The most expensive location on the Monopoly board, Mayfair is a neighbourhood with a long and storied history and an exciting sense of future optimism. It rose from humble, rural beginnings to become the only address any self-respecting 18th century Duke or Duchess would consider.
Over the years its character has diversified beyond private homes for the wealthy and powerful, with the arrival of many of London’s best hotels, shops, galleries, and restaurants. A third of London’s Michelin starred restaurants are in Mayfair, and it’s also a hotspot for prestigious private members’ clubs.
Named for the spring fair which was held locally for more than 100 years, Mayfair’s modern history began when the land was acquired by the wealthy Grosvenor family. Their plans were to transform it into a new and prestigious neighbourhood.
During the 18th century modern Mayfair was created – a grid of wide, straight streets linked by garden squares. With Hyde Park to the west, Buckingham Palace due south, and Soho and Marylebone to the east and north respectively, its location is as superlative as its architecture.
Property in Mayfair ranges from elegant townhouses to some of the most highly-serviced luxury homes in the British capital.
If you want a prime address right in the thick of things, within easy walking distance of the best London has to offer in terms of culture, open space, socialising and shopping, then living in Mayfair is the perfect choice.
Buyers are an international mix of young, tech-savvy entrepreneurs and City workers who enjoy its vibrancy and great social life, plus Europeans and American buyers who love its history and charm. Mayfair is also home to many British families who have lived in the area for generations.
The beating heart of London’s commercial art scene, Mayfair is full of big-name commercial galleries like Hauser & Wirth and the Gagosian Gallery, most of which host regular exhibitions.
Whether you want to chill out, network, or party, Mayfair has a private club for you. Probably the most famous of all is Annabel’s, a fabulously over-the-top venue on Grosvenor Square. If you are interested in meeting like-minded Londoners then chic Maison Estelle on Grafton Street has a choice of bars, a nightclub, and a restaurant, and organises social events for members. And The Arts Club, established in 1863 by Charles Dickens, is a London institution with plenty of bells and whistles including a gym, nightclub, and oyster bar at its Dover Street building.
Mount Street is Mayfair’s de-facto high street and a very stylish one at that, full of international brands (Goyard, Christian Louboutin) and great restaurants (Scott’s, The Connaught Grill).
When one of Black Brick’s clients was looking for a rentable two bedroom apartment in Mayfair we got him in through the door first to see a period apartment on Mount Street with great views and plenty of space. He loved the property and was thrilled when we were able to negotiate the price down from £6.95m to £6.625m, a saving of £325,000: https://www.black-brick.com/expertise/case-studies/mount-street-2/
Every year the Royal Academy of Arts hosts the Summer Exhibition, an eclectic mix of work by established and amateur artists. In October, Berkeley Square is taken over by the annual LAPADA Fair, one of London’s most prestigious art and antique fairs.
Despite its luxurious trappings Mayfair retains a villagey atmosphere and each June the residents’ society hosts a delightful summer garden party in Mount Street Gardens, with great food, live music, and a very upscale raffle.
Mayfair property comes in all shapes and sizes, from its historic redbrick and white stucco townhouses, to one-off low built period houses. There are branded residences, like 20 Grosvenor Square (Four Seasons), as well as mansion flats, and a few contemporary apartment buildings like Clarges Mayfair.
Historically, homes in “Mayfair Village”, the streets around Mount Street, and close to Grosvenor Square – its absolute alpha address – have been the most sought after in Mayfair.
When Black Brick was asked to help an American couple find a London pied-a-terre they fell for a newly refurbished flat around the corner from Grosvenor Square. The building, 1 Carlos Place, is considered the most prestigious mansion block in Mayfair and we were able to get in to view the property before it hit the property portals. This off market sale went through in just 11 days at £8.75m: https://www.black-brick.com/expertise/case-studies/carlos-place/
More recently, however, the arrival of Crossrail at Bond Street has focussed attention on north Mayfair, particularly for buyers who want a fast, direct train link to Heathrow Airport.
Mayfair is very small, at around one square mile, but its property market is highly nuanced. Newcomers will need an expert property finder in Mayfair to help them navigate its idiosyncrasies. Black Brick has an encyclopaedic knowledge not only of every street and square, but also of the pros and cons of its individual buildings, and can guide you towards the best home at the best price.
Clarges Mayfair is widely considered the neighbourhood’s most upscale new build development, and Black Brick was able to help an American client acquire an option to buy a £10.5m apartment there by structuring a very unusual deal. The client originally wanted to buy an off-plan property, with at least three years until completion and a staged payment schedule to give him time to fund his purchase. At Clarges we negotiated an alternative – our client would rent the property for up to five years, with an option to buy it at any point within that time. If he did, his rental payments would be deducted from the fixed purchase price: https://www.black-brick.com/expertise/case-studies/clarges/
Property prices in Mayfair are amongst the highest in London – and have outperformed strongly over the past decade. According to research by house price analyst LonRes, average prices in Mayfair and adjacent St James’s have jumped by some 20 per cent in ten years, against three per cent growth across Prime Central London, although part of this growth can be explained by the arrival of price ceiling busting new developments like 20, Grosvenor Square and 1, Grosvenor Square.
Equally famous neighbourhoods, including Knightsbridge and Kensington saw growth of two and five per cent respectively during the same period.
According to Coutts’ latest London Prime Property Index, the average sale price in Mayfair & St James is around £2,000 per sq ft, although the most sought after homes sell for three or even four times this price.
We would be delighted to hear from you to discuss your own property requirements. For a non-obligatory consultation, please contact us.
