Mayfair set to become the most lavish property area in London.
It’s the Central London postcode where those with large budgets who are interested in luxury property aspire to buy. Yes; it’s Mayfair, that part of town notorious for its stunning Georgian properties, upmarket boutiques and top-quality bars and restaurants.
It’s clear that this prime part of the UK capital is soaring in value – with over £5 billion worth of new residential apartments and houses in the development pipeline, making it the perfect place for those looking for lucrative property investments in London. With an array of luxury homes for sale, there are some 61 new residential development schemes planned for Mayfair, set to deliver an additional 401 private residential units and 1.1 square feet of new residential space. Research predicts that the most luxurious Mayfair properties will hit £5,000 per square feet during 2014 and £10,000 per square feet within the next decade.
So why has Mayfair become so sought-after in the last few years? Well, the area’s larger than other surrounding popular parts of town, being 285 acres in size and providing 4,363 residential addresses. The grand houses that can be purchased tend to be enormous ambassadorial types and often offices occupy these premises. There are also large, terraced, 18th century houses that can be found running off the famous Curzon Street, as well as fine apartments in late 19th century buildings in and around Mount Street. You can also find mansion blocks which are used as weekday pied-a-terres by business people who are in and out of town. Massive apartments can be found in converted Georgian houses in the area, such as near Hyde Park, Regent Street as well as Berkeley Square; with a lot of these homes to Hedge Fund and Private Equity offices.
Figures show that in 2013 some £472 million worth of residential properties were sold in Mayfair at an average sales value of £3.75 million. This means that sales volume by turnover is up by nearly 25 percent on 2012. Research also demonstrates that Mayfair is becoming more popular than postcodes in close proximity and along with the growing tendency towards creating large, three bed plus apartments as part of planned developments, these factors should help to boost property values and ensure Mayfair continues to increase in popularity.
So if you’re looking for a great investment and/or a home in London’s most luxurious part of town, make sure you contact Best Gapp, a Mayfair estate agent who can find you what you’re looking for and get you the best deals available!