Napier Watt Central London estate agents are residential real estate agents & property consultants based in Mayfair. Specialising in the sale and letting of property (flats and houses) throughout Central London with particular emphasis on Marylebone and Hyde Park.

1. Rise in number of domestic staff working in Mayfair
Mayfair Estate Agents Wetherell report that there has been a boom in domestic staff in Mayfair.
According to data compiled by the company, homes in Mayfair now employ more domestic staff than
they did in the Georgian and Victorian eras. However, unlike their Victorian counterparts, 21st century
Mayfair households require very different types of domestic support and are increasingly providing
their staff with high quality accommodation and flexible working conditions.
Wetherell’s estimate that with more high-net-worth individuals buying property in Mayfair, around 80
per cent of the private apartment owners - some 3,100 homes - and 90 per cent of house owners -
around 350 houses - in Mayfair employ professional and domestic staff.
Peter Wetherell, Managing Director of Wetherell, commented: “According to the 1,790 household
survey, less than 20 per cent of residents of Mayfair were wealthy. The figure today is about 70 per
cent who have substantial wealth, and the population of Mayfair has trebled. Modern household staff
have different roles from the Georgian and Victoria era.”

2. Mayfair is home to some of the most expensive properties in London, with residential values edging
ever closer to £4,500 per square foot, with further capital growth anticipated.
A spokesperson at Hyde Park estate agents Napier Watt, which specialises in selling homes across
prime London areas, including Mayfair, commented: “Mayfair is one of the safest places to invest in
property in the UK. Insatiable demand coupled with an ever-growing housing shortage means that the
Mayfair property market continues to go from strength to strength.”
Home prices are soaring in London, led by premier areas such as Mayfair, where average prices far
outstrip the average price of a property in London, which stood at £375,795 in April, up 6.2 per cent
year-on-year. The monthly increase from March was 1.4 per cent, according to the Land Registry.
The most expensive average house price in any London borough was in Kensington and Chelsea at £1.1
million, followed by the City of Westminster, which includes Mayfair, at almost £800,000.
Many economists expect the government’s flagship Help to Buy scheme, which provides an interest-
free loan of 20 per cent of the purchase price for five years, to further fuel greater capital growth,
particularly in London and the south-east. Homebuyers still need a five per cent deposit, but this
additional loan should enable them to buy a property. Help to Buy mortgages can be used on
properties valued up to £600,000; the scheme is available in England only.
Gráinne Gilmore, head of UK Residential Research at Knight Frank, said: “Housebuilders are optimistic
that development volumes will rise this year, and this view has been supported by their strong start to
the year, with many reporting a surge in buyer activity after the start of the Government’s Help to Buy
Scheme. Such an uplift in volumes is welcome, but the large demand and supply gap in housing is
unlikely to be bridged any time soon.”
The ‘Help to Buy’ scheme has already started to have a big impact on the market, helping to push
demand for property, particularly new homes, higher.

3. According to the latest RICS residential market survey, new buyer enquiries in April rose to their
highest level in over three years, with 25 per cent more chartered surveyors reporting that demand for
property rose rather than fell.
Peter Bolton King, RICS Global Residential Director, commented: “It is encouraging to see government
initiatives are having an impact on the property market. Help to Buy in combination with the Funding
for Lending scheme appears to be giving the market a shot in the arm. Thankfully, sales are expected to
pick up over the coming months, albeit from historically low levels.”
The Help to Buyinitiative, which was announced in the Chancellor's Budget in March, has helped to
stimulate activity in the housing market, with many signs that transactions and prices will increase
further, led by prime areas like Mayfair.