everything you need to know about mayfair property

06-June-2024
06-June-2024 14:09
in Private clients
by Sam Hodgson
Mayfair Property

Mayfair stands as the epitome of luxury and exclusivity in Prime Central London. Favoured by high-net-worth individuals, this prestigious neighbourhood boasts world-class amenities. Such as: fine dining, bespoke tailoring, renowned art galleries, and lush parks, catering to a discerning clientele that values privacy and quality in one of the world’s most coveted property markets.

At Clifton Private Finance, our expertise lies in guiding clients through Mayfair's exclusive property market. This comprehensive guide explores the area's property types, pricing trends, rental yields, and financing options, ensuring you make informed investment decisions.

Leverage our tailored services and industry insights to unlock the full potential of Mayfair's property opportunities

Table of Contents

Mayfair Property Prices and Market Trends

Mayfair Property Types

Popular Mayfair Streets

Mayfair Rental Market

Amenities, Schools & Attractions in Mayfair

How to Finance PCL Mayfair Property

Average Mayfair Property Prices and Market Trends

According to Coutt's London Prime Propety Index in the fourth quarter of 2023, Mayfair experienced a slight uptick in property purchases, experiencing a 4.2% increase compared to the previous year.

However, the average discount on properties sold was -13.6%, indicating that properties were generally sold below the asking price.The average sales price for properties priced under £1 million was £1,646 per square foot, a decrease of 4.0% compared to the previous year. For properties in the £1 million to £10 million range, the average sales price was £1,922 per square foot, down 5.3% annually.

The most expensive properties, priced over £10 million, had an average sales price of £2,047 per square foot, representing a significant annual price drop of -22.6%.

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Typical Mayfair Property Types

  • Georgian Townhouses - Mayfair’s Georgian townhouses are indeed a symbol of grandeur, with prices for these properties starting around £9.5 million. They are known for their high ceilings and spacious interiors, and many have been restored to combine historical elegance with modern comforts.
  • Prestigious Apartment Developments - Iconic developments such as the transformed US Naval offices at 20 Grosvenor Square are correct examples of Mayfair’s luxury living spaces, with flats valued between £4 million and £35 million. These developments offer comprehensive amenities, including gyms, pools, and private cinemas.
  • Penthouses and Luxury Apartments - Penthouses and luxury apartments in Mayfair are among the most sought-after in London, with penthouses reaching prices of £10 million to £20 million, and luxury apartments ranging from £1 million to £7 million.
  • Mews Houses - Mews houses in Mayfair are charming and exclusive, with prices generally starting from £3 million. These properties often feature stylish renovations while retaining their original character.
  • Period Conversions - Period conversions in Mayfair are indeed available, combining classic architectural features with modern amenities. Prices can start from around £1 million, with some exceptional properties, such as penthouses in historic conversions, being listed at prices upwards of £15 million.

Mayfair continues to be a prime location for high-net-worth individuals seeking luxury properties with prestigious addresses and world-class amenities.

Popular Mayfair Streets

Mayfair is home to some of the most prestigious and sought-after streets in Prime Central London, renowned for their grandeur, historical significance, and proximity to the neighbourhood’s renowned attractions. Among the most coveted addresses are:

  • Grosvenor Square - Properties in Grosvenor Square had an overall average price of £9,378,060 over the last year, with sold prices being 45% down on the previous year and 63% down on the 2020 peak of £25,391,667.
  • Park Lane - Properties in Park Lane had an overall average price of £12,000,000 over the last year, showing a significant increase of 167% up on the 2019 peak of £4,500,000.
  • Mount Street - The average price for a property in Mount Street is £3,450,000 over the last year, with properties ranging up to £20,000,000.
  • Curzon Street - Curzon Street offers a mix of historic charm and modern luxury, with properties priced between £3,150,000 and £24,750,000.
  • Shepherd Market - A recent sale in Shepherd Market featured a one-bedroom duplex apartment that sold for £850,000, indicating the area’s continued appeal for its unique character and central location.

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Mayfair Rental Market

Mayfair’s rental market remains strong, showcasing a robust demand for high-end properties. The average gross rental yields have seen a notable increase, now standing at approximately 4.5%. This uptick is a clear indicator of a vigorous market that continues to attract investors.

These premium rentals are in high demand, underscoring Mayfair’s status as a prime central location. Adding to the allure are the luxury amenities and services that accompany many rental properties in the area, including concierge services, private parking, and state-of-the-art fitness facilities. These features are a significant draw for high-net-worth tenants, who value both the exclusivity and convenience these services provide.

Reflecting the area’s exclusivity and desirability, rental price points in Mayfair are among the highest in London. The average monthly rent for a one-bedroom apartment now ranges from £1,500 to £3,500, with larger properties fetching rents upwards of £10,000 per month. This range speaks to the premium nature of the Mayfair rental market and its appeal to those seeking luxury living spaces.

Investors looking at Mayfair will find a market ripe with potential. With rental growth anticipated to continue in 2024, the area presents a lucrative opportunity for buy-to-let investments. The combination of steady rental income and the prospect of capital appreciation makes Mayfair an attractive proposition for those seeking substantial returns over the long term.

Moreover, Mayfair’s proximity to key business districts such as the City of London and the West End makes it a preferred choice for corporate and relocation rentals. Companies often seek high-end accommodations in Mayfair for their executives, contributing to the robustness of the rental market.

Amenities, Schools & Attractions in Mayfair

Schools

Mayfair is conveniently located near several prestigious schools that are renowned for their academic excellence. Some of the top-rated educational institutions in the vicinity include:

  • Eaton Square School: A highly regarded independent preparatory school known for its rigorous curriculum and outstanding results.
  • Francis Holland School: An independent day school for girls, offering a well-rounded education and a strong focus on academic achievement.
  • Hill House International School: A co-educational international school that provides a diverse and enriching learning environment.

World-Class Attractions

Mayfair is a cultural hub, home to several world-renowned attractions that offer architectural splendour and enriching experiences:

  • Royal Academy of Arts: A prestigious art institution that hosts exhibitions and events showcasing the works of renowned artists.
  • Handel & Hendrix in London: A unique museum that celebrates the lives and legacies of two iconic musicians, George Frideric Handel and Jimi Hendrix.
  • Burlington Arcade: A historic covered shopping arcade dating back to 1819, renowned for its elegant architecture and upscale boutiques.

Michelin-Starred Restaurants

Mayfair is a gastronomic paradise, boasting several Michelin-starred restaurants that cater to the most discerning palates:

  • Alain Ducasse at The Dorchester: A three-Michelin-starred restaurant offering exquisite French cuisine in a luxurious setting.
  • Murano: A two-Michelin-starred Italian restaurant known for its innovative and refined dishes.
  • Ormer Mayfair: A Michelin-starred restaurant serving modern British cuisine with a focus on locally sourced ingredients.

Upscale Shopping Areas

Mayfair is a shopper's paradise, offering a plethora of high-end boutiques, flagship stores, and charming arcades:

  • New Bond Street: A prestigious shopping destination featuring luxury brands and designer boutiques.
  • Regent Street: A renowned shopping street lined with flagship stores, restaurants, and entertainment venues.
  • Burlington Arcade: A historic covered arcade housing a variety of upscale shops and boutiques.

Access to the City

Mayfair's central location provides excellent connectivity to the City of London, making it an ideal choice for professionals:

  • Convenient access to multiple Underground stations, including Bond Street, Green Park, and Hyde Park Corner.
  • Efficient bus routes connecting Mayfair to various parts of the city.
  • Proximity to major transportation hubs, ensuring easy commuting options.

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How to Finance PCL Mayfair Property

When investing in Mayfair's ultra-prime real estate market, securing appropriate financing is crucial. Clifton Private Finance offers bespoke finance solutions tailored to your long-term plans and investment objectives.

Explore our interest-only mortgage options, allowing you to pay only the interest portion of the loan during the mortgage term, providing flexibility and cash flow management.

Our experienced mortgage brokers specialise in high-value property transactions in Prime Central London, ensuring you secure the most favourable terms and competitive interest rates for your Mayfair investment.

Expert Financing for Mayfair Investments

Investing in Mayfair's exclusive property market requires partnering with experts who deeply understand its nuances.

At Clifton Private Finance, we offer tailored services for high-net-worth individuals and investors:

  • Comprehensive Consultations to assess your goals, portfolio, and borrowing capacity.
  • Exclusive Lender Partnerships to secure favourable terms and competitive rates.
  • Bespoke Mortgage Structuring
  • Ongoing Support and guidance from our dedicated team.

Call us at 0203 900 4322 or book a consultation below to unlock the potential of Mayfair's property market.