A regular sized bathroom in Mayfair will soon be worth twice as much as the average UK home, it was claimed today.
Huge demand for luxury properties in Mayfair mean prices for the best homes could double to £10,000 per sq/ft over the next five to ten years.
This will make the famous London village the most expensive place to live in the world – knocking nearby Knightsbridge off top spot.
At this price a mega mansion will be worth a quarter-of-a-billion pounds while a luxury townhouse will set back buyers a cool £100 million.
It will mean a bumper payday for the government, which currently taxes homeowners 7 per cent in stamp duty on properties bought for more than £5 million.
Incredibly, a regular-sized bathroom – which covers around 32 sq/ft – will be worth £320,000.
This is TWICE the average price of a house sold in England and Wales, while the best bathroom suites could be worth as much as £5 MILLION.
Knightsbridge is currently the top residential area in London thanks to super-posh developments like One Hyde Park where flats have sold for in excess of #100 million.
But Mayfair, famous for once being the most expensive place on the Monopoly board, is undergoing its biggest transformation in 100 years.
There are currently 61 residential schemes planned for Mayfair worth in excess of £5 billion as embassies and offices are converted back into luxury homes.
Businessman John Caudwell was recently granted permission to carry out huge work on his mega-mansion in Mayfair – which could be worth more than £200 million when completed.
He is also planning on building a luxury apartment block.
The Canadian High Commission recently sold its embassy in Grosvenor Square with the massive building expected to be transformed into super-luxury flats.
Peter Wetherell, managing director of Wetherell estate agents, said: “Mayfair will overtake Knightsbridge as London’s leading luxury residential address.
“The only reason that Knightsbridge has lead is because new stock has been built there such as One Hyde Park, The Knightsbridge and Trevor Square.
“In contrast, Mayfair, which was predominantly residential up until the 1890s, has been starved of new residential stock over the last 50 years.
“Now with some #5 billion of new residential development in the pipeline, providing over 400 luxury homes, Mayfair is entering its most exciting decade over more than a century.
“Mayfair’s new residential stock will enable the district not only to just catch up with Knightsbridge, but also exceed it to become London’s top luxury address.”
However, Mr Wetherell’s comments were dismissed yesterday by Nick Candy, the property developer behind the One Hyde Park development.
Mr Candy, the husband of Holly Valance, believes the increased development could end up lowering property prices in Mayfair.
He told The Evening Standard: ”I don’t believe it will become more expensive than Knightsbridge or Belgravia. One Hyde Park’s achieved over £8,000 per sq/ft. Mayfair’s got nowhere near this.”