House prices are rising so fast in Mayfair that the floor space covered by a Monopoly board will be worth £25,000 by 2050, a new report has claimed.
Mayfair has always been the most expensive place to buy a home on the famous game – with a property costing £400.
And in real life the central location shares top spot with Knightsbridge – with the average price of a new build setting back buyers £5,000 sq/ft.
But estate agency Hamptons International has estimated the cost of a new house in Mayfair will triple to £15,000 sq/ft by 2050.
This means each Monopoly board, which measures 20″ x 20″, would take up £25,000 of floor space in a Mayfair home.
And the £400 it famously costs to buy a Mayfair home on the iconic board game would get a prospective buyer just 2.6 per cent of 1sq/ft.
Hamptons’ London New Build 2012 report also claims the average price of a new home in the capital will be £1 million by 2050.
These figures are based on a number of factors including Londoner’s reduced dependence on petrochemical products which will drive the way residents will work, live and get around,
Adam Challis, head of research at Hamptons International said: “Commercial to residential conversions and large scale development opportunities such as the American Embassy ensure that far from resting on its laurels, Mayfair will take its place as the traditional bastion of wealth.
“New builds in the area such as Mayfair Chambers, a six apartment development off Bond Street set to be completed in late 2013, will continue to attract global wealth and by 2050, we expect Mayfair values to triple.”
However, one estate agent said there’s no limit on how much house prices could rise by in Mayfair because “they’re not building any more land”.
Trevor Abrahmsohn, who runs Glentree Estates, has been selling multi-million pound houses since the 1970s and has watched property prices rise time and again.
He said: “I remember selling a home in Hampstead for £150,000 in 1976. It recently sold for £11 million which is a 75-fold increase – that shows the jump in property prices.
“People say incredulously that it can’t keep going up and it has to have a limit but why does it?
“There is no such thing as a ceiling. The only way a limit would be reached is if they were building more Mayfairs and Kensingtons but they’re not.
“The Bishops Avenue in Hampstead used to be called Millionaires’ Row, but now it is known as Billionaires’ Row.
“As long as London remains the most desirable place on earth, it will always attract the wealthy. There is no limit on house prices in London.”
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