(PRWEB UK) 16 January 2014
The data showed that Wetherell were responsible for 25% of all Mayfair sales in 2013, a feat that was supplemented by the The Fastest Deal (an £8.3m flat sold in just 7 days) and The Highest Priced Sale (£32m for a Mayfair mansion) awards: “This is the third year in a row that Wetherell has been Mayfair’s top estate agent, as judged by volume of sales, so it is great that we can add speed of deals and value of deals to our trophy cabinet,” said Peter Wetherell.
The success is hardly surprising given that the senior team at the estate agents has over 100 years’ combined experience of working in the local property market and the agents have been recognised as the driving force behind the revival of Mayfair as a prime residential location, by creating 300 new homes and planning hundreds more. From 2005, nearly 30% of Mayfair sales have gone through their hands.
Mayfair, a wise Investment
There is room for growth in both prices and sales in Mayfair, with Peter Wetherell dismissing the idea of a “London Property Bubble”. For keen investors, a steady demand for Mayfair and London West End apartments has been witnessed, especially in the £1 million to £5 million price bracket. Furthermore, according to the Land Registry, the average price of houses in the City of Westminster has increased from £148,831 in January 1995 to £846,881 as of October 2013.
The figures show that Mayfair property is no longer driven by sales of mansion houses in the tens of millions. Flats priced up to £5 milllion now make up 67% of all sales. And, although there is increasing interest from foreign investors, 45% of buyers are from the UK, followed by Indian, European and Asian nationals.
Foreign interest is also a key factor in increasing Mayfair’s residential image. An Indian billionaire has just acquired the Canadian High Commission in Grosvenor Square with the aim of turning it into a super-prime apartment scheme. If you subscribe to Peter Wetherell’s opinion, Grosvenor Square is going to be a place to watch in 2014 and beyond.