Known for its classic, upscale shops, sumptuous hotels and traditional private members’ clubs, Mayfair has long been regarded as a smart address. Famously the most expensive square on the London Monopoly Board, the neighborhood has seen a surge in popularity over the past decade and is now regarded as one of Britain’s most exclusive and expensive districts.
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Boundaries
Mayfair is bordered by Oxford Street to the north, Regent Street to the east, Park Lane to the west and Piccadilly to the south. The western edge borders Hyde Park and the southwest corner is by Green Park. Green spaces within the enclave include Grosvenor Square, Berkeley Square Gardens and Mount Street Gardens.
Price range
You need a budget of at least £1 million (US$1.25 million) to buy a home here. One-bedroom flats cost between £950,000 (US$1.19 million) and £1.5 million (US$1.87 million) and two-bedroom flats range from £1.8 million (US$2.25 million) to £3 million (US$3.75 million). When it comes to three-bedroom homes, the price depends on the size of the property.
According to a recent report by the estate agent Wetherall, 50% of homes are worth between £2 million (US$2.48 million) to £10 million (US$12 million) and 45% are valued at over £10 million. Unsurprisingly, it is home to a high concentration of millionaires. Wetherall found that there are more than 2,000 millionaires living in Mayfair on a full- or part-time basis.
"The majority of homes cost upwards of £5 million (US$6.24 million)," says Alastair Nicholson, a partner at Knight Frank’s Mayfair office. Sebastian de Angelis of Chestertons adds: "The average price per square foot is from £2,500 to £3,000, but prices depend on size and the uniqueness of the property."
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He continues: "Apartments are generally more expensive per square foot than houses, as they are more sought after. Many people looking to buy a home in Mayfair are seeking a holiday home so they want a property that is easy to maintain."
Housing stock
An abundance of apartments in converted grand period houses and elegant mansions dating from the Victorian and Edwardian eras and the early 20th Century reign here. Agents say that the most sought-after streets are Mount Street and Grosvenor Square.
The Grosvenor Estate, the property development and management group, owned by the Duke of Westminster, still owns the freeholds of many properties in the neighborhood.
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But it’s not all history. Hundreds of deluxe new homes are being built in the neighbourhood over the next few years. These schemes include 20 Grosvenor Square, the redevelopment of the former U.S. Naval Headquarters by the developer Finchatton. Set to complete in 2018, the development is offering 37 apartments with lateral spaces and underground parking.
What makes it unique?
Mayfair is close to the best that London offers. It has the cachet of history, the shopping is world-class (more on that below) and you’re on the doorstep of the West End theater district. It is also home to world-renowned art galleries such as the Royal Academy of Arts, distinguished hotels such as the Dorchester and Claridge’s and a high concentration of Michelin-starred restaurants (more on that below, too).
Regeneration is set to increase its appeal. Duke Street, North Audley Street and South Audley Street are being redeveloped by Grosvenor, and the former American Embassy, a Grade II-listed Modernist building, is being converted into a luxury hotel, the Four Seasons.
"It has a lovely village feel that is maintained further by Grosvenor," Mr. de Angelis says. "Aside from the amenities, your property is likely to hold its price. It is a highly sought-after area and there is a shortage of supply as people tend to hold onto homes for a long time."
Luxe amenities
You’re spoiled for choice. Said to be the world’s most glamorous shopping street, Mount Street has an interesting mix of haute couture fashion houses, such as Balenciaga, Chanel and Louis Vuitton, and quintessential British retailers, such as gunmaker James Purdey and Allen’s of Mayfair, a traditional butcher’s shop.
The famous shopping streets of New Bond Street, Old Bond Street, Conduit Street, Burlington Arcade and Savile Row are within the neighborhood.
Mayfair is renowned for its Michelin-starred restaurants, such as La Gavroche, which serves classical French cuisine; Umu, an upscale Japanese spot; Benaras, which has a modern Indian menu; and the Italian-influenced Murano. The seafood restaurant Scott’s is a prime celebrity spotting location, and the steak and seafood grill restaurant 34 Mayfair is a popular spot.
Annabel’s, the legendary club on Berkeley Square that opened in 1963, and the Arts Club, an 18th-century townhouse on Dover Street, are two of its most well-known and celebrated private members’ clubs
Who lives there?
People from all over the world including world leaders, royalty, politicians and famous actors and actresses. "It has become really international over the past 10 years," says Mr. Nicholson. "It’s a truly cosmopolitan place."
According to a report published last year by the estate agent Wetherall, called "Who Lives in Mayfair," it has over 5,100 permanent residents from more than 42 nationalities and 60% of residents were born overseas. Even though many homes are used as second homes, the neighborhood is not full of empty homes, according to Mr. de Angelis. "It’s not a ghost town," he says. "Lots of people who own second homes here rent them privately."
Notable residents
Queen Elizabeth was born in 17 Bruton St., and Oscar Wilde, Florence Nightingale and Jimi Hendrix are former residents.
Outlook
Mr. de Angelis says: "Fifteen to 20 years ago, Knightsbridge was the place to be. Now it’s all about Mayfair."
Mayfair still represents good value for money compared with other prime neighborhoods such as Belgravia and Knightsbridge, he says. "Formerly a residential area, Mayfair became a commercial district during the second half of the 20th Century and many grand houses were turned into offices and embassies. It is now reverting back to residential."
Demand for homes in the district has increased rapidly over the past 10 years thanks in part to the financial crisis of 2007 and 2008. Many wealthy foreign investors looking for a safe place to invest their cash began to drive funds into the London property market and properties in prime Central London neighborhoods including Mayfair were deemed the most attractive. Wetherall says that between 2006 and 2016 values have risen by 188 per cent over the past decade.
Mr. de Angelis said: "Although the market has taken off since 2013, I don’t think we have seen the upper price limit yet. Prices for homes in new developments are likely to break records and push up average prices."