With market availability average for the time of year, the fact that many agents are citing the lack of property for sale goes to show that some of them have short memories - a busy few days and the market is booming, the phones aren't ringing and the market is flat!

Three substantial houses (all in excess of 7,000 square feet) have sold in the first quarter, which confirms our opinion that at this level the market is supply led, not demand led - it is more dependent on the property being available than the time of year.

For properties in prime locations, in very good condition and with a long lease or freehold, £600/square foot is now the norm - in an unmodernised condition £400/square foot is the yardstick. Now that the glass ceiling of £500/square foot has been broken, it can only be a matter of time when the premium figure of £750/square foot is achieved.

Lower Interest Rates

With base rates now at 5.25%, the lowest in living memory, many people are taking the opportunity of some very good discounted and/or capped rate mortgages on offer.

With the rate of growth in Mayfair predicted at 10% this year, it makes sense to trade up, as it now possible to borrow more whilst maintaining the same level of mortgage repayments as a few years ago.

Part of the Project Team

Developers, when contemplating a new scheme, are increasingly bringing in Wetherell as part of the project team, liasing with architects and quantity surveyors.

As selling agents, we are in the best position to know what purchasers are seeking and have often introduced ideas that the client or architects had overlooked, thus creating a better product.

Realising the benefit of calling on our knowledge and expertise from the outset, we can offer advice on the optimum use of space, level of finishes, interior design and decoration.