JANUARY

MOUNT STREET

The first of many flats we sold or let in 2003 with outside space or verdant views.

The benefit of overlooking the Mount Street Gardens outweighed the short duration of the lease for this flat and we achieved a record price for this building.

FEBRUARY

UPPER BROOK STREET

Acting on behalf of Grosvenor we successfully sold this unmodernised house in Upper Brook Street.

Unusual because the house was not visible from the street and rare because it had direct access to private gardens.

MARCH

GREEN STREET

Until we sold this newly refurbished duplex flat, Green Street was never considered prime Mayfair but a combination of exacting finish and luxury fittings meant that within weeks of it being finished we had two buyers vying for the flat at record prices.

APRIL

ST JAMES'S PLACE

After the owner had been let down by other purchasers, Wetherell sold this second & third floor apartment in this exclusive enclave within St. James’s.

Boasting an 800 square foot reception room which featured a 28' picture window giving panoramic views of Green Park.

MAY

GREEN STREET

Wetherell rented this unfurnished one bedroom flat exceptionally quickly given its southerly views across the secret gardens of Green Street which can be admired from both the reception room and bedroom.

JUNE

UPPER GROSVENOR STREET

Just off Grosvenor Square in this substantial period building, a record price was achieved for a flat of this type.

On the top floor this interior designed flat featured a conservatory leading onto a large roof terrace of approximately 293 square feet.

JULY

MOUNT STREET

Acting for a trust, this building comprising 10 flats & 2 shops and overlooking the Mount Street Gardens to the rear, was sold to a private investor after very competitive bidding from a number of parties and resulted in a sale far in excess of the guide price.

AUGUST

HAYS MEWS

Originally having sold this house to a developer, we were pleased to re-offer it for sale after the refurbishment. Bought by an investor we have subsequently taken it on our books to rent.

SEPTEMBER

BALFOUR PLACE

After selling this flat to an existing landlord client, we showed a prospective tenant around before the redecoration works were completed in this two bedroom flat.

After falling in love with the elegant reception room, the excellent rent of £1,200 pw was achieved.

OCTOBER

CHARLES STREET

Whilst instructed to sell this flat, over the lower three floors of this period building, we negotiated with the other flat owners in the building and successfully sold the entire building, with the freehold, to a purchaser who has plans to reinstate it as a private house.

NOVEMBER

PARK STREET

Having looked at 50 other two-bedroom flats, a new tenant was found for this top floor flat before the previous tenant had vacated.

While not as large as the other flats looked at, the roof terrace and access to Green Street’s private gardens more than compensated and an immediate offer secured the deal.

DECEMBER

PARK STREET

The difference between a penthouse and a top floor flat? – You know it when you see it!

The first time in nearly 10 years one of these exclusive penthouses has been for sale attracted great interest. Now sold, we have to wait another 10 years for the next one to become available!

SALES - Low volume, record prices

If 2002 was the year of volume sales, the Mayfair residential property market in 2003 can be defined as the year of lower volume, but much higher quality. Whilst other prime residential areas of central London were experiencing a temporary fall at the top end of the market, the Mayfair market continued to rise throughout the year. The problem for purchasers was scarcity with the volume of the sales probably 50% down on 2001 and 15% down on 2002.

The market in 2003 was initially slow with buyers unsettled by the stock market and the Iraq situation. However, activity rapidly accelerated through the summer months and culminated in the busiest December we have known for many years.

£ P.S.F - In excess of 1,000 per
square foot

Sales prices in excess of £1000 per square foot continued for properties finished to a high standard and indeed Wetherell have achieved far in excess of this figure on quite a number of occasions.

SHORT LEASES- Nearly extinct!

The availability of short to medium term leases is becoming even harder to find and has indeed been nearly hunted into extinction through recent legislation abolishing the residency test on leasehold properties for enfranchisement.

RENTAL MARKET - Corporates
return

The rentals market in 2003 started off reasonably quietly, but gathered speed as the year progressed, ending in an uncharacteristically busy final quarter to the year.

The Corporate market was quiet for the majority of the year but Relocation Agents contacted us for properties significantly more in the second half of the year.

Tenants were very selective in 2003 and multiple offering on flats was prevalent. This resulted in properties that were tired either being available for long periods before renting or the Landlords having to drop prices. Newly refurbished property, however, rented quickly and at a premium. A number of properties even had offers before work on the property had been completed.

Market commentators are confidently predicting a positive market in 2004, not only for residential property, but also to a rising stock market with no excessive interest rate rises.

Continued price rises in the residential property market in Mayfair may tempt further vendors into the market, however the main supply this year will come from new developments. Wetherell will be launching nearly £100 million of new flats in the Mayfair market during 2004 of high quality, but low in quantity as this only accounts for just 30 new properties. We will also be launching a number of new houses and Mayfair mansions.

A better year for buyers with a greater choice of property at the top end of the market, whilst the sellers can be assured that the increasing prices of Mayfair will once again align the area with the other prime areas of Belgravia, Knightsbridge etc.

With the local residential market akin to the locomotive going slowly but surely up an incline, it has the underlining power to maintain its upward trend due to supply and demand and with Mayfair’s uniqueness, whether in its diversity of buildings and architecture or quality of life, Wetherell has every reason to believe 2004 will be another fine year.