Mayfair’s prime residential market has become increasingly polarised, with activity concentrated at the top and bottom ends of the spectrum, as “sellable supply” falls to its lowest level in a decade.
The latest Mayfair in Minutes 2026 survey from Wetherell suggests the district reached the bottom of its current cycle in Q4 2025, with prices forecast to rise by between 1% and 2.5% over the next three years.
According to the research, Mayfair has shifted from what was historically a three-tier marketplace – new or newly refurbished homes, second-hand liveable stock and unmodernised property – to a sharply defined two-product market.
In 2025, 91% of transactions were for apartments or penthouses, with buyers overwhelmingly favouring immaculate, turn-key homes. Best-in-class new or newly refurbished properties are achieving £6,000 to £10,000 per sq ft, while unmodernised stock is trading at around or below £2,000 per sq ft, attracting buyers seeking refurbishment-led value uplift.
PRICE REDUCTIONS
The second-hand, “liveable” segment has struggled. Just 69 such properties sold in 2025, down from 96 in 2024 and 81 in 2023. Almost 60% required price reductions and some homes spent up to three years on the market. More than 10% of second-hand listings were withdrawn in late 2025, contributing to what Wetherell describes as a 10-year low in effective supply.
Prices remain 21% below their 2014 peak, with second-hand homes averaging £2,005 per sq ft after a 3% decline last year. However, demand appears to be strengthening, with viewing levels at the start of 2026 running at four times those recorded at the same point in 2025.
The survey also highlights strong international demand. During 2025, Mayfair accounted for 12% of all London sales above £5m, more than any other Prime Central London district. Buyers from the United Arab Emirates, Saudi Arabia, America, India and the UK dominate the market, with Middle Eastern purchasers now favouring Mayfair over Knightsbridge.
ROCK BOTTOM
Peter Wetherell, Executive Chairman of Wetherell, says: “The Mayfair property market hit the bottom of the current cycle in Q4 2025.
“With ‘sellable supply’ now at a 10-year low and sale viewings now four times higher than in 2025, the supply-demand equation has shifted and Wetherell expect residential prices in Mayfair to rise between 1% to 2.5% over the next three years.
“The Mayfair market has become highly polarised with most buyers purchasing brand new/newly refurbished homes and the remainder acquiring unmodernised stock for refurbishing and capital value uplift.”
MAYFAIR MOST POPULAR
He adds: “The Mayfair sales market is currently dominated by wealthy buyers from just five countries – the United Arab Emirates, Saudi Arabia, America, India and the UK.
“Mayfair has now overtaken Knightsbridge as the most popular address for Middle East buyers purchasing homes in London, with four out of every five Middle Eastern clients only want to live in Mayfair.”
