Whilst the wider UK housing market is slowing down, deals worth over £5 million in Mayfair are on the rise.
Sharing her thoughts into this peculiar statistic in Bloomberg, Black Brick buying agency Founder Camilla Dell commented: “Mayfair is the go-to safe haven place for wealthy buyers looking to park money on London property. There is an acute lack of supply and constant demand, supporting prices.”.
She went on to add that a sixth of her clients at Black Brick actively look to buy in Mayfair, with preferences ranging from £5 million flats to £15 million family apartments.
“Many of our clients visit in peak times — summer and Christmas — and spend up to 90 nights visiting London,” she said. “Even with service charges, you would still be saving money, plus you get the benefit of owning an asset that over time will appreciate in value.”
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