FORECASTS

One of our leading property agents recently upgraded their 2011 forecast for Prime London movement from -1% to + 8%. Although this shows an amazing strength in the central London residential property market, it does however indicate that we really should not be in the forecasting business!

REPORT THE FACTS

It is probably better to report the facts, so here are the highlights:

The Mayfair market has had a busy 6 months with some record breaking sales creating a step change from £2,500 per square foot (p.s.f.) to over £3,000 p.s.f. June was an amazing month for Wetherell with us selling nearly 60% of the stock with a market value of over £41M The volume of transactions is still low with just over 60 units sold in the first 6 months with a value of £230M. Wetherell were involved in 30% of the house transactions and sold over a quarter of the total value.

IN & OUT

Of course the biggest sale not included in these statistics was the “In & Out Club” in Piccadilly (built in 1756-8 as Egremont House) for £130M. Derelict for over a decade, hopes are high for development with its new owners, The Ruben Brothers, as its benefactors. It is a massive vote of confidence in Mayfair.

SOLD MARKET INDICATORS

Culross Street - 3 bedroom town house of 2,847 sq.ft. sold for just under £5M (Wetherell sold in 2003 for £2.7M.)
South Street – A 4 bedroom apartment (which in 1982 was £325,000) was sold in June for £3.1M.
Park Street - An unmodernised Mansion sold for £19M. (In 2005 Wetherell sold for £9M.)