Thinking Of Buying Property In Mayfair? Learn About Mayfair Property Prices

Thinking Of Buying Property In Mayfair? Learn About Mayfair Property Prices

London is a great city to live in because of its many statuses. Apart from being an international financial hub, London is a capital city, has many school campuses, and attracts many visitors and tourists worldwide. If you plan to live there, you will find many neighbourhoods that offer excellent living conditions.

One of such areas is Mayfair, with many attractions including Bond Street, Saville Row, Mount Street. You will also be close to Soho and Fitzrovia and have access to trendy restaurants and bars. Also improving your quality of life are legendary clubs like Annabel's and The Arts Club, and so much more.

If Mayfair sounds like a place you would like to live, this article brings you up to speed with property prices in this swanky neighbourhood. First, we will look at what you can get in the Mayfair property market.

What Can I Get In The Mayfair Property Market?

While there are some recent new builds in Mayfair, the neighbourhood remains historic, with iconic buildings dating back centuries. For this reason, space is at a premium in the postcode, and most properties on the market tend to be two or three-bedroom flats and duplexes rather than townhouses.

That is not to say you can't find your choice in this upscale area whether you need a flat or a house. Depending on your needs, you can go for one, two, three, or more bedroom properties in Mayfair. You could also settle for a studio apartment.

Regardless, Mayfair properties are usually gorgeous with Regency-style features and high ceilings, making for great backgrounds for social media photos! Despite their regal appearances, they are suitable for business and personal uses with outdoor space and enviable location.

Mayfair Property Prices

Like the rest of London, the property market in Mayfair is dynamic, and the prices change with time and location. That being said, we can get an annual summary of Mayfair property prices based on records from the Land Registry.

During the one year between July 2020 and June 2021, six houses and 50 flats exchanged ownership. The houses sold for £7,112,500 on average, while the flats sold for an average of £5,694,105. People who bought terraced properties paid £7,085,000 on average, while semi-detached properties sold for £7,250,000 on average.

More recently, for the first six months of 2021, one house was sold for £12,500,000 while 16 flats exchanged hands for an average price of £3,933,625.

Considering data from 12 months till date, the average proceeds from a Mayfair property for sale dropped £61,025 to £5,705,839, representing a 1.1% change.

Historically, the average price of houses in Mayfair was £7,362,812, and flats went for £5,245,059, but that was during the pandemic when the London property market slowed down. In 2019, the average house in Mayfair sold for £17,153,125 while a flat went for £7,608,580

How Do Mayfair Property Prices Compare To Other Parts Of London?

As the UK continues to recover from the effects of the pandemic, London properties prices have been affected too. However, the impact has not been the same for all the areas in the capital city.

For example, in West London, Fitzrovia's average price fell 13.0% during the 12 months ending October 2022, shedding £177,306 to end at £1,359,729. During the same period, Chiswick experienced a 7.2% increase, with average prices of £960,484.

In Hanwell, the average house went for £539,756, an 11.3% jump. Piccadilly house buyers paid on average £3,171,771, an 11.9% decrease.

If you were interested in a Westminster property, you would have paid £1,186,061, about 12.5% more than what you would have paid 12 months later. Sellers in Kensington would have gained 16% if they had waited for 12 months, but they sold at £2,089,071 on average.

Looking at the data in detail, Mayfair's average price was at the top in West London. But why are the average prices of property high?

Why Are Mayfair Property Prices High?

London prices are higher in general than the rest of the UK. However, Mayfair ranks among the most expensive places to live in London.

One reason is the proximity of Mayfair to all the top spots in London. This puts properties in Mayfair in unusually high demand as the wealthy are always looking to snatch them up to be close to the centre of activities as possible.

Still connected to the location is the second reason for high property prices in Mayfair. Some elites buy them up for use as investments, waiting for prices to go up before selling. This pattern of ownership increases the demand in a place where space for new development is scarce. Other buyers use them as holiday homes.

Mayfair homes might be priced out of the reach of most buyers, but you can get a taste of Mayfair living by taking advantage of a Mayfair property for rent for your holiday.

Is This The Right Time To Snap Up A Mayfair Property For Sale?

With prices trending down in Mayfair, many property experts would recommend you buy now. While many Londoners fled the capital city during the pandemic as they looked for bigger living spaces or could no longer afford to pay rent due to loss of income, the trend might reverse as the effects of the pandemic wear out. This will naturally drive up property prices in the coming months.

As a potential buyer, you might be worried about the effect of Brexit on your property investment. However, there has been no effect attributed to Brexit on the London property market as a whole. Even if there is, experts have predicted it would be short-term.

So, if you have the funds or mortgage ready, now is a good time to dive into the Mayfair property market. Visit our website or get in touch with us to see various investment opportunities available in Mayfair and in and around London.