Wetherell’s latest report Thoughts on the Mayfair Property Market states: “Mayfair has over 300 years of heritage, resilience and now world-wide brand value.” We asked chief executive and founder Peter Wetherell what impact he thinks Coronavirus will have on the central London property market
“The threat of Covid-19 is an unprecedented situation, with its effects felt at each level of the property market. Both buyers and vendors are in a ‘wait and see’ situation, with people needing to monitor the situation daily.
“The threat of Coronavirus has actually boosted the lettings market, as lettings offer flexibility and immediate decision-making as opposed to the longer buying process. The number of video viewings is increasing, with buyers relying more on technology. The agent can be the eyes for the buyer, sending photos and videos of the property to buyers all over the world for their consideration.
“Although flight cancellations and travel restrictions are a concern, the Mayfair market continues to be very localised. In fact, one fifth of Mayfair residents are able to commute to work on foot, compared to 14 per cent across prime central London.
“Given the value and prestige of the properties in Mayfair, purchases are not going through sight-unseen and, where necessary, deals are being delayed.
“Nevertheless, there is strong faith at both a domestic and international level in London property.”
View more property stories here.