If modern luxury, characterful history, and a diverse and safe environment is everything one looks for when purchasing a first home, Mayfair may have the perfect property. Recently entering the market at only £500,000, this two bedroom flat is currently labelled the cheapest property in Mayfair and the wider West End.
The average house price in Mayfair is £4.6 million, while a buyer should expect to pay around £2.8 million for a two bedroom flat. Property prices were flourishing at such a rate in 2016, that a study of the market led leading estate agent, Wetherell, to predict properties entering the market priced below £1 million would soon be a thing of the past and become extinct altogether. This prediction mirrored the market, where less than five percent of properties were priced below £1 million in 2016, and of these, none were priced below £750,000. 41 percent of properties were priced between £1 million and £2 million and the majority 48 percent were priced between £2 million and £10 million. The final 11 percent were priced over £10 million. Compared to 90 percent of properties sold in 1985, priced below £1 million, the real estate market in the neighbourhood has been shifting dramatically over the decades, and the prediction of the £1 million property extinction may still come to fruition over the next 12 months.
Evolving Mayfair residents
Home to some 2,000 millionaires, Mayfair has been attracting a diverse community for decades. With an array of facilities and landmarks, people from around the globe flock to the area and make up the residential neighbourhood. The global economy will lead the wealth of the world to change hands forever, and therefore Mayfair can expect to welcome residents from all over the world for the foreseeable future. Now home to over 42 different nationalities, this is not all that has evolved in the typical residential profile of the area. Residents have also been getting younger over the years, with almost half of the neighbourhood made up of young, affluent, and well-educated couples, singles and young families.
Providing charming garden squares, beautiful architecture, a bustling shopping and theatre district, and excellent transport connections, all infused with fascinating history, Mayfair will continue to grow and attract a diverse residential community.
The cheapest property in Mayfair
Conveniently situated on Davies Street, just minutes away from Bond Street and Oxford Circus, and around the corner from iconic five-star hotel Claridges, the two bedroom flat is ideal for a small family looking to buy their first home, or a wealthy student looking for a luxury pad on a budget. The spacious 956 sq ft property spans three floors and offers an open plan living space, with a large separate kitchen, en suite master bedroom and ample storage room.
Originally built in the mid-1820’s, the former Georgian terrace was converted in 2003 into 11 residential units. The flat is located in Erskine House and provides private modern gardens, shared among residents, and smart foyers. The traditional Georgian exterior remains, appealing to those looking for beautiful historical architecture while embodying a luxurious modern interior.
The flat is not only an ideal purchase for those entering the property ladder or on a budget in the wealthy luxury market, but it is also a smart investment option, with savings of £269,568 over 12 years, which is the remaining lease on the property. At only £868 a week over the 12 years, compared to the average £1,300 a week, buyers would be saving £432 a week over the initial 12 years. Following on from this, if the homeowners wished to extend the lease, this is estimated to cost around £150,000 for an additional 20 years and so will still provide a saving of almost £120,000 over the 32 year period.
Courtesy TheTopTier Digital Media