The sub-£1m home in Mayfair and the wider West End is about to become totally extinct.
The claim comes from agent Wetherell which said that fewer than 5% of homes in this part of London are priced at below £1m, and none below £750,000.
Half of homes in the area are priced between £2m and £10m, with a further 11% priced at over £10m.
Analysing sales over the last two years, of the handful of homes that were for sale at below £1m, 60% were priced at over £950,000.
Just two homes were priced between £750,000 and £950,000 and both were special cases – both being tiny ‘broom cupboard’ spaces on short leases.
Wetherell’s research, with analysis by Dataloft, also found that over 60% of Mayfair and West End residents are from overseas.
Wetherell says that over the next year to two years, there will be no sub-£1m apartments in the area, and no sub-£2m houses.
Thirty years ago, in 1985, a two-bedroom flat that would have sold for £225,000 is now worth over £2m.
Most agents will agree that this really is another world.
Comments (2)
Don’t joke; according to Land registry the same broom cupboard in a building in EC1a was listed twice as selling for £85,000,000. We queried the entry and it has been removed.
This story is factually incorrect. We sold a studio flat in Mayfair for £750k last year on a full lease and it was no broom cupboard. I can also offer for sale at least 47 studio, 1 & 2 bed properties on the market today with a lease in excess of 90 years in the W1 postcode. Does anyone check stories for facts anymore!!