Wetherell Mayfairs Fitnes Properties

Commenting on the state of play at the upper end of the London market, Shaun Crockett of Mayfair agent Wetherell reveals that 'areas most reliant on demand from works in the financial and business-services sectors, such as Kensington, Holland Park and Notting Hill, have been severely affected this year due to the falls in City employment and earnings, and the high cost of borrowing. But the falls have been less severe in prime central areas such as Mayfair, where established money and international demand dominate. Here, values have fallen by less than half compared with other areas of central London. Even so, many clients are prepared to sell below their asking price, because even at today's prices, they are still seeing a marked increase on what they originally paid for the property'.

Illustrating both sides of the market divide, Wetherell is selling an elegant apartment in Carlos Place, Mayfair, at £3.75m (reduced from £4.25m), plus four other properties on the instructions of the LPA Receivers - ranging from a two-bedroom apartment off Davies Street at £1.85m, to a duplex four-bedroom penthouse off Park Lane at £5m. Mayfair property guru Peter Wetherell believes, however, that "the smart money will hold out until the spring, when the perception is that the market will start to crack and the best bargains will be on offer".