An estate agency has shown there is life at the top end of the market by selling £50 MILLION of properties – on the same street.
Mount Street, in Mayfair, is an historic road made up of a mixture of ultra-prime residential properties and luxury shops.
It is regarded as one of London’s most iconic streets and, despite concerns about the economy, there has been a flurry of property deals in recent months.
Carter Jonas Mayfair today revealed it has had “unprecedented sales success”, selling five properties on Mount Street between December 19 and March 6.
The deals totalled almost £50 million and consisted of a freehold house, a developer-modernised apartment, a short lease flat, a flat in a portered building, and a second-floor lateral unit with no lift.
Tim Macpherson, head of London residential sales, Carter Jonas, described the first quarter of 2018 as “the busiest start to the year that we’ve seen for some time”.
He said: “Our exceptional sales success on Mount Street proves that, even in a tough market, London’s best addresses will continue to trade.
“As ever, it comes down to pricing realistically and pricing to sell.
“If the guide pricing is correct, it’s possible to identify buyers for a plethora of properties.
“Mayfair has long been a barometer for the capital’s economy, and whether there is activity on the streets of Prime Central London (PCL), if the local coffee shops are busy, or the Mount Street deli has a queue at lunchtime, are all indicators of market sentiment.
“Quarter one of 2018 has been busiest start to the year that we’ve seen in PCL for some time, and we expect that, as the exchange rate settles and as Brits and non-domiciled residents acclimatise to the reality of Brexit alike, nerves are settling and the appetite for doing business is restored.”
Figures from Land Registry revealed, on average, house prices in England and Wales fell by 0.3 per cent month-on-month in January.
The average house is now valued at £225,621 – which is still 4.9 per cent higher than it was in January 2017.
In London, house prices are up one per cent for the month, with the average price now £485,830.