Sub-£1m West End homes “extinct”

Homes priced below £1 million are set to become extinct in Mayfair and the wider West End as prices continue to spiral.

Less than 5% of homes now sold in Mayfair and the West End are priced below seven-figures and none are priced below £750,000.

Almost half are now priced between £2 million and £10 million, according to new research by Wetherell, with data analysis by Dataloft.

More than one in 10 sell for more than £10 million.

The survey looked at the price of all Mayfair and West End homes sold in 2014 and 2015.

It also analysed sold values in earlier years dating back to 1985, the date of the first ever Mayfair resi-market report published by Wetherell 

Some 41% of homes sold were priced below £2 million, of which 95% were priced between £1 million and £2 million

Just a handful were priced below £1 million, with most priced over £950,000.

The two properties priced between £750,000 and £950,000 were “special cases”: tiny “broom-cupboard sized" studio flats on short leases of around 40 years.

There were no homes at all priced below £750,000.

The London's West End has turned the area into a resort-village for super-affluent people from around the world, with more than 60% of residents now born overseas, up from 49% in 2001.

Peter Wetherell, chief executive of Wetherell said: “Over the next 12-24 months apartments priced below £1million and houses below £2 million will, like the Dodo, become extinct across Mayfair and the wider West End.

“This reflects the continuing upward surge in resi-values in Mayfair and neighbouring areas, 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.

“Mayfair is the new Knightsbridge you could aptly say, the fashionable place for luxury property.”