Mayfair

Area Guide For Mayfair

Mayfair is named after the May fair that was held there for almost 100 years, until it was banned from the area in 1764. Now Mayfair is a carnival for the rich and powerful. Its shops are temples to luxury goods, and its restaurants are among the finest in the country. Rents are among the highest in London and the world - which adds to the area's exclusive feel. Important buildings in Mayfair include the Royal Academy of Arts, the Grosvenor House Hotel, Claridge's, The Dorchester and the US Embassy in Grosvenor Square. Mayfair has also become an attractive location away from the City for private banks, hedge funds and wealth managers. Throw in the designer shops and art galleries of Old Bond Street, New Bond Street, Savile Row (home to some of the world's most renowned tailors) and Conduit Street - and you begin to get a picture of just how exclusive the neighbourhood is.

 
 

Mayfair Map

Estimated Price: £2,810,125
Average Asking Price: £6,476,038
Price change in last one year: £155,334
Average Price Paid: £2,214,363
Average Rent Rates: £12,055

 
 

Property Prices Breakdown in Mayfair

Average Price for property in Mayfair is around £2,810,125 which varies based on type of property you are interested in and ranges from £14,569,900 for detached house to around £6,633,844 for semi-detached. Similarly terraced house is around £6,158,814 and a flat is worth £2,282,496. Values have been changing and have risen £8,768 in last 3 months alone. Similar historical trend can be observed in price changes e.g. prices changed £21,904 in last 6 months, £155,334 in last 1 year, £495,580 in last 2 years, £733,393 in last 3 years, £783,433 in last 4 years and £835,604 in last 5 years.

Currently average asking price of a property in Mayfair is around £6,476,038 based on approximately 45 properties for sale. Same is the case with rental options based on 920 properties up for rent, average asking rent is around £12,055 per month.

Estimated property value in Mayfair is £2,810,125. Average asking price is £6,476,038 while average price paid is £2,999,791 which is up by £155,334 and Avg. asking rent £12,055.Based on an Online Survey

Buyers are willing to pay high dollar prices to grab these properties because of the recent trend in real estate investment especially in Mayfair area. In last 1 year alone average price buyer paid is around £2,999,791 based on approximately 45 sales in Mayfair area alone. If you compare it to last 3 years sales of 164 properties where buyers paid around £2,835,111. It has been same for some time now for e.g. if you take an average of amount paid in last 5 years, it comes to around £2,214,363 for 330 and average amount paid for purchase of approx. 457 properties sold in last 7 years comes to about £1,982,333 per sale.

 
 

Properties For Sale in Mayfair

 
 

Breakdown of asking prices for homes of different sizes show that price varies clearly based on no of bedrooms and type of house. Asking price for a house with 1 bedroom is around £1,537,488, £4,750,000 for a 2 bedroom house, £5,366,667 for a 3 bedroom house, £14,498,333 for a 4 bedroom house and £11,633,333 for a 5 bedroom house. For a flat similarly the prices varies from £1,557,776 for a single bedroom to £3,299,723 for a 2 bedroom Flat. Same is the case with 3 bedroom flat £5,553,267, £12,408,333 for a 4 bedroom flat and £10,518,182 for a 5 bedroom flat. To sum up the asking prices for properties in Mayfair it comes to around average £1,555,158 for 1 bedroom property, £3,329,937 for 2 bedroom, £5,531,314 for 3 bedroom, £13,662,333 for 4 bedroom and £10,757,143 for a 5 bedroom property.

Rent per calendar month varies similarly based on type and size of the house. If you look at the rents per month for houses alone it can vary from £7,299 for 1 bedroom to £10,181 for 2 bedrooms, £17,281 for 3 bedrooms, £14,547 for 4 bedrooms and £19,630 for 5 bedrooms house. But if you are interested in renting a 1 bedroom flat then rent per month can be around £5,274. As the no. of bedroom increase so will the rent e.g. for a 2 bedroom flat it will be around £8,867, £14,869 for 3 bedroom, £33,541 for 4 bedroom and around £97,067 for 5 bedroom flat. You should be generally be expecting around average £5,471 rent per month for single bedroom property, £9,028 for 2 bedroom, £15,196 for 3 bedroom, £29,356 for 4 bedroom and approximately £77,708 for a 5 bedroom property in Mayfair area.

Popular Houses in Mayfair

Disclaimer : Location real estate estimates and values are based on House price index background data and Sales data provided by United Kingdom Land registry Records available as public records from their website. This information is updated monthly on our website and may not reflect all public transactions. This information is based on estimated calculation generated from our developed algorithms. We are striving to make this information as accurate and useful as possible. This data covers the transactions received at Land Registry in the period 1/1/1995 to 9/1/2014. © Crown copyright 2014. Data produced by Land Registry © Crown copyright 2014.

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