Property Report September 1994
70% Mayfair sales are under £500,000
In the first 9 months of this year the residential property market in Mayfair has seen most activity in the price ranges up to £500,000.
Wetherell have researched their database of sales of residential Mayfair properties from the beginning of this year to determine the trend and strength of the market.
The most active segment of the market was for property between £200,000 and £400,000 which represented 35% of the deals done with property in the £100,000 to £200,000 showing 15%.
Properties between £500,000 and £1 million represented 21% with the top end of the market over the magic one million only representing 9%.
Statistics can be misleading however as the amount of sales this year have been governed more by supply than demand with a shortage of good property in each individual price range.
Houses and flats in the £800,000 to £900,000 range only amounted to 1% of the overall market however we have a number of keen buyers in this price range who would snap up a property if only it was available. We currently only have 5 properties in this range, two of which are houses.
Over £400 per sq. ft.
Wetherell feel that Mayfair is still offering exceptional value as compared to other central areas of London.
Values of flats in the general market are still asking around £300-400 per square foot although a new development off Berkeley Square has recently broken the £400 per square foot barrier.
Sales at the top end of the market however are still achieving high prices and are looking towards the magical £1,000 per sq.ft. as an asking price.
The Mayfair Mansion
The big house market is also back in favour with international purchasers seeking the celebration and character of the history of old Mayfair along with the modern day luxuries.
The irony at present is that there are more buyers than sellers and that this will create competition and raise prices.
Vendors are therefore not tempted to sell at present, waiting for the rise. At the same time however, the buyers are loathe to pay more than they would last year creating a stale mate situation in Mayfair.
SURVEY OF 1994 SALES
WETHERELL maintain an up to date database of all available and sold properties in the Mayfair area. The best deal under £100,000 was a one bedroom flat in Grosvenor Street for £85,000. The best value house was in Charles Street for around £500,000 and one of the more expensive 1 bedroom apartments went for over £300,000 in Mound Row in a modern block.
|100 – 200,000|
|200 – 300,000|
|300 – 400,000|
|400 – 500,000|
|500 – 600,000|
|600 – 700,000|
|700 – 800,000|
|800 – 900,000|
|900 – £1 million|
|Over £1 million|
Mayfair’s leading independent estate agents
specialising in residential property
Tel: 0171-493 6935 Fax: 0171-629 9303
We sell Well
|No. 7||102, Mount Street, Mayfair, London W1Y 5HF||SEPTEMBER 1994|