feet with high ceilings and private terrace. Enviably located on one of Mayfair’s premier streets, the apartment boasts a grand entrance hall that connects to the stunning South facing 600 sq.ft. Reception Room.
The contemporary Dining Room is well situated opposite the newly refurbished kitchen, and boasts fantastic natural light throughout. In addition there is a large private terrace and separate family room and two Bedrooms both ensuite. Click to see full details ….
Launching this week – Georgian Mayfair townhouse backing onto private communal gardens. Call Sales Department on 020 7529 5566
A luxurious four Bedroom duplex apartment finished to the highest standard and located in a beautiful period building with private sunken courtyard leading onto a private guest Villa. £5,800 p.w. Click to see full details …
A four bedroom duplex apartment in a period converted building with balcony overlooking Mount Street Gardens and a short walk to some of Mayfair’s finest retail stores and restaurants. With two receptions, four bedrooms, four bathrooms, two balconies and an eat in kitchen this property makes for an excellent family home. £3,250 p.w. Click to See Full Details …
Just off Park Lane – A newly refurbished two Bedroom Duplex apartment with Private Courtyard Patio in an attractive Mayfair Mews. split over the first and ground floor, this trendy apartment boasts double height ceilings in the reception and an American style open plan kitchen diner. £1,350 p.w. Click to see full details ….