Strong Start To The Year
Estate Agents are always asked at this time of year for their thoughts and predictions for the year ahead. At Wetherell, our research shows that since the New Year demand has risen significantly with a proportionate increase in sales being agreed. The three properties featured on last months Mayfair Update are all under offer and of the 26 properties in Mayfair currently under offer, half of them found buyers within the last 4 weeks.

Sales agreed are, as always, at the asking price or within a few per cent of the asking price; the easiest way to loose the interest of an agent is to say “Well, I think the market is going to go down…” because for every non committed buyer there is a serious buyer who will proceed.

The Ryanair Effect: Consistent
Supply, Strong Demand
Following the events of September the number of general enquiries was much reduced. However, our research reveals it didn’t deter buyers – of the 158 sales conducted throughout 2001, 22% were concluded during the 4th qtr. of last year.

With 96 properties currently for sale, supply is consistent with the historic average for Mayfair and the increased demand is making for a brisk market, so with increased competition for each property the market looks set to remain strong for the foreseeable future.

Although demand has been predominantly from the U.K. we are seeing the re-emergence of enquiries from overseas, particularly from the U.S.A. and mainland Europe, both in sales and rentals.

Leasehold Reform
The existing Leasehold Reform, Housing and Urban Development Act 1993 may be amended if the contents of the Homes Bill, which the government is still discussing, are implemented.
Whilst this may further extend the rights of leaseholders, the existing Act is explained (in plain English!) on the Government’s website
www.housing.detr.gov.uk/order/flats/index.htm.

Contemporary Lets
This year so far has seen a busy start to the rental market, with numerous prospective tenants looking and a good selection of property coming to the market.

Contrary to what the National Press seem to be reporting we have not seen a huge reduction in rental prices or people picking up bargains. Business is the same as ever, traditional properties are where the offers are being made and a bargain can be picked up but the contemporary look is still much sought after and achieving full asking rents, as well as being let a lot quicker. For example Wetherell are marketing a four bedroom maisonette in Adams Row with a large eat in kitchen.