A recent headline in The Evening Standard announced, "Top House Prices Down 10%". This report was based upon an estate agent commenting that the price of a number of central London houses in prime areas had been cut by 10% since September. Properties that are deemed to be realistically priced will always attract buyers and price reductions are normally due to the increased desire of vendors to sell and possibly coming down in price from an unrealistic level at the outset.

With the stock market still volatile, current base still going down (4.5% the lowest for nearly 30 years with a further reduction to 4.25% expected before the end of the year) and a competitive market for mortgage lending, the cost of housing is still affordable.

The Mayfair residential market has never been a 'hot spot' and is therefore less volatile than some up and coming areas, where values are underpinned by speculation in a rising market. Mayfair's market is mature, long term and driven by the right property being available; it is not unknown for buyers to wait a couple of years for the right property to become available.

Turnover is therefore linked with availability and with no massive increase in the number of properties for sale, Wetherell believe that the Mayfair market will continue to be resilient and stable. There is a good choice of properties for sale, so buy now whilst there is still a choice.

Wetherell's latest properties for sale include

Wetherell's letting department is still renting a high amount of good quality properties. The rents are being slightly reduced if the properties are older or the decoration more worn, but the asking price is still achieved if properties are in immaculate condition or newly refurbished. Currently on the market is a beautiful three/four bedroom, two reception apartment in Mount Street, neutrally decorated throughout, available unfurnished for £1,500 per week.