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Mayfair - Luxury London Real Estate - end of year report 2015

Those who are interested in the market in Mayfair as the year end approaches might enjoy the words of Mayfair Guru Peter Wetherell. The whole report can be accessed by clicking here.

To summerise:

HIGHLIGHTS

TRANSACTIONS
The impact of increased taxation and regulation on the upper end of the prime central London property market has impacted on transactional activity. (see full report)

£ P S F
We have tracked the £p.s.f. value of a pre-owned 2/3 bedroom apartment in Grosvenor Square from 1984 to 2015 showing a rise from £280 p.s.f. to nearly £4,000 p.s.f.

EFFECTS OF SDLT
We highlight a price band where there has only been ONE transaction in 2015 due to transaction costs of stamp duty. We compare transactions volumes with the rest of PCL.

MAYFAIR AVERAGE £ PSF COMPARED TO REST OF PCL
Mayfair is within a "whisker" of regaining the crown for London's No.1 area only beaten by SW1X

% OF MAYFAIR SALES ACHIEVED BY PRICE BAND TO REST OF PCL
26% of properties sold this year achieved in excess of £5M compared to 13% across PCL

PRICE REDUCTIONS
So important to correctly price at the outset.39% of sold Mayfair properties were after a price reduction.

ABOVE SCOTT'S
We track the value of the same apartment over 30 years.

MAYFAIR RENTAL MARKET
Mayfair now achieves the highest rental values per square foot then any prime London neighbourhood.

OLD FASHIONED RATES PAYABLE VERSES COUNCIL TAX
We look at the diffrence and adjust by RPI the 1984 rates payable compared to present day.

FORECAST FOR 2016
The residential market in Mayfair is currently seeing its most exciting decade for nearly a century.

Conclusion
With just over two weeks to the Christmas break, may I take this opportunity of wishing all our clients old and new a very Merry Christmas and a Prosperous New Year.

You might also be pleased to know that Westminster City Council Planning Committee last night granted planning permission for The Connaught Christmas Tree so it does not have to be taken down. Merry Christmas.

Kind regards
Peter Wetherell