We always like to read the monthly Market Reports from Peter Wetherell of Wetherell of Mayfair and this month's is no exception:
Mayfair Market Report June 2012
“A specialist is a man who knows more and more about less and less”
So said William James Mayo - a physician in the United States and one of the seven founders of the Mayo Clinic - in a 1927 Reader’s Digest article.
As the Mayfair Specialist who has worked in the area for 40 years and celebrates 30 years of Wetherell this year; I feel that it can now also be seen as an apt statement for mere estate agents selling in an ever “slimmer” market.
Whilst prime central London bucks the housing trend in rising values we still follow the UK trend in an extremely low volume of turnover for property sold.
There are currently only 88 properties being openly marketed in Mayfair with about 10% under offer (75% through Wetherell). With so little new stock coming to market it is exciting that Wetherell are not only marketing some of Mayfair’s finest properties but have a number of great new instructions now on offer.
And yes - I do know a lot more about them as I have dealt with all of them on a number of occasions in our long history!
I have recently been looking at similar property sales in Mayfair over different timescales during the last decade. The biggest percentage increase has been for Davies Street (now home to Cipriani – now “C” – plus Alfred Dunhill and Gagosian Gallery) which 10 years ago was not considered a prime Mayfair address.
In May 2002 an apartment in The Manor sold for £1.45M and again in May 2011 for £6.05M. But in 2004 the new development, The 21st, opposite The Manor and over “C” arrived with a 2 bedroom flat for £2.75M which resold in 2011 for £5.25M. These two sales show annual increases of 35% & 19% respectively and show the benefits that a new development can in a street. Mayfair has not seen a new development since the 21st which is nearly 8 years ago.
Watch this space for the next leap in prices?
Here is a selection of current properties for sale and to let with Wetherell:
Upper Grovesnor Street, Mayfair, W1K, £17,500,000 Built in 1721, the house is highly regarded as having 'the best preserved early Georgian frontage on Upper Grosvenor Street.' The subject of a recent and comprehensive refurbishment the house seamlessly blends historic charm with modern technology. With such a rich and varied history, the house has been occupied and visited by many important figures over the years with actors presidents and the cream of high society entertaining and being entertained in its many rooms.
Curzon Street, Mayfair, W1J, £7,000 per week
Beautifully designed three bedroom duplex penthouse boating panoramic views over Mayfair and the West End. 3 Bedroom Suites * 2 large Reception Rooms * Kitchen Breakfast Room * Servery Kitchen * Cloakroom * Wrap Around Roof Terrace LONG LET
Culross Street, W1K, £3,500,000
Upon instructions from Grosvenor. An unmodernised wide fronted south facing home with private garden located in a quiet residential street off Park Lane.
Hill Street, Mayfair, W1J, £850 per week
A unique opportunity to rent a very special ground and lower-ground floor maisonette in an historic converted Mayfair mansion. Reception with High Ceiling and Intricate Cornicing * Bedroom * Bathroom * Sauna LONG LET
Balfour Place, Mayfair, W1K, £1,775 per week
A very special, light and spacious penthouse apartment, with wooden floors throughout, in an ideal location in the heart of Mayfair Village. Open Plan Reception Room * Fully Fitted Kitchen * 2 Double Bedrooms * 2 Ensuite Bathrooms * Entrance Hall * Roof Terrace * LONG LET