Mayfair's appeal

But in the past decade - and especially in the last five or so years – it has undergone a complete renaissance.

The efforts of the Grosvenor Estate to make retail and public realm improvements have seen Mount Street transform from a sleepy street of antiques shops and traditional stores into one of the most fashionable addresses in London where many of the most discerning brands want to set up shop. Now it is home to Celine, Laboutin, Lanvin and Marc Jacobs. W1 also has more Michelin-starred restaurants than probably any other postcode, and so coupled with great shops, hotels, members clubs and green spaces - Hyde Park, Green Park, Grosvenor Square - mean that one of its appeals, especially to international buyers, is that is it effectively a one-stop shop. You need barely leave the super-prime square mile.

Property values had fallen behind Knightsbridge and Belgravia but Mayfair has made up ground in recent years. Some equivalent addresses are still not quite on a par (this has also been an appeal - especially a few years ago when a prime address here seemed relatively cheap), but the gap is much slimmer and constantly evolving, especially due to large-scale development. Mayfair had seen virtually no new build in the past 15-20 years but schemes at Clarges Mayfair, 77 South Audley Street and, probably the jewel in the crown, 20 Grosvenor Square, are bringing the fully serviced, uber luxury experience of say, One Hyde Park, to Mayfair. This change will continue with the redevelopment of the American Embassy. And while public transport is not a big pull at the very top of the market, the rest will be likely buoyed by a Crossrail connection at Bond Street, linking Mayfair to Heathrow in less than half an hour.

Mayfair is insulated and small - a square mile bordered by Oxford Street/Regent Street/Piccadilly/Park Lane. In the main it feels more genteel than the bustle of Knightsbridge with less transient traffic and footfall but easy to get to all other prime central areas. It is also a financial centre - many hedge funds, private equity companies and other international HQs are based in Mayfair, and nearby St James's. 

While prime central London is suffering a little - purchase costs, tax changes and the uncertainty around Brexit have had an impact on discretionary markets - Mayfair is in a good position to ride the storm. It is a small area where there is never huge supply, and the new-build market outperforms normal trends as it has rarity value in this locale. It may not continue with the double-digit annual growth it has recently seen, but offers a secure investment proposition mid to long term, and an environment that appeals to much of the world’s super rich, which shows no sign of waning.