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Mayfair Market Report from Wetherell - February 2011

Never has the strap-line "No-one knows Mayfair better than Wetherell" been more accurate than when referring to our Mayfair Office colleague Peter Wetherell. Peter has established himself as the recognised expert on this highly exclusive market and his property reports make interesting and valuable reading.

Nick Churton of Mayfair Office says "I eagerly await Peter's monthly Market Reports. They are always well written, full of fact and details and give a glimpse of some of the best property available in our wonderful area"

The February Market Report reads:

Magritte Matisse Monet - Mayfair

This week the money flies into Mayfair as Sotheby’s and Christies hold their impressionist and modern art sales. Artists include: René Magritte, Édouard Manet, Henri Matisse, Claude Monet, Henry Moore and Edvard Munch.  

New price records are expected as once again cash goes into art as well as equities, property and other tangible assets.

Reports of property prices for prime central London (PCL) matching their previous 2007 peaks falls into insignificance when compared to a Picasso selling yesterday for over twice its estimate of £12.M.  

When you look at other commodities the same picture emerges - Coffee up 77% in 2010 and Cotton 84% in the same year.  Copper has recently reached an all time high above $10,000 a tonne and Crude oil topped $100/barrel for the first time since 2008. (No more “C’s” please - Ed.)

For those of you who feel that we have avoided driving down the evil road of deflation and depression but turned a tight corner into the return to inflation through quantitative easing – then Mayfair is the place to “park your cash”.

It was recently reported that 16,000 non-doms had left the country (123,000 in the year to April 2009 down from 139,000 in the previous year) to avoid the £30,000 levy which the Treasury estimated would bring an extra £650M a year however in the first year the levy brought in only £162M.

The Coalition has failed to scrap the previous meddling government’s hike in stamp duty by 1% to 5% over £1M (starts 1st April) – so lets see if transaction volumes fall even lower than the present low and anticipated Treasury income falls as owners decide not to sell to buy something bigger but instead spend it on improving their existing home and also, probably, through the “black economy”!

Stocks of property for sale in Mayfair are low due to low interest rates not forcing distressed property onto the market.  Relying on the usual three “D”s of “death, divorce and debt” has resulted in the present property market being straggled through lack of stock and availability.

Our Wetherell house view is that Mayfair property has never been cheaper and over the next 10 years will be London’s most exciting PCL area for growth.

STOP PRESS

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Kind Regards

Peter Wetherell
Wetherell
020 7529 5560