Mayfair agents, Wetherell, says that 2007 was the busiest year for rents that Mayfair has ever seen with properties being on the market for an average of 3 weeks and its average rental price being over pounds 1,000 per week. ‘2008 looks to follow suit,’ says Peter Wetherell. ‘Mayfair has never seen so few properties to purchase and consequently people are renting rather than jumping in with a purchase.’ As a result the company’s sales department is seeing the buy to let market increase as investment landlords respond to the demand.
* Properties for sale in London
For example, a two bedroom maisonette in South Audley Street, W1 that was bought for £1.25 million was then let for £1350 a week, giving a yield of 5.6 per cent gross and a newly refurbished two bedroom flat in Bloomfield Court, off Berkeley square, which sold for £795,000 is on the market to let for £1,200 a week representing an even higher yield of 7.8 percent gross.
And right at the top end of the market, the market is also growing. Wetherell recently let a three bedroom lateral apartment in Upper Fielde, off Park Street, W1 within a week of it coming to the market for £4,500 per week. Currently available are two apartments in a beautiful Grade II listed building in Upper Grosvenor Street, which are on the market for £2,900 per week.