The record levels of business at the end of 2003 continued into 2004 with an unprecedented level of activity so early in the year; the market in Mayfair normally has a tendency to wake up slowly after the Christmas holidays.

By the end of the month sales totalling nearly £7m had been agreed but the knock on effect was fewer properties available for buyers new to the market.

The same was true for the rental market, with outstanding rents being achieved - in excess of £1,100pw for a two bedroom flat on Park Lane and £3,600pw for a mews house with garage & roof terrace.

Too early in the year for new properties to come to the market in any great quantity meant that the New Year flurry ‘mopped up’ those properties remaining for sale from 2003, often with competitive bidding and healthy prices being achieved.

A prime example of this was a Georgian townhouse in Upper Brook Street (asking price £5.75m) that had floundered on the market for 18 months when two purchasers vied for it, with Wetherell successfully finding the new owner.

Compared to a seasonal average of approximately 100 properties for sale, our research in February showed that in Mayfair there were only 62 properties fully available (with a further 24 properties under offer), further compounding the supply / demand equation. And all this in a month when interest rates increased 0.25% to 4% and sterling surged to an 11-year high, reaching close to $1.95!

With views across Hyde Park, underground parking plus full use of the hotel's room service, gymnasium & swimming pool, a record rent of £1,900pw was achieved within a week for a two bedroom flat positioned above the Marriott Hotel on Park Lane.

As Budget Day approached, the fear of stamp duty rates going up became prevalent. As it turned out they remained unaltered and there was nothing in the budget to adversely affect the housing market, which after Budget Day continued unabated.

As the paucity of flats & houses to buy or rent continued, buyers and tenants were prepared to secure properties by offering very advantageous terms to Wetherell’s clients.

Examples include a lateral flat on Mount Street and a South Street mansion flat where sales were agreed at or just below the asking price with contracts exchanged within a matter of days, plus, quite possibly, the largest ever rental deal in Mayfair was concluded by Wetherell - in excess of £1.5m per annum was achieved for one of Mayfair’s Mansions.

Our rentals department was also very successful, letting a three bedroom duplex apartment on Carlos Place within days. Ideal for The Connaught and with wonderful views down Mount Street it is a prime exponent of the adage ‘location, location, location.’

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