It can be quite interesting the difference in the property market from one area of Prime Central London to another. A simple manoeuvre of a property 5 minutes down the road can alter the asking price dramatically. For instance, Mayfair and Knightsbridge are within a small radius of one another but the property market is fairly dissimilar.
If you are interested in purchasing property in Knightsbridge, Mayfair, South Ken link below
Comparatively to 5 years ago, property prices in Knightsbridge have lowered by 17.1% while dropping only 1% in Mayfair and 11.9% in nearby South Kensington. Price per square foot in Knightsbridge sits at £1,807 (£367 less than 5 years ago) while Mayfair excels with £2,092 per square foot (only £22 less than 5 years ago).
Discount achieved on the initial asking price between the three locations also differs; 8.2% discount in Knightsbridge, to 11.1% in Mayfair & 6.9% in South Kensington. Currently, South Kensington is quite highly sought after as you can acquire a larger amount of space for the same money. The desire for space, private outdoor areas and greenery is a result of lockdown. Buyers have reevaluated their property needs, prioritising a home office in Kensington to a shorter commute time in Mayfair.
Knightsbridge - Time On Market
Mayfair - Time On Market
South Kensington - Time On Market
We could also make the assumption that this is the reason that South Kensington properties are spending half as long on the market. A massive 14.5% of properties sold in just 3 months on the market (3.8% over the central London average). Knightsbridge and Mayfair, however, are producing figures more like 4.4% and 5.6% sold in 3 months.
Many factors play a role in the value of a property and the price a buyer is willing to pay. To benefit the most from the sale or purchase, close attention must be played to the current market and buyers patterns.
Many factors play a role in the value of a property and the price a buyer is willing to pay. To benefit the most from the sale or purchase, close attention must be played to the current market and buyers patterns.
Mayfair Property For Sale
(all figures based on Lonres report for Jan-March 2021)