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So what's happening in the luxury London market?

Nick Churton of Mayfair International Realty recently asked his good friend, renowned property guru Peter Wetherell of Wetherell of Mayfair, how he saw the Mayfair Market as we reach the half-way point of the year. Peter's thoughts are as follows .............

THE DEBT REPORT
Recent data shows that home loan approvals were only 45,000 in April 2011 which was down 8% on the year but more importantly it can be compared to the November 2006 peak of 130,000.

THE WEALTH REPORT
HM Revenue predicts that this year 1% of Britain’s population will earn 12% of all income tax and also that the top 5% of population will pay a quarter of all income tax.

THE INFLATION REPORT
Sir Mervyn Allister King, GBE (born 30 March 1948) Governor of the Bank of England and Chairman of the Monetary Policy Committee knighted for services to inflation and at his age he has been through the 1970’s inflation period and the 1990’s recession.

SWITCH TO TANGIBLE ASSETS
With inflation in the air it is worthwhile looking at a number of Mayfair properties which over the years indicate the value of investing in tangible assets.

Last month Wetherell sold a ground and lower maisonette on a 53 year lease in Aldford Street with terrace in the heart of Mayfair Village for just under £4M.  In May of 2005 I was acting on the purchase at £1.8M but missed out to another buyer on the 59 year lease.

Wetherell have just put under offer at just under £3M an apartment of 1,863 sq.ft. in South Street (962 year lease) that I originally took on 28 years ago at £325,000.

We have just sold an unmodernised 3 bedroom apartment in Grosvenor Square at nearly £2,750 p.s.f. which in 1998 I valued at £622 p.s.f.

More than double in 6 years with a depreciating lease, a tenfold increase over 28 years on a freehold tenure and a fourfold increase in Grosvenor Square £p.s.f. over 13 years.

CONCLUSION
Between all these increases we have had ups and downs in the market but as a long term investment Mayfair and prime central London property have proven themselves over time.

Here are the latest listings amazing listings from Wetherell:

1 61 Pall Mall, SW1Y 5HZ, £700 per week
A well proportioned one bedroom apartment excellently located just moments from Green Park tube station and the open spaces of St James’s Park. Offered in superb condition throughout and comprises double bedroom, modern kitchen and bathroom and reception room with views overlooking St James’s Palace.

22a Culross Street, W1K 7HE, £4,950,000
A fantastic freehold house of approximately 2917 square feet over 5 floors with a private garage, 2 person passenger lift and an attractive private rear garden.

6 101 Mount Street, W1K 5HF, £825 per week
A smart and very quiet one bedroom flat situated on the second floor of this well maintained block in the heart of Mayfair village.

Flat 18 5 Shepherd Street, W1J 7HN, £825 per week
A newly renovated two bedroom apartment on the 4th floor of this well run block in Shepherd's Market. The corner reception room is extremely light with lovely roof top views towards Curzon Street.

12 Avenfield House Park Lane, W1K 7AF, £725 per week
This perfect pied a terre has recently been renovated to a very high standard throughout. The flat is located in a very smart block with 24 hour porter and excellent transport links. Heating and hot water included.

Flat 2 28 Hill Street, W1J 5NW, £5,500,000
Within this period building a few hundred metres to the west of Berkeley Square, a spectacular apartment over 2 floors featuring a private terrace garden and swimming pool.

Flat 50 Chesterfield House Chesterfield Gardens, W1J 5JU, £1,350,000
A sixth floor flat (775 square feet) in this apartment building with a share of the freehold and 24/7 security.

1 37 Green Street, W1K 7FL, £3,650,000
A spacious duplex apartment of 2289 square feet with 2 reception rooms and 2 bedroom suites benefitting from direct access to the secret Green Street gardens.

45 St James's Place, SW1A 1NS, £3,750 per week
A quietly located large family house in the heart of St James's, close to all local amenities, Green Park and St James's Park.  This four bedroom property is neutrally decorated throughout and benefits from having excellent entertaining space.