Amongst the bustle of the theatre district in the West End of London and the busy Luxury Quarter offering the best designer brands around the world across Bond Street and Albermarle Street, resides the historic neighbourhood of Mayfair. As one of the most sought after residential areas in prime central London, Mayfair is home to a vast array of residents of all ages and nationalities. The diverse community brings a lot to the table, supporting the local economy by spending twice that of tourists and of course through property purchases.
Homeowners in the area have been getting younger over the years, while the demand for the latest technology, one-of-a-kind designs, and every possible feature than can be packed into a house rises. However, potential buyers also want their properties to be unique and not provide the same as all of the other properties in the neighbourhood. Designers have their work cut out for them, but they never fail to impress. The characterful architecture of the homes on the Mayfair real estate market overlooking the beautiful garden squares is utilised in a way where homeowners can have the best of everything. Retaining the charm and history of the buildings, while injecting modern luxury and custom designs throughout. It’s not surprising then that some of the most expensive properties in London call Mayfair home, with the average house selling for £4.6 million and a typical two bedroom flat going for around £2.8 million.
The £1 million property extinction
Only last year, in 2016, was it predicted by Mayfair estate agents, Wetherell, that homes valued at less that £1 million would become extinct on the Mayfair real estate market. At the time, this was a logical prediction, with less than five percent of the properties sold on the market that year landing into that category, with zero percent falling below £750,000. The majority of properties in 2016, 48 percent, were priced between £2 million and £10 million and 41 percent were on the market for between £1 million and £2 million. The remaining 11 percent were asking for prices over £10 million, and this price category had been growing ever since.
This market change seemed to be playing out as predicted, until recently when a rare investment opportunity presented itself on the scene. At only £500,000, this bargain property in the heart of Mayfair has cropped up out of nowhere and is likely to be sold just as fast.
Breaking the trend
Currently, cheapest property for sale in Mayfair the and the wider West End, this two bedroom flat offers everything that the typical homebuyer is looking for in the area. Conveniently situated close to the five-star hotel, Claridges, on Davies Street, the smart home is at the centre of everything that makes London so attractive and is well connected, with Bond Street and Oxford Circus tube stations nearby. Some may still wince at the half a million price tag, however, compared to the average house prices in the area, this is perfect for those looking for luxury living on a reduced budget.
Formerly a part of a terrace of Georgian houses built in the mid-1820’s, the flat forms part of a 2003 apartment conversion scheme generated by Grosvenor, which created 11 new residential units, and is located in Erskine House. The spacious 956 sq ft property spans three floors and offers a large open plan living space, with large separate kitchen. The master bedroom is located on another floor with fitted wardrobes and a modern en suite bathroom. On the ground floor is an ample storage room.
Although the property now boasts a clean and modern design throughout, the exterior is still full of character with the traditional Georgian facade, and elegant private gardens shared amongst the residents. The foyers are bright and welcoming, and the property would suit a small family, professional couple, or wealthy students from around the globe.
Even with a short lease of only 12 years on the property, the savings made are still vast, with an average weekly cost of £1,300, the £500,000 makes this purchase only £868 a week, creating a saving of £432 a week or £269,568 over the 12 years. With an estimated cost of £150,000 for a standard Grosvenor 20 year lease to extend the current one at the end of the 12 years, the buyer will still be rolling in savings.
Since entering the market, the earlier prediction of the extinct property value category has been retracted. This unlikely property proves that the market in prime central London can still throw out a few bargains now and again. However, they are still exceptionally limited and so are likely to sell almost instantly.