Londoners can find luxury living for less in Shepherd Market
Hailed as “Mayfair’s original village”, Shepherd Market has plenty to offer those in want of a central location – and one of London’s trendiest postcodes.
Although it may be one of London’s oldest areas, Shepherd Market is currently one of the newest emerging property markets in Mayfair, according to a new research report released by Pastor Real Estate. Within the report, rental rates, trends, and property prices are analysed in comparison with wider Mayfair. The result? Sale and rental prices are currently less in Shepherd Market, and yet growth rates are proving to be comparable with Mayfair overall.
A look at the numbers
Nestled between Curzon and Piccadilly, Shepherd Market is a desirable and exclusive part of Mayfair.
Of the estimated 4,070 residential dwellings in Mayfair, just over 700 of these are located in Shepherd Market. The real estate market is primarily made up of apartments, with this property type accounting for over 70 per cent of the addresses in the area. There were 1,685 properties for rent in Mayfair between 2013 and 2015, commanding an average rent of £1,257 per week. In comparison, the average rent in Shepherd Market was £850 per week. Eighty per cent of apartments that were sold in Shepherd Market in the same time period were one- or two-bedroom units, so property here is substantially smaller than that found elsewhere in Mayfair. The average apartment sold in Shepherd Market last year was 833 sq. ft., while in Mayfair, the average was 1,287 sq. ft.
Shepherd Market via http://www.shepherdmarket.co.uk/
Turning attention to houses, although they make up a small percentage of the residential market in Shepherd Market, there are still opportunities to be found. The average house in Mayfair rented for £3,674 per week, compared with £3,206 in Shepherd Market. Overall prices for square footage have risen in both this micro-market and Mayfair as a whole, the rates of which are comparable. There was an increase of 47.3 per cent in Mayfair over the past decade, with Shepherd Market not far behind, experiencing growth of 41.4 per cent.
For people wanting to live in the area now, Shepherd Market is an affordable alternative to some of the ultra prime residential developments that neighbour it. So what exactly makes this hidden village in the heart of London so appealing?
Why Shepherd Market?
As Mayfair continues to prove popular with ultra high net worth buyers from around the world, prices are rising, and new luxurious developments are taking place throughout this prime central market.
As Mayfair experiences this development, Shepherd Market will too be on the receiving end of gentrification and expansion. Formerly the site of the annual May Fair from which the surrounding region takes its name, the small square is today home to shops, eateries and independent boutiques. Architect Edward Shepherd was commissioned by Queen Anne to grow the area and improve it to appeal to a more sophisticated crowd back in 1735, and although a great deal of growth took place to change the face of the area in a decade, the growth hasn’t stopped there. Indeed, according to Simon Green, Sales Negotiator at Pastor Real Estate, the best may be yet to come: “More investors should look at it and see the value and growth potential. The area has improved considerably over recent years, and there is a lot of residential development in the pipeline in the vicinity of the Market.”
One such development is Cambridge House, a former private members club that has recently received planning permission to see it transformed into a £250 million property. A number of high profile mixed-use and commercial developments could positively impact Shepherd Market as well; the corner of Clarges Street and Piccadilly is set to be the site of a retail, office and residential development. This, along with the many primeresi developments headed to Mayfair overall, will surely boost property values in Shepherd Market.
Author: Kayleigh Stubbs
