At the time of writing, Wetherell's analysis of the residential market in Mayfair shows that of the 123 properties on the market, 17% are under offer. Contrary to media comments about the housing market, it is interesting to note that of all the properties that are under offer, only one vendor found it necessary to reduce their asking price before finding a buyer.

Throughout the year the choice for buyers has increased as more properties have become available. In line with Westminster's policy of clamping down on unlicensed serviced apartments blocks, availability has been enhanced by a number of such buildings coming to the market with the flats being sold individually. Of the 42 flats made available in such buildings, 38% have found buyers.

With the supply of properties available, prospective purchasers have the confidence to pay market prices as they are assured that the price they offer is in line with comparable properties. A number of other contributory factors to sustainable growth in the market include the Monetary Policy Committee of the Bank of England deciding to leave interest rates unchanged at 6%, unemployment at a 25 year low (especially in the South East) and London's pre-eminence as a global capital city.

As a place to live, Mayfair's renaissance continues unabated to the extent that demand is greater than ever for apartments that can be lived in as full time residences. Those who know Mayfair realise that flats in excess of 1,400 square feet are few in number, so at any one time there are proportionately few for sale and when they do become available they are taken up fairly swiftly. It is not unheard of for people to buy a lesser flat in their ultimate building so that when a larger flat becomes available they get to hear about it first. However, with Wetherell's contacts, historic knowledge and market research we often pip them to the post!

It is said that buying & selling property is one of the three most stressful things one can do in a lifetime. Wetherell believe it should not be like that, as once we have achieved the best price for vendors, it is our tenacious monitoring of the sale, liasing with solicitors, surveyors, landlords and managing agents, which ensures the sale proceeds as unhindered as possible. Only when the vendor actually realises the benefits of the sale and the buyer gets the property they want do we consider our job done.