16
Jun
So what's happening London?
We are often asked by agents and brokers around the world
"what's happening in London?" and this can be an interesting
conversation.
London is made up of hundreds of square miles of "villages"
(Mayfair, Belgravia, Knightsbridge etc) and each one has its own
experts who cover just their own areas, very well indeed.
Below you will see the current thoughts of the undoubted expert
in Mayfair, Peter Wetherell following a conversation with Nick
Churton of Mayfair International Realty.
INFORMATIVE, USEFUL AND ENTERTAINING,
This heading has always been my criteria when preparing my monthly
market reports and it is always a personal success when I can tick
off each of the three boxes as mission accomplished. Well
here goes. Full report is attached and highlights
below.
WHAT ELECTION?
In the Mayfair residential market, the busy run up to the election
in May and the subsequent hectic weeks thereafter certainly had all
the elements for an upbeat report as buyers completely ignored the
election circus and concentrated on the traditional spring
market.
VOLUME UP AND VALUE RETURNS
At the time of writing volume of sales in Mayfair are 100% up on
last year but still just under half off the peak in 2007 when there
were …..
MARKET BACK TO SPRING 2008
About 25% of the available stock is currently under offer with
Wetherell having a substantial market share at the top end of the
market over £2.5M. Demand for large houses is showing a
continuing strength as investors ……
MAYFAIR PORTFOLIO 2010
We publish this month our Wetherell 2010 Portfolio
“Exclusively Mayfair” featuring £250M of prime
Mayfair residential property……
NEW PROPERTIES TO MARKET
There has been a great selection of new property to
market…….
Wetherell have also just launched around the corner in Park Street
a small period freehold house of 2,587 sq.ft. at £3.5M and
also a larger house backing onto Green Street Gardens at £16M
for nearly 7,000 sq.ft.
Also new to market
Chesterfield Street – Freehold house, three windows across @
£11.5M
Charles Street – Freehold house @ £16.5M
DEVELOPMENT OPPORTUNITIES
Two substantial sites have come to the market recently both with
price guides in the region of £150M each…….
Also new development opportunities
Queen Street – Freehold with planning for 6 apartments @
Guide £5M
Mount Street – Corner building with planning for five
apartments @ Guide @ £10M
PROPERTIES WITHDRAWN
This year over 30 properties have been withdrawn from the sales
market …..
There is still a shortage of property available and for the right
property it is still a sellers market, the trick is the positioning
in the market.
RENTAL MARKET
Enquiries and deals at the top end of the market have picked up
again in the £1,500 to £3,500 p.w. range and we have also
been successful in renting one of the pair of Penthouses in
Avenfield House on an asking of £25,000 p.w.
THE BUDGET 22ND JUNE
Now we wait to see whether controls will be tightened regarding non
domiciled residents and whether they alter capital gains tax and
…….
Central London and UK plc still requires a strong financial centre
and it can only be hoped that future banking legislation will not
drive large corporate companies out of our city to more
accommodating world wide locations.
Kind Regards
Peter Wetherell
Wetherell
020 7529 5560
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