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 fa...