Billionaires’ favourite estate agent predicts £10,000 PSF prices this year
Peter Wetherell says per-square-foot asking prices for Mayfair's super-prime addresses are accelerating fast as a 1920s-style boom plays out.
High-profile London estate agent Peter Wetherell has predicted that super-prime properties for sale within his home patch of Mayfair will hit a record of £10,000 per square foot this year.
To give readers an idea of the staggering nature of this claim, the average PSF is £282 in the UK and even in Greater London, it’s only just over £564 the most recent Zoopla figures reveal. The average PSF for all properties within Mayfair is £2,077 and £1,460 across prime central London.
Wetherell, whose eponymous estate agency was recently acquired by Dexters for £3.21 million, says Mayfair’s residential property market is booming with the sale of homes valued above £10 million rising by 30% and PSF prices having already reached £9,000 as bidding wars between high net worth individuals escalating.
Past pandemic
The upmarket estate agent also says the parallels between now and the 1920s are clear; the world was just emerging from the post-WWI Spanish flu pandemic and the global economy was bouncing back.
And so it is happening again – in recent months Mayfair had more luxury home sales valued above £15 million than any other postcode in prime central London.
“During the early 1920s the luxury property market in Mayfair boomed as the Edwardian super-rich enjoyed huge wealth accumulation and wanted to enjoy their earnings and celebrate life after the constraints of WWI and the Spanish Flu pandemic,” says Wetherell (pictured).
“Now in 2021 and 2022 we are seeing a similar boom in billionaire wealth and emergence from a pandemic and like the 1920s we are seeing penthouses and mansions in Mayfair selling well and rising dramatically in value.”
