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Wetherell Market Report September 2014

Here's the latest Market Report from Peter Wetherell of Wetherell of Mayfair Peter says:

Last week I re tweeted a considered press article on the "Mansion Tax" threat aired by Ed Milliband in his "rousing" political speech at his Labour Party conference.

One of my Mayfair Guru followers replied:
"Oh do stop whining. I don't agree with tax but your protestations are nauseous. Mayfair would survive".

Indeed I am sure that it would but this rhetoric and "politically neutral" electioneering does not hide the fact that this tax is ill judged, badly conceived and "robbing the rich" to pay for the poor in the guise of the NHS is in reality a tax on London and the South East.

London produces 24% of the UK's GDP and is one of the successful drivers of our UK economy. I believe an alternative approach should be the answer?

Prime Minister David Cameron has pledged that the Conservatives are the only party that won't bring in a mansion tax.

I hope that at his conference this weel he comes up with the logical alternative by creating higher rate council tax bands ALL across the UK and use this extra income to lessen the council tax burden at the lower end of rate bands ALL across the country.

In 1989 I sold a Mayfair town house for £500,000 which paid rates of £2,100 p.a. I recently sold it for £5m paying a council tax of £1,353 p.a. The old Rateable Value system meant that more expensive homes all over the country paid more. Why just introduce a new tax primarily on London and the South East? It is just cheap politics - and - Boris agrees with me. Keep up the fight my Mayor of London.

I shall now have to wait in trepidation as to what my "mayfair guru" followers have to say.


The other main event last week (alas over shadowed by the above) was my client British Land's press announcement that it had sold off plan and off market 50% of its new residential development at Clarges Mayfair.

Overlooking Green Park with southerly views towards Buckingham Palace this development of 34 homes has generated £210m of sales and broken all Mayfair records.

Wetherell and Knight Frank are the development agents and the full press release is to be found here.


I came across an article from the Sunday Telegraph from June 1999

“A combination of market forces and government leasehold reform is now reversing half a century of damage. Like some sleeping beauty, Mayfair, which escaped the worst excesses of the 1960s and 1980s office-building boom, can once again claim its place as one of London’s most desirable areas.”

15 years later and thanks to yours truly consistently predicting a bright future for the area, Mayfair seems set to once again regain the crown of London's No.1 area.

447 new residential homes are planned for the Mayfair area which could increase the population by 25% over the next decade.

Residential investment market strong both UK and Overseas.
Second hand sales market quiet and volume of sales at 50% of 2013.
Mayfair Rental market been strong up to £1000 p.w. mainly to overseas students.

Yours sincerely,

Peter Wetherell
020 7529 5560

Wetherell - Mayfair`s Finest Properties. 102 Mount Street | Mayfair | London | W1K 2TH  020 7493 6935

Latest Wetherell listings:

Clarges Street, Mayfair, W1J, £1,850,000
An immaculate one bedroom apartment with high ceilings and spanning three windows across a prominent period building

Grosvenor Square, Mayfair, W1K, £3,650 per week
An impressive lateral four bedroom flat on the first floor of this secure building with views over Grosvenor Square.

Three Kings Yard, W1K, £4,250,000
A white stucco fronted house with associated parking situated within a gated mews.