Estate agent Wetherell has published a comprehensive guide to successful property marketing in Mayfair to help assist clients and contacts in the current cautious and price sensitive Prime London residential market.
Wetherell highlights that the Mayfair residential property market is still experiencing growth, with ‘best in class’ properties, and therefore it is now more important than ever for vendors and developers to have a sophisticated marketing approach.
Wetherell highlights that increased taxation and regulation, and uncertainty over Brexit has led to a near 50 per cent drop in the number of sales in the residential market in Mayfair compared to 2014. Last year in Q1 2015 the market was also down 50 per cent in volume terms with the concern or ‘excuse’ for lack of turnover being the General Election and the threat of the ‘Mansion Tax’.
Wetherell observe that now in Q1 2016 it is the uncertainty of ‘Brexit’ combined with the higher costs of SDLT plus changes in IHT/CGT/ATED plus Non-Dom and company purchase issues that are effecting the market. The amount of properties being withdrawn from the market has increased; with 50 per cent more withdrawn properties than properties sold. As a result of all these issues, some potential purchasers are choosing to rent rather than buy, and some vendors are becoming temporary landlords until after the ‘Brexit’ vote and the summer lull.
However despite less homes being sold on the market Wetherell highlight that values have continued to rise for prime or unique homes where supply has always lagged behind demand. Demand is both UK and globally based for properties in Mayfair and the better supply, plus the rise in the number of newly built or newly refurbished, luxury homes for sales has helped ease the demand. All these elements have led to residential values continuing to rise in Mayfair and Wetherell research with LonRes shows the Mayfair area outperforming the rest of Prime Central London.
Currently, Wetherell highlights that the majority of homes in Mayfair (49 per cent) are selling at prices between GBP2 million to GBP10 million, with another 11 per cent selling for prices above GBP10 million. Forty-one per cent of homes sold in Mayfair are priced below GBP2 million, but 95 per cent of these are priced between GBP1 million and GBP2 million. Homes in Mayfair currently sell for an average price of GBP4.8 million (GBP2,400 per sq ft), up from GBP4.5 million (GBP2,280 per sq ft) in 2014.
The result is strong sales at both the lower and top ends of the Mayfair property market, with the GBP3 million to GBP10 million most affected by the increase in taxation and regulation.
Peter Wetherell, Chief Executive of Wetherell, says: “Vendors and purchasers often find the mixed signals in the marketplace and media confusing. Rapid sales in some price brands, slower sales in others, and prices still rising. Given the current caution in the market I decided to write a detailed guide for our private and developer clients on ‘best practice’ when a property is placed on the market.”
The new Wetherell Guide to Successful Marketing in Mayfair forms a smart A4 landscaped 15 page brochure, with a personalised foreword by Peter Wetherell, founder and CEO of Wetherell, followed by a series of sections covering property branding; dressing and presentation; property brochures; advertising, public relations (PR); website marketing; digital communications and local stakeholder networking.
The result is a report which provides a comprehensive insight into how a residential property in Mayfair should be presented and marketed to target audiences who principally are the potential buyer, professional investor or tenant; and alongside this key people who influence these principals such as bankers, search agents, interior designers, advertisers and journalists writing for important newspapers, magazines or online news portals.
