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Prices in Mayfair Soar, While the Rest Of The Market Lags Behind

Posted September 22, 2010 by admin in Blog | 1 comment

Considered by many as the ‘epicentre’ of the world property market, Mayfair prices have continued to rise of late whilst the rest of the London property market struggles to keep up.  With its essence of true Britishness and a multitude of trendy hotspots such as Harry’s Bar and Annabel’s, it’s understandable why this pocket of W1 has always been so desirable.

Figures from the Halifax’s house price index suggest an overall 0.9% fall in price for August suggesting that buyers are finding it increasingly difficult to obtain mortgages and that supply is starting to exceed demand. However, in contrast the Super Prime sector of the real estate market continues to thrive – Mayfair being one such example.  A shortage of high-end homes and availability of investment opportunities (for foreigners to take advantage of the weak pound) have resulted in Mayfair properties being immune to this fall.  ‘For overseas buyers, Mayfair remains very much the pied-a-terre location of choice.  A sentiment echoed by Bollywood superstar Shah Rukh Khan who proclaimed in a television interview earlier this year with Jonathan Ross that the Heart of London for him is centred around Grosvenor Square, Hyde Park and Selfridges.‘ Heta Shah, Partner, The Residence Collection

Pricing trends do not seem to affect Mayfair to such an extent as the rest of London - mainly because it is a such desirable address and dominated by the Super Wealthy who are under no pressure to sell.  ‘Mayfair property values are certainly back to 2007/08 levels, and in some cases exceeding values from the perceived peak.  The wider market normally trades at an average of between £1,200 and £1,500 per square foot with properties in prime addresses edging ever closer to £3,000 per square foot. This is supported by a Grosvenor Square flat Wetherell recently sold for £2,600 per square foot.’ Robert Windsor, Associate Director Sales & Developments Wetherell’s

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Britains Super Expensive Streets

Posted May 18, 2010 by admin in Blog | No comments yet

About two thousand streets in the United Kingdom now have average house values of £1 million, it is revealed today. The costliest street is in London’s Kensington Palace Gardens, where the average property costs £18 million. 3 quarters of Britain’s “Golden Streets” are in London, while a high concentration may also be found in Guildford, Richmond and Leatherhead. Virginia Water in Surrey where the average property is now worth £920,000 is the sole area outside London to make the top ten most expensive postcodes, according to the study by property web site Zoopla.

Ad Today’s total number of 1,995 streets where the average property value is more than £1 million is an increase of 36% on fifteen years back when there were 1,471 streets. Nick Leeming, commercial director of Zoopla.co.uk, recounted : as a country we are obsessive about property values. The past twelve months has seen home prices in the premiere areas of the country rebound at a far quicker rate than the average, making a contribution to a dilating of the North-South divide. Boris Kofman, a manager of Mayfair-based property consultancy Virtus property, which takes super prime London property on behalf of some of the planet’s richest people, claimed the top end of the market has been impervious to the downfall experienced further down the property chain. There are always folks that are intensely rich and who will need to buy super prime properties as prize assets, whatever market conditions may be, he claimed. The exchange rate having been so favourable to overseas purchasers during the last 2 years has put far more of a premium on super prime London properties. You also need to remember that properties at the very top end of the market are very rare, which again guarantees costs remain high.

It comes as a separate survey by spareroom.co.uk advised a 3rd of folks that hire do not believe they will ever be well placed to afford to get a property.

How London’s Flashest Penthouses Rent for £25,000 per Week

Posted May 15, 2010 by admin in Blog | No comments yet

The Times writes…

The newest penthouses in Mayfair sit on the eighth floor of Avenfield House above Park Lane, with views in one direction over Hyde Park; in the other, over the area’s distinctive redbrick houses towards the London Eye and the City.

The two apartments — both four-bedroom duplexes — cover about 10,000 sq ft, enormous for this part of London. With interiors designed by Nicky Haslam, Morpheus, the developer, believes that they could be the capital’s flashest penthouses.

“Each apartment is the size of a townhouse,” says the company’s Andrew Murray. “I would say they are the most impressive penthouses in London, if not the world.”

Soon to be rented at £25,000 a week, their launch is emblematic of the spectacular recovery of the super- prime market. On its knees in the dark days of early this year, the market for the finest homes is again awash with foreign and City money. Deals to rival boom-time records are again being done for the best properties.

The two penthouses — which have an exclusive Park Lane address but none of the noise — have been ten years in the making. The internal renovations (at a cost of £500 per sq ft) have been dramatic: the living/dining room is a huge lateral space that spans the width of the building.

Haslam’s interiors are an eccentric mix of the sleek and the quirky. The main suites have his-and-hers Italian marble bathrooms, while the banisters for the stairs leading to the first floor are made of cut crystal. “It all has a slightly Hollywood style,” he says. “The ceilings are so high that you can use enormous furniture. It is astonishing — you feel on top of the world.”

The owner thought about living in one of the penthouses, but decided instead to let both from January.

Luxury like this doesn’t come cheap, of course. But £25,000 a week? Peter Wetherell, of Wetherell, the agent managing the properties, rented a Mayfair property near by for £36,000 a week several years ago. The tenant stayed for almost a year. Meanwhile, WA Ellis marketed a property recently on Brick Street, with car lift and cinema, at £40,000 a week (the asking price has since been reduced to £30,000). It says that an international celebrity will be the probable tenant.

Wetherell says that whoever rents one of the Park Lane penthouses will be the type to take the presidential suite in a five-star hotel. “Someone who wants a toe in the water in London and who wants the international address of Park Lane. You’ve got the bling, and the view.”

Full Article

Living In St Johns Wood

Posted February 9, 2010 by admin in Blog | No comments yet

The Flat at Winchester Place is located between St Johns Wood and Swiss Cottage. St Johns Wood has an interesting history.

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The American School Of London Is Conviniently Located In The Neighbourhood

Posted February 3, 2010 by admin in Blog | No comments yet

Only a stone throw away is the famous American School in London

The North American College in London is a world, independent K-12 college in St John’s Wood, London, Britain for scholars aged between four and eighteen years. Established in 1951 by Princeton graduate Stephen Eckard, it’s the oldest American college in the town and the sole non-profit American college in Britain .

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