Going, going, gone:£1m homes in Mayfair are soon to become extinct

Within just two years, you won't be able to buy in Mayfair for less than £1m

There will be no properties for sale in Mayfair for less than £1m within the next two years - and possibly within just 12 months.

Already, less than one in 20 properties in the top spot on the Monopoly board cost less than £1million and there will be none left by 2018, according to Wetherell estate agents.

It said that by then sub-£1million flats and sub-£2million houses will become extinct not only in Mayfair but the entire West End.

Peter Wetherell, CEO, said: “This reflects the continuing upward surge in residential 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.”

Wetherell’s survey of sold prices during 2014 and 2015, with analysis by Dataloft, found that no properties sold for less than £750,000 and only two fetched less than £950,000, both of which were studio flats of less than 350 sq ft and on leases of around 40 years.

Of the handful of properties that were less than £1million, 60 per cent were over £950,000.

Wetherell, which conducted its first survey Mayfair residential survey in 1985, said a two-bedroom flat in Balfour Place which fetched £225,000 in 1985 was now worth more than £2million.

The survey revealed that half of all properties sold in the last two years fetched £2million to £10million, with 11 per cent priced over £10million. However, only 3 per cent of houses fetched less than £2million, with 80 per cent going for over £10million.

Mr Wetherell forecast that prices in the area would be stable this year despite falling oil prices, China’s economic slowdown and the rise in stamp duty rates. He said: “Mayfair is like a strong ocean liner sailing in a protected fjord.”

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