Is Mayfair Becoming A Family Borough?

Written by Posted On Friday, 29 January 2016 04:26

There seems to be something of a cultural shift occurring in Mayfair. No longer the sole preserve of the affluent single male or female, it is a borough that is slowly but surely becoming a family friendly area.


This is reflected in the size and nature of property developments in Mayfair, and backed by a number of key statistics that identify the changing nature of the market in the borough.


Research by Pastor Real Estate which explored Prime Central London's residential development sites, found that sales of three bedroom homes in Mayfair have increased year on year. This reflects both the increase in demand for family-sized dwellings as well as recognition from developers that this is the prevalent trend in the area. While one bedroom studios and smaller flats are still in abundance, a new property pattern is emerging.


The end of 2015 saw Prime Central London property prices increase by approximately 0.8%, despite stamp duty changes, which have affected properties above £2million. Mayfair and Marylebone remain very much in favour, with key sales having been completed in both locations post summer and ultra prime properties (£20million and above) remaining firm. The report shows that many new-build residences being constructed in Prime Central London are ultra-prime and they are not small units. They are large and spacious, with multiple rooms and suitable for multiple occupants, designed for couples and families alike.


There are 151 schemes in the pipeline for the W1 area of Prime Central London alone and 31 in Mayfair, which are set to provide 420 new homes. Of these schemes, there is a 40% increase of units in application compared to those currently under construction. The average unit size for those under construction is 543 sq. ft. where the units at application stage average at 763 sq. ft, proving that larger properties are underway. All schemes at application stage contain at least one two-bedroom unit, and 71% include at least one three-bedroom unit.


With its proximity to Central London’s economic, financial and creative hubs, it is no surprise that Mayfair has long been a favourite area of residence for professional singles and couples. It is also widely known for being a ‘bolthole’ for the international business community that need an occasional London base. European property investors are also known to favour Mayfair as a location for properties to add to their portfolio.


But, for the same reasons, it is the perfect location for families, with access to the capital’s fantastic transport networks, the retail hustle and bustle and proximity to a whole host of attractions and landmarks. Large residential properties are being sought after by purchasers looking to not only fulfil the social and economic aspirations of international and British high-earners and high-achievers, but also provide homes suitable to raise a family.


This goes against the general theme of gentrification that has swept across the capital, with young families originating from the more affluent areas moving to previously "undesirable" boroughs to take advantage of lower property prices. There was a time when Mayfair was the locale for wealthy retirees, but that pattern is clearly changing as uncovered by the study findings.


Between 1950 and 1980, the average age of a Mayfair dweller was 55 to 75 years old, and yet today nearly 60% of the borough’s residents are aged 44 and under. Around half of those are couples and families.


It has come a long way from its construction in the 1700s, when the property developer come politician Sir Richard Grosvenor built on the square that holds his name. A previously undesirable location became the go-to place for dukes, earls and viscounts, and it was here that Mayfair became one of the most fashionable districts in London. It is a theme that exists to this day.


Mayfair is now becoming an attractive area for families and couples hoping to extend their brood. It is a notoriously safe area with low crime rates compared to similar boroughs, and the centre of town can be easily reached on foot with the minimum of fuss.


These are attractive propositions for young families looking to build a long-term future for themselves, and so it is no wonder that Mayfair is high on their list of potential places to live.


Susan Cohen, Head of Sales and Lettings at Pastor Real Estate comments: “Using these statistics we have found that not only are new homes getting bigger in Prime Central London, but everything that comes with them is getting grander. As wealth continues to pour into the capital, ultra-prime living standards increase. New buyers not only want larger homes providing more space for larger families, they also want all of the luxury amenities; concierge services, porters, 5-star hotel quality spas and gyms, IMAX cinema rooms and private dining rooms to entertain guests at will. London is moving away from single units and in years to come we will see more and more fabulously luxurious large lateral homes appearing on the market”.


With the volume of new properties coming to the market in Mayfair in 2016, it looks like London is going to see an exciting and busy year.

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