11
Feb
Comment on the central London market
Read this fascinating comment on the Mayfair market by the
recognised expert Peter Wetherell of Wetherell in Mount Street, Mayfair.
No-one knows the market in Mayfair as well as Peter and this report
makes very interesting reading.
What a Difference a Year makes!
Wetherell experienced a strong start to the year for January sales,
rentals, enquires and instructions. One month’s volume
of Mayfair sales in 2010 was the same as the first quarter of 2009
when we were going through the banking crisis.
The difference between the two markets is clearly visible; last
year the boat had sunk and with no land in sight people
didn’t know which way to swim, now however we have seen a
“mini boom” with strengthening prices throughout the
rest of 2009. Increased volume of sales has given an anchor
to value with keen competition from purchasers for the best prime
properties. Applicants’ registrations are up with the
majority walking into the shop or registering direct through the
web.
Wetherell are now the most visible Mayfair estate agent on the web
for property in Mayfair.
Recently we registered an enquiry for a £20M mansion from a
keen purchaser and the market has seen a strengthening up to
£10M with one unmodernised house going to “best
offers” with eight interested parties.
First Deal of the Year
Wetherell achieved the first sale of the year with a two bedroom
3rd floor walk up in South Audley Street overlooking Harry’s
Bar at a healthy price of just over £1M for a long
lease.
On the rental side we let a 4 bedroom mansion flat overlooking
Mount Street Gardens on an asking figure of £3,500 p.w.
New to the market
The beginning of the year has seen 13 new wetherell sales
instructions with asking prices totalling approximately
£125M. The rental side of the business is still short of
stock with well priced homes renting quickly.
Best House – A newly restored Grade II* listed Georgian
townhouse built circa 1750-3 with adjoining mews house, garden and
garaging, freehold at £25M.
Best Penthouses – Two unique duplex penthouses with 360
degree views over Mayfair, Hyde Park and the whole of London.
Interior designed by Nicholas Haslam Design, these enormous
penthouses with their own private terraces and garaging are
available to rent at £25,000 per week per penthouse.
Two freehold Town Houses – One unmodernised in a secluded
pedestrian “Close” behind Grosvenor Square at
£4.75M and the other a fully modernised Grade II listed
townhouse at £7M in Upper Brook Street.
Loosing the Pitch!
Although the market is more active there is still a shortage of
good property available but at least we are seeing the
“old” overpriced properties being withdrawn.
Wetherell’s analysis of these withdrawn properties showed
that they were on at prices nearly 50% higher than those
sold.
However on a number of recent appraisals Wetherell have lost out to
other agents on the initial pitch as vendors succumb once again to
bullish prices. Time will tell who priced right but an
interesting anecdote is that we are currently negotiating on the
purchase of a 3 bedroom maisonette originally brought to market in
March 2008 at £3.5M, now on at £2.5M. Needless to
say but Wetherell did win the original instruction!
Back to Tangible Assets
For those cash rich purchasers who have the opinion that high
inflation will return in the future then 2010 will sometime in the
future be seen as the 1973 / 1982 or 1990 of the market when
looking back it just looked so cheap by comparison to modern day
values. But then again that is inflation for you.
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