Wetherell tells Spear’s he’s been busy battling the ‘2Vs Value and Volume’, saying value is staying but the volume of transactions is now down by 50 per cent from the ‘good old days of 2013’.
That’s why, if you’re dealing in Mayfair and its prime central surrounds, you need someone with Wetherell’s proven record. Early in 2016 saw him sell two ‘off market’ houses at around £45m and £35m respectively.
His firm also did a third of all deals in the area in the second quarter and is currently on a roll, doing seven of the last ten major Mayfair deals.
Other highlights include a Mayfair mansion sold on offer at nearly £5,000 per square foot for £48 million; an ‘uncut gem’ of a house from the 1740s, the Grade I-listed One Mayfair Church (formerly St Mark’s) in North Audley Street and the ‘record’ sale of an unmodernised apartment on Charles Street after 40 viewings and fourteen offers.
His beloved stomping ground, is, he says, half way through a ‘Golden Decade’. ‘We are increasing the homes by over 10 per cent and the residential population by 25 per cent.
‘We are the retail, cultural and commercial center of prime central London and once you include the hotels and hospitality offering of 5-star hotels and Michelin-star restaurants then there is no other area that can compete.’
The numbers seem to back that up, with Wetherells achieving 30 per cent-plus premiums on rival postcodes like SW7.
He previously told Spear’s, ‘For the last ten years, Mayfair has been incredibly good value compared to Belgravia and Knightsbridge and other prime central London areas,’ he says. ‘I’ve been shouting it from the rooftops until I became like some sort of messiah who is seen as rather more eccentric than plausible.’ But in the last few years he has had the products to bring to market to prove his analysis.
In his office, surrounded by dozens of brochures and market reports that he likes to compose in his free time, he says the best is definitely yet to come for the neighbourhood. With new units coming in without damaging the heritage of the area he believe it has reinvented itself in the past twenty years and is going back to its residential nature. Until now, he says, Mayfair’s residential prices have been held back because there were supply issues. ‘Mayfair is not just catching up with Belgravia and Knightsbridge prices,’ he says, ‘it’s reclaiming the crown that we had in the 1970s as the most expensive location in London,’ he previously told Spear’s.
After almost 35 years in the business it seems the only thing that can get him down is tax regulations. He underlines non-doms, capital gains, stamp duty and inheritance as creating international concern with 13 major tax changes since 2013.
If the future seems bright, how long would Wetherell like his reign to last? ‘As long as my health,’ he says. Highlighting the fact he still has many years of school fees to pay for his young children.