Mayfair now and then: 30 years ago this £4.25m apartment sold for £285,000

 
Emma Haslett
Follow Emma

Remember 1985? The first UK mobile phone call was made - by Ernie Wise, of all people - the Brixton riots took place, and Rick Astley spent five weeks at the top of the charts.

It was also, according to research by upmarket estate agent Peter Wetherell, possible to buy a Mayfair apartment for as little as £85,000 (still a bargain at £224,730 in today's money).

Wetherell's February market report identifies how the market in the area has changed in the past 30 years.


Flats on this street sold for £285,000 in 1985 (Source: Wetherell)

In 1985, Wheatshef Investments, the Grosvenor Estate's property development arm, sold six flats at a Mount Street development for £285,000 (£753,500 today) each on a 75 year lease. Wetherell currently has one of the flats on the market for £4.25m - and that's only for a 46 year lease.

In the same year, a mews house around the corner in Three Kings Yard sold for £175,000 (about £463,000 by today's standards). These days, it's selling for £4.2m.

But what's most surprising is that, adjusted for inflation, the cost of parking in the area has actually dropped. Back in 1985, a covered parking space in the local NCP car park set locals back an eye watering £2,400 - or £6,300 now. These days, it's a slightly more reasonable £4,120. Although locals might not see it that way...

Related articles