An inside look into the luxury lifestyles of London’s Mayfair – words Alexa Wang
City planning experts identify the perfect urban blueprint as a place that can offer a selective collection of elements.
This includes proximity to open space, excellent public transport links, density and scale, a diverse population, an assortment of land uses, cultural wealth, and a flourishing local economy. Each of these components can be found in the number one neighbourhood in London’s Mayfair.
The district first became a bustling area in 1686 when the annual May Fair was moved to the bare, muddy land from Haymarket, by approval of King James II. Unfortunately, the event participants grew in number over the years, bringing with it rising levels of rowdiness, drinking, and gambling. This resulted in complaints from the locals who eventually had the fair relocated to the east in 1746, ultimately settling at Shepherd Market, where it still takes place during the first two weeks of May each year.
When the fair left town, the locals took it upon themselves to develop the area into a blossoming neighbourhood. Sir Grosvenor and his family led the way, building the world-famous Grosvenor Square, while other Mayfair property developers created beautiful garden squares and charming streets around town. The newly inviting neighbourhood became the residence of choice for London’s most elite and is now home to several of the best luxury properties around the globe. With Mayfair London real estate thriving and first-rate dining and retailers available in the neighbourhood, Mayfair is not only popular with tourists as a global hotspot, but also a favourite choice for wealthy expats purchasing new homes in the UK.
Residents of Mayfair spend twice as much as tourists
Highly appealing to visitors, the Luxury Quarter, which is so bustling it is expanding from Bond Street and Regent Street across to Dover Street and Albemarle Street. London’s Mayfair shopping boasts two-thirds of the world’s top retailers available on its high streets. There are also 26 Michelin star restaurants in London’s Mayfair, more than a third of the total 66 in the capital, and a choice of over 3,800 five-star hotel rooms.
It is commonly thought that the local economy is supported only by visitors and the residential community does not give much back. However, a recent report conducted by Wetherell reveals that to be completely untrue. Documented by data supplied from EGI, Westminster City Council, and Dataloft, the information in the report shows that the local population spends twice as much as tourists across the Luxury Quarter and famous West End district and Mayfair London restaurants, contributing around £2.5 million into the local economy each year.
The West End theatre district is one of the most prestigious in the world and welcomes over 200 million guests annually. It has a £22 billion economy, with over half of that made up from the revenue of bars, hotels, retailers, and restaurants alone.
The local population is forever changing, evolving from an average age of 65 in the 50’s to over 60 percent now aged below 44. London’s Mayfair currently houses about 2,000 millionaires and 20 billionaires; it is hugely diverse, with over 42 nationalities forming a part of the community. As wealth moves around the world, the people joining the neighbourhood as permanent residents will always be evolving, and so Mayfair can expect to welcome an incredible diversity in the future.
The most desirable neighbourhood in London is undergoing a major transformation
As the typical Mayfair resident gets younger and demands for luxury and designer features increases, as do the number of flats entering the property market, as opposed to houses. The esteemed neighbourhood has been restricted from making any significant improvements over the past few decades due to an annual 30 property limit able to be added to the market, in order to protect the culture and heritage of the area. However, it is now Mayfair’s turn, and the neighbourhood will be undergoing a significant development over the next five years in an effort to meet the demands of a contemporary and luxury lifestyle, all the while maintaining its heritage.
Eleven projects are already underway, which will provide the area with 20 new residential units. A further 21 developments have passed their proposal stage and are in the pipeline to be completed by 2022. So there will be lots more Mayfair property to rent. Additionally, world-famous garden squares, Grosvenor Square and Hanover Square, are set to be restored. The transformation aspires to increase the number of available residential homes in Mayfair by ten percent, reaching 4,363, and therefore welcome more members to its population, specifically 25 percent, making a total of 5,200 people.
House price growth in London’s Mayfair has risen by 188 percent over the past ten years, despite the Global Financial Crisis. The residential developments also hope to expand the most expensive address from W1K to include W1S and W1J, increasing sales prices in all three areas in total and maintain rising values across the neighbourhood for years to come.
An inside look into the luxury lifestyles of London’s Mayfair – words Alexa Wang
