Top 10 London Selling
Peter Wetherell knows Mayfair like nobody else, as his Twitter handle @mayfairguru suggests. He has focused on the area for his entire career and has joked that if he had to quit his job, he would be ‘practically unemployable’. That seems rather unlikely.
The 2017 Spear’s Property Adviser of the Year sees the prime central market as having reached its low point (‘People have got bored of waiting, they want to move on with their lives’) but says real growth might be a long way off yet, thanks to the tax flux of recent years. ‘If you don’t like the aspect of your garden… you’re just not going to move at the moment because the transactional costs are too great. You’ll end up 15 per cent poorer,’ he explains.
Nevertheless, as Wetherell points out, Mayfair outperformed the rest of prime central London over the past 12 months, capping a decade that saw average apartment prices rise by 97 per cent, compared to 59 per cent for the rest of prime central London.
He remains bullish on his patch, above all, pointing to the flurry of investment and luxury development in the gilded neighbourhood. ‘People will look back in 10, 15 or 20 years’ time and say, “Wow, that really was the most amazing period in the history of Mayfair.” But at the moment there’s so much activity going on that people don’t even recognise it,’ he says.