One of the most prestigious and illustrious areas in London, Mayfair has long been an epicentre for residential wealth and prosperity. The Georgian properties in Mayfair are often generously sized with access to either private or gated communal gardens. However, despite the high prices for houses and apartments, they are very hard to come by and don’t stay on the market very long.
If you are just looking to dip your toes into the Mayfair property market by renting a property, or you are looking to buy in the area, read on. Here we look at the local property market, what to expect when moving to Mayfair and the kind of budget you will need to get started.
Despite maintaining a genuine village community feel, it is no big secret that Mayfair is synonymous with luxury. The streets are lined with designer brands and the area also boasts one of the highest density of Michelin starred restaurants of any borough in London including Hélène Darroze at The Connaught and the illustrious Alain Ducasse at The Dorchester.
Residents of Mayfair are spoilt for choice when it comes to shopping, Selfridges and Liberty of London are both within easy reach, as are the auction houses of Sotheby’s and Christie’s.
Because of Mayfair’s central location, the neighbourhood is very well serviced by ample public transport links, with stops for Victoria, Piccadilly and the Central lines. However, if you are looking for a new car to sit on the driveway of your new Mayfair home you will have the choice of Bentley, Rolls Royce, Bugatti, Porsche and Tesla all having dealerships on, or near, the famous Berkeley Square.
Aside from retail therapy, Mayfair can also offer plenty of green space with Hyde Park, Green Park and the hidden gem Mount Street Gardens all being within a short walking distance. Having recently celebrated their 250th anniversary, the Royal Academy of Arts at Burlington House has undergone an expansion and now offers more exhibitions and events than before, making it a firm staple in any art-lovers visit to the area.
Mayfair has a reputation for being a haven for foreign investors snapping up properties and then selling them on a few years later. Although this may upset some of the local residents that live in the area it does mean that there is often a handful of apartments and houses available for rent.
It is quite possible to rent any kind of property in Mayfair with prices starting at around £2,300pcm for a studio apartment. Although the prices for apartments in Mayfair may be high, the condition and presentation of the properties is second to none and often lavish and luxurious.
Typically apartments in Mayfair are within purpose-built blocks with access to communal areas and are serviced by a day porter, although there is a handful of converted townhouses that have been tastefully repurposed into small apartment blocks.
At the other end of the price scale, you can expect to pay up to around £50,000 a month for a 5 bedroom apartment with 5 bathrooms, 24-hour concierge service and private garage or parking space. For this price, you can also expect around 5,000 sq ft of living space and sometimes even access to a roof terrace or a balcony overlooking the picturesque streets below.
According to estate agents Foxtons, property prices have increased massively in the last few years - going from an average of £2.9m in 2017 to £6.9m in 2019. This is still a sharp increase from 2008 when it hit the £1m+ price point for the first time. Finding a property to buy in Mayfair is like seeing a wishlist of your dream property come to life. As mentioned above, many properties benefit from lavish interiors, concierge services, generous amounts of space and private parking.
Private gardens are very few and far between, with properties with private green space being snapped up ferociously quick. However, with immediate access to Hyde Park, St James’s Park, Green Park and Mount Street Gardens there is plenty of space nearby to lounge in the sun, go for a run or walk the dog.
Many of the old Georgian townhouses that line the streets of Mayfair were converted to office buildings (a lot of them becoming embassies, for example, the recently sold American embassy in Grosvenor Square) and then tastefully repurposed to become lavish and prestigious apartments.
This recent wave of development has reignited the demand for properties in the area. Although a lot of these properties have been snapped up by overseas investors and left vacant for the majority of the year, there is still a pleasant community feel amongst the residents.
One of the most in-demand residences is the redeveloped former US Naval offices at 20 Grosvenor Square. The development by Finchatton comprises of 37 flats that are valued between £4m and £35m.
Obviously, this price tag will not be within everybody's budget but properties include every possible amenity you could possibly dream of, such as a gym, pool, library, cinema, creche and wine room. These are not the only developments dotted around Mayfair, but they are very typical in terms of the price tag and level of luxury.
If you can look beyond the usual tourist hot-spots in the area, it is not hard to see why Mayfair is one of the most in-demand neighbourhoods of London. The properties that are available to buy will not be in budget for everyone, but for those lucky few that can stretch to the multi-million pound asking price, Mayfair has a lot to offer for the money.
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