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Falling Mayfair prices attracting students and the fashionable set

LONDON&rsquo;S playground of the super-rich has always been a place that ordinary mortals &ndash; even high-earning ones &ndash; would rarely consider within their reach.<br /><br />But times have changed, and with them, Mayfair&rsquo;s rental prices, which have dropped 15-20 per cent since their peak in 2007. Charity Delves, lettings manager at Mayfair estate agent Wetherell, says: &ldquo;There are many properties on the market so competition is high. Therefore properties must be of a high standard &ndash; people are not putting up with mediocre finishes. Also, key to people&rsquo;s requirements is space, so one bedroom properties are taking longer to rent.&rdquo;<br /><br />Now that Mayfair prices have gone down, a new breed of resident is being drawn to the area.<br /><br />&ldquo;There have been a few &lsquo;fashion&rsquo; types looking in Mayfair with very specific requirements,&rdquo; says Delves. &ldquo;They want to be as close to Mount Street as possible. There have also been young Euro-students who have been renting in Marylebone, but now want to be in Mayfair &ndash; again, around Mount Street &ndash; as it is lively.&rdquo;<br /><br />For those who dream of a Mayfair address, then it seems that this is the time to make that dream come true.<br /><br /><strong>HAYS MEWS</strong><br />Price: &pound;2,000 per week<br />Over 3,500 square feet and four floors, with garage, private gardens and top specs. Think Lutron lighting and multi-room audio systems. Contact: Wetherell, 020 7493 6935<br /><strong><br />PARK STREET</strong><br />Price: &pound;3,800 per week<br />Palatial three-bedroom flat, furnished in luxurious, traditional style. Guest cloakroom and master ensuite are nice touches.<br />Contact: Wetherell, 020 7493 6935<br /><br /><strong>HERTFORD STREET</strong><br />Price: &pound;700 per week<br />Furnished, two-bed, two-bath, first floor flat recently refurbished, with 24 hour porter. Moments from Green Park Tube &ndash; would make an ideal pied-a-terre <br />Contact: Knight Frank Mayfair, 020 7499 1012