Wetherell's research reveals that the total value of residential property purchased in Mayfair & St. James's increased during the second quarter (Q1-£44.5m and Q2-£63.5m). This is concurrent with a greater number of properties coming to the market during the spring months and underlines the fact that the residential market in Mayfair & St. James's is supply led (at the end of the Q1 there were 80 properties for sale; currently there are 101 properties for sale).

Since January notable flat sales include a short lease flat in Park Street (£200,000), a ground floor mansion flat off Piccadilly and a refurbished one bedroom flat in portered block (both £575,000).

A garden maisonette in Park Street (£875,000) and a refurbished period apartment overlooking Mount Street (£1.6m). Houses sold include a mews house off Mount Street with terrace and garage (£975,000), a low built freehold house in Farm Street (£2.3m), a freehold house behind the American Embassy (£2.95m) and two town houses in Charles Street with connecting mews (£4.35m & £8,0m).

At the end of last year and early this year, vendors were reticent to go to the market for fear of underselling in a rapidly rising market, which led to paucity of property for sale. With Banks and Building Societies now reporting an annual rate of growth for prime areas of central London of 10%, this sustainable and comfortable rate of growth is encouraging both vendors and purchasers alike to enter the market.

Now that there is a greater choice of properties for purchasers, Wetherell are finding that the number of sales is increasing proportionally, which indicates purchaser's confidence and further underpins the market. The table opposite highlights Wetherell's market dominance and with properties ranging from one bedroom flats to seven bedroom mansions, we probably have the widest selection of properties for sale. Now that there has never been a better opportunity to purchase, combinded with vendor's realistic expectations, Wetherell believe the local market will go from strength to strenght.