For an exclusive address in a beautiful and historic location, London’s top spot is undeniably Mayfair. This prestigious neighbourhood is located in London’s West End, nestled between the eastern edges of leafy Hyde Park and the high-end stores of Regent Street, encompassing all of the world-class shopping, fine dining and Member’s Clubs that fall in between. If you have your eye of this exclusive corner of London, this article is for you. Today, we’re looking at figures compiled by the leading estate agent in Mayfair to reveal the reality of renting property in this corner of the English capital. We’re covering what the area offers residents, typical prices and who your neighbours are likely to be.
What does Mayfair offer residents?
Mayfair is London’s heart. Living here means 24/7 access to the beating pulse of the most exciting city on the planet. Hence why the likes of Oscar Wilde, Jimi Hendrix and Winston Churchill have all called this neighbourhood home. Since the 19th century, the area has been known for its designer shops, including the prestigious Saville Row, Mount Street, Bond Street and the Burlington Arcade. Mayfair is also recognised as a major art and museum hub, home to The Royal Academy of Arts, the Faraday Museum and The Fine Art Society. Residents enjoy being within walking distance of some of the country’s best restaurants, including the likes of celeb fave, Gridiron, Michelin-starred Hide, and Bellamy’s, which the Queen is known to frequent!
What’s a realistic rental rate on property in Mayfair?
Mayfair’s rental market is performing strongly, with almost half of its residents living in accommodation they have rented. According to data compiled by Wetherell, Mayfair’s leading estate agent, the average cost of renting property in Mayfair was £64 per square foot in 2019. The report also revealed that the average one-bedroom apartment was being let for £739 per week, and two-bedroom apartments, £1,373 per week. While the last couple of years have seen rental values remain relatively stagnant, Wetherell predicts that values are set to strengthen. A couple of ultra-premium properties and new build-to-lets will be reaching the market in 2020, helping to boost values significantly.
What Mayfair properties are the most in demand?
Wetherell’s statistics suggest that one and two bedroom properties are the most in demand in Mayfair, which is handy given 75 percent of the neighbourhood’s housing stock is properties of this size! In 2019, the most in demand properties were those with two bedrooms, with 41 percent of renters seeking properties of this kind. Following closely behind were one-bedroom homes, which accounted for 34 percent of people renting, and three-bedroom properties at 16 percent. Studios and Mayfair properties with four beds or more were the least popular at four percent and five percent, respectively.
Who currently rents property in Mayfair?
According to the statistics provided by Wetherell, 20 percent of Mayfair residents are ‘Baby Boomers’. This generation includes people between the ages of 55-73, who can also fall into the ‘empty nester’ category, i.e. those whose children have flown the coop to university, abroad or to their own family homes. It is Mayfair’s proximity, close to all of London’s offerings, that makes it a perfect location for this demographic.
Additionally, Millennials now account for 35 percent of Mayfair residents. Millennials are classified as those that fall between the ages of 20-37, and who prioritise well-placed local amenities and state-of-the-art technology. Most millennials will either be professionals, will run their own businesses, or they could be attending nearby universities – Mayfair is ideally-placed for the likes of SOAS, University College London, Birkbeck and Imperial College London. This is a perfect part of London for youngsters to set up shop given its location close to the nightlife around Mayfair itself, as well as nearby Soho, Kensington and Notting Hill. Looking forward, Wetherell predicts that by 2021, almost 50 percent of all residents within Mayfair will be aged 21-44, and by 2030, a third of residents will be ‘digital natives’ – those born since 1995, whose work allows them to be located anywhere, as long as they can be online.