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Time is running out for anyone with less than a million to spend on property in Mayfair and the wider West End.
Nearly half of properties in the area are now priced between £2 million to £10 million with another 11 per cent above the £10 million mark, according to a Wetherell survey.
Wetherell used data analysis by Dataloft to look at the price of all homes sold in 2014 and 2015.
Show all 10 1 /10What £1m can buy you in Mayfair in pictures What £1m can buy you in Mayfair in pictures Berkeley Street - Mayfair W1 An unmodernised two bedroom flat (734 square feet). Situated on the fifth floor of this portered building just off Berkeley Square
Lawrie Cornish
What £1m can buy you in Mayfair in pictures Upper Grosvenor Street - £950,000 A fourth floor apartment of 651 square feet just off Grosvenor Square with 2 bedrooms,private communal gardens and 24 hours porterage
Lawrie Cornish
What £1m can buy you in Mayfair in pictures Upper Grosvenor Street - £950,000
Lawrie Cornish
What £1m can buy you in Mayfair in pictures Upper Grosvenor Street - £950,000 Kitchen
Lawrie Cornish
What £1m can buy you in Mayfair in pictures Avery Row - £999,950 A modern one bedroom apartment with south west facing views located within the fashionable Avery Row
Lawrie Cornish
What £1m can buy you in Mayfair in pictures Avery Row - £999,950
Lawrie Cornish
What £1m can buy you in Mayfair in pictures Avery Row - £999,950 Situated on the first floor, this property of 524 sq ft comprises a large open plan kitchen/reception room.
Lawrie Cornish
What £1m can buy you in Mayfair in pictures Duke Street - £1,1 million A spacious (526 sqft) one bedroom apartment with a new 125 year lease located between Grosvenor Square and Oxford Street.
What £1m can buy you in Mayfair in pictures This South West facing second floor apartment is set within a low built period building opposite the Marriot Hotel
Lawrie Cornish
What £1m can buy you in Mayfair in pictures Duke Street The apartment is moments from Bond Street tube station.
Lawrie Cornish
It found that less than 5 per cent of homes now sold in Mayfair are priced below a seven figure number, while none are worth less £750,000.
Some 60 per cent of the properties below £1 million were still priced over £950,000.
The couple of homes priced between £750,000 and £950,000 were “special cases” such as small 300-360 sqft studio flats on short leases, the report said.
Over the next one to two years, sub £1 million apartment and sub £2 million houses will become extinct “like the Dodo”, according to Peter Wetherell, CEO of Wetherell.
Kitchen in two bedroom flat (734 sft) just off Berkeley Square for £850,000 (Lawrie Cornish) “This reflects the continuing upward surge in [residential values] in Mayfair, a reflection of both global demand and short supply, and also the large increase in super-luxury apartment schemes being built and sold in Mayfair over the last few years,” he said.
“Mayfair is the new Knightsbridge, the fashionable place for luxury property,” he added.
In 1985 the average price of a Mayfair one bed flat was £85,000 to £150,000 with a two bed averaging £150,000 to £275,000.
Show all 15 1 /15Outrageous property deals in pictures Outrageous property deals in pictures The Park Lane townhouse set to become one of the UK's most expensive student flats at £4,000 a week A town house situated in Park Lane, one of the most affluent places in London, is about to become the capital’s most expensive student residence. Most of London students usually live in halls of residence before moving on to house-share. For this reason it is fair to say few will able to afford the 3,540 square foot three-bedroom flat, which is available for £4,000 a week, £16,000 per month or £192,000 per year.
Wetherell
Outrageous property deals in pictures London's most expensive flat goes on sale at Buckingham Palace near Buckingham Palace priced at £150m A luxury flat in London’s historic Admiralty Arch, which overlooks Buckingham Palace, could sell for up to £150 million. If sold for that price, the 15,000 sq ft apartment will become London's most expensive flat, topping One Hyde Park, a flat which sold for £140 million in 2014.The Grade I listed property boasts 12 bedrooms and 12 bathrooms
Outrageous property deals in pictures ‘Little White House’ inside the US embassy complex in London goes on sale for £2.5m A luxury home inside the US embassy complex has gone on sale for £2.5m. The property is said to be the most “protected home in Britain” and any visitor is asked to carry an identity card at all times. The complex has patrolling US marines, a 24-hour British police presence, checkpoints, anti-tanks blocks and CCTV.But potential buyers looking for a fortress should not get their hopes up as all the security will disappear once the US embassy moves to a new site in Nine Elms in 2017. The home, located at 4 Blackburne’s Mews near Grosvenor Square, dates back to 1732 and owes its nickname to its white façade, grand entrance and sweeping staircase as well as its proximity to the US embassy. It provides nearly 3,000 sq ft of living space and benefits from access to communal gardens.
Wetherell
Outrageous property deals in pictures First London luxury flats to contain their own private art gallery with prices going from £3.8m up to £7.7m The first private luxury apartment building in London with its own private art gallery has been unveiled in March. The Chilterns at 24 Paddington Street contains 44 luxury residences, the majority of which were sold in 2013. It contains a signature restaurant, a 24 hour-hotel style concierge service, a gymnasium and sauna and a private cinema. The new art gallery, with original pictures of the area by David Bailey, is part of the lobby of the building and is “one of the most exciting and unique features of the Chilterns”, according to Stephen Conway, CEO of Galliard Homes. With prices going from £3.8 million up to £7.7 million for a three bedroom flat, the residence is located between the local shops of Marylebone High Street and Baker Street.
Outrageous property deals in pictures Margaret Thatcher's Belgravia home is up for sale for £30m Margaret Thatcher’s six-floor townhouse in Belgravia is on the market for a cool £30 million. The Grade II listed building on No. 73 Chester Square, one of London’s most prestigious addresses, now boasts a lift, a newly constructed mews house with a roof terrace and a private garage after a three-year refurbishment by Leconfield, a development and construction company. Some features from Thatcher’s time at the property remain. The layout and design of the formal dining room and interlinking study on the ground floor has been reinstated exactly as the Iron Lady had it during her 22 years at the property, from 1991 until her death in 2013.
Outrageous property deals in pictures Tiny London house that is just 10ft wide goes on market for £800,000 A tiny terraced house that measures no more than 10ft wide has gone on the market in south London for a staggering £800,000. The house, generally labelled "unique" by estate agent Foxtons, looks all the more unusual because it is sandwiched between two regular-sized homes. It doesn't even have a proper back door - images of the interior suggested renovators had sought to maximise the property's space by including a folding aperture to the similarly narrow back garden.
Outrageous property deals in pictures The Mayfair penthouse that sold for £30 million A Mayfair penthouse on Albemarle Street, one of Mayfair's oldest roads, sold to a mystery buyer for £30 million in December. The 5,845 sq ft, three-bedroom family home is thought to be one of the most expensive properties sold in the capital this year, and comes with an annual service charge of £61,000.
supplied by Estate agent Peter Wetherell
Outrageous property deals in pictures The dilapidated pre-fab 'shed' sold for nearly £1 million A pre-fabricated bungalow in south-east London has sold at auction for just under £1 million. The 1950s property in Peckham comes with 0.6 acres of land, is in need of renovation and has no fitted bathroom, but still sold for £950,000. A guide price of £590,000 was initially set, but increased rapidly during the bidding.
Google Maps
Outrageous property deals in pictures The starter home flats that went for a combined £60 million Some 215 “affordable” starter homes, specifically designed for first time buyers, sold out in just three hours in November, after dozens of aspiring homeowners camped overnight and queued in bad weather to get their hands on the flats. The starter home flats at Trinity Square by Galliard Homes went for a combined £60 million, or an average of £700 per sq ft. Londoners looking for affordable housing did not hesitate to camp out for up to two days to snag a flat, despite the fact that the project will not be complete for another two years.
Galliard
Outrageous property deals in pictures The longest lateral flat where H.G wells hosted a book club: yours for £3.65m The 2,200 square foot apartment in Chiltern Court in Marylebone was also home to author Arnold Bennett and political cartoonist David Low. Now on the market for £3.65 million through Rokstone agency, the four-bedroom flat has been refurbished into a luxury apartment, providing an exceptional 40 meter window frontage and depth. It claims to be the longest and most outstanding lateral flat - ones that stretch the full width of a building, or sometimes across two buildings - currently for sale in London’s West End.
Rokstone
Outrageous property deals in pictures Gatti House: the flats with celebrity links and private "pizza" lift that sold for a collective £16.5 million Celebrity links, a famous history and a private “pizza lift” has helped set a new record for price per square foot for a block of flats in central London. The four flats have sold for a collective £16.5 million at Gatti House on London’s Strand. Gatti House, a magnificent grade II building built in 1867, was sold as four separate apartments priced from £2.95 million to £5.95 million by CBRE Residential and Beauchamp, which has completed the last remaining sale.
CBRE Residential and Beauchamp
Outrageous property deals in pictures London’s most expensive office A newly refurbished office in the heart of Mayfair measuring 6,000 sq ft was unveiled by Enstar Capital in October. At £500 per sq ft, it is set to be the most expensive commercial fit out ever undertaken in the West End, according to the developer. The workspace on 54 Brooks Mews features gold-plated executive washrooms inspired by Armani-hotel in Italy, timber flooring imported from a 16th century monastery in Tuscany and an Art Deco entrance restored with a new “54” entrance logo replicating Steve Rubell’s famous “studio 54” nightclub logo from the seventies. While the director’s floor include a rooftop terrace dressed with loungers and an outside meeting and dining table.
Enstar Capital
Outrageous property deals in pictures Former garage in Mayfair become world’s most expensive mews house at £24m in Mayfair In September, the world’s most expensive mews house, in Reevews Mews, sold to a Qatari buyer for an eye-watering £24 million.
Outrageous property deals in pictures A penthouse where you canoe from your front door, yours for £16.95 million London luxury dockside complex located on Chelsea creek is due for completion by the end of 2016. But its luxury flats are already on sale including this penthouse yours for £16.95 million. It’s future residents will be able to slip down the river for a work out on the water at anytime of the day.
Outrageous property deals in pictures The only property in London too expensive for the city’s super-rich property buyers A 45 bed-room mansion near Hyde Park, previously owned by a Saudi Prince, received a private bid for £280 million. If accepted this would have made the property he most expensive single home ever to be sold in Britain. It was originally listed with an asking price of £300 million –more than double the price of the UK’s second most expensive home.
The value of a typical London home is now at £526,085, more than 16 times the £32,838 average salary of the ordinary worker, according to figures by the National Housing Federation (NHF), which represents affordable housing providers.
Londoners need a 266 per cent pay rise to buy a home in the capital, the NHF claimed.
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