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.
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
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
This year over 30 properties have been withdrawn from the sales market …..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.
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.
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