10 Aug

Mayfair Market Report from Wetherell - August 2011

Mayfair Market Report from Wetherell - August 2011

Each month Nick Churton of Mayfair Office looks forward to the monthly market report from Peter Wetherell of Wetherells of Mayfair - THE recognised expert on the Mayfair market.  Peter says "July has been a busy month for Mayfair residential property with 21 properties sold (including 3 houses) for £80M."

RECORD PRICE

The record price was in Davies Street (see link below) at The 21st for a 5th floor 2 bedroom apartment above “C of London” (Cipriani).

Built in 2004 and sold at £2.275M, it was then sold again in August 07 for £3.975M and now three years later for £5.25M which with 1,734 sq.ft. equates to £3,028 p.s.f. A 33% increase since the top of the market in 07 and 130% increase in 7 years. (Not so good as gold however which at time of writing is up 200% over 5 years!)

Headline rates of £3K psf can be confusing when it is still possible to buy in Mayfair for half that rate, depending on location, situation and tenure.

PARKING RESTRICTIONS

The major event however is the ruling by Westminster City Council to extend parking charges on meters and to extend the yellow line no parking hours until midnight.

For residents and business alike this will follow “The Rule of Un-Intended Consequences” - Residents who cannot find an available resident’s parking space will have to compete and pay for a meter. Guests coming to Mayfair will find parking harder and those working in the evening will find parking costs prohibitive and public transport scarce when they leave work late at night.

NEW TO MARKET

New instructions slow down over the height of summer and we have never known such a low availability of stock currently totalling only 70 properties with 25% under offer.

3 84 Mount Street, W1K 2SP, £1,750 per week A stunning 2 bedroom apartment on the third floor of this distinguished period building on the corner of Mount Street and South Audley Street, above prestigious Purdey’s.

2 125 Mount Street, W1K 3NS, £765 per week A delightful one bedroom apartment (725 sq ft) in the heart of Mayfair Village, benefitting from high ceilings and large windows providing plenty of natural light throughout the property.

Flat 1 51 Hertford Street, W1J 7ST, £1,750,000 One of three newly created apartments in this attractive corner building just south of Curzon Street

11 Glendore House Clarges Street, W1J 7EG, £2,250 per week A large lateral family apartment on the fourth floor of this secure portered block close to Berkeley Square and Green Park. The flat benefits from large entertaining space, eat-in kitchen and grand entrance hall.

10 Audley House 9 North Audley Street, W1K 6WF, £4,500,000 A well presented and well proportioned 4 bedroom lateral apartment of 2,036 square feet in this portered building in between Grosvenor Square and Oxford Street.

2 51 Green Street, W1K 6RR, £1,500,000 A beautifully modernised and wonderfully light three bedroom duplex apartment of 1410 square feet 

14 101 Mount Street, W1K 2TQ, £825,000 and £750 per week. A one bedroom apartment in Mayfair’s destination street in this classical period building backing onto the Mount Street Gardens.