July 2002

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Mayfair's Finest Properties    

Carlos Place

Upper Brook Street

Loft Living in Mayfair Penthouse

CARLOS PLACE, MAYFAIR W1

Reception Room, Open Plan Kitchen / Dining
Room, Three Bedrooms, Two Bathrooms
(One En Suite), Cloakroom, Roof Terrace,
Spa Room with Sauna and Shower, Lift,
Porter, Long Lease.

£1,850,000

Joint Sole Agent
Harrods Estates
 Duplex Penthouse in Reconstructed Period Mansion

UPPER BROOK STREET, MAYFAIR W1

Drawing Room, Dining Room, Kitchen, Master
Suite of Bedroom, Bathroom, Shower Room &
Dressing Room, Guest Bedroom with En Suite
Bathroom, Cloakroom, Roof Terrace. Air Cooling,
Lift, Long Leasehold.

£2,850,000

Joint Sole Agent
Knight Frank


South Street

South Audley Street

Facing Mount Street Gardens

SOUTH STREET, MAYFAIR W1

Reception Room, Kitchen, Two Bedrooms,
Two Bathrooms (One En Suite), Storage
Room, 24 hour Porterage, Long Leasehold.

£875,000

Selling Agent
 Mayfair Village Flat Opposite Grosvenor Chapel

SOUTH AUDLEY STREET, MAYFAIR W1

Reception Room,
Kitchen, Two Bedrooms,
Bathroom.

£525,000

Sole Agent


 
Mayfair Market Report
 

Map of Mayfair


DINNER PARTY TALK
The buoyant property market has once again become dinner party conversation with some predicting that it will end in tears, as it did at the end of the 1980's. However, the economic environment is very different now.

INTEREST RATES
The cost of mortgage repayments is not included in the cost of living index, so the rise in property prices does not factor in headline inflation rates.

As The Bank of England's Monetary Policy Committee primary remit in the setting of interest rates is to keep inflation in check, it would be difficult for them to justify increasing interest rates purely as a result of the current buoyant housing market, with the resultant negative impact on industry and commerce.

MORTGAGE LENDING
The Council of Mortgage Lenders latest figures show that lending in May totalled some £19.5 billion (up 19% on April) of which approximately £12bn was for house purchases (the remainder being remortgaging, for example).

However they also reveal that existing owner occupiers taking out new mortgages are at the average rate of 65% of valuation and 2.3 x income multiple. By comparison, during the late 1980's respective figures of 95% and 3.5 x income multiple were not unheard of.

PRICE RISES
With investors cautious about corporate accounting which has furthered the share market's decline, there are a lot of people who have moved out of equities, now cash rich and are looking for a home (no pun intended!) for their money, with the property market the main benefactor.

Combined with interest rates looking to steer a steady course and mortgage repayments at comfortable levels, it is therefore not surprising that the Halifax and Nationwide are reporting house price inflation of 19.3% & 19.8% p.a. respectively.

         

BUY TO LET
There has been recent talk about many 'buy to let' private investors expecting to sell soon. Like any substantial investment the long term view, not short term, should be adopted and whilst returns have diminished over the last 12 months, capital growth has increased dramatically; property investment returns have always been compared to gilts and the long term view for rental growth in Mayfair is good.

THE FUTURE FOR MAYFAIR
Given the aforementioned, our overview of the market is:
1)  

Interest rates to remain fairly constant at historically low levels combined with a very competitive mortgage market.
2)  

New lending at record levels but consumers are borrowing well within their means - the market is underpinned by ability to repay not ability to borrow.
3)  

The supply of property in Mayfair is finite so demand will always outstrip supply.
4)  

When compared to similar areas of London Mayfair is still good value.
5)  

Rate of growth has been strongest in Mayfair over recent years, with the Mayfair market expecting further growth.

In summation, there has never been a better time to buy and sell in Mayfair!
 

PROPERTY OF THE MONTH
 
GROSVENOR SQUARE
 
Second Floor Refurbished Apartment on the favoured North Side of the Square.

Drawing Room, Dining Room, Study, Three Bedrooms, Two Bathrooms, Lift,
24 hour Porterage.

Lease in excess of 100 years.
 
£1,950,000
 
Sole Agent


NAEA
 
 

 Mayfair's Leading Estate Agent

Wetherell

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No.70 102, Mount Street, Mayfair, London W1K 2TH JULY 2002