Prime central London: Mayfair

Mayfair is the ultimate discretionary market. The wealthy international families who have owned here for generations simply would not entertain being anywhere else. It was therefore unlikely the furore around inheritance tax changes was going to drive a mass exodus – despite the noise.

Many Mayfair homeowners do not need to sell or rent, and they are reluctant to shut themselves out of this prestigious market, which, in a few years, will prove more expensive to buy back into. Rather than leave altogether, these residents are carefully assessing their portfolios and moving between destinations.

The first half of 2025 has demonstrated the desire that exists to retain a foothold in Mayfair. Middle Eastern buyers arrived for the summer months to house-hunt, often seeking out secondary accommodation for their younger generation. With rumours of additional wealth taxes in California and New York, and the favourable currency play, US buyers are more active this summer than in previous years, too.

Best-in-class apartments between £10–15 million continue to sell well, and in the apartment market (between £1–5 million), price reductions have spurred sales on as investors take advantage, believing the worst has passed.

Tenants, too, are on the move more regularly, opting for shorter rental periods than the typical prime central London tenant. Many use these apartments as a convenient bolt-hole or pied-à-terre, whether for business, work commitments, or simply to experience the Mayfair lifestyle. Landlords are increasingly open to offering shorter-term agreements – typically one, two, or three months (but under six) – which also helps them navigate the implications of the Renters’ Rights Bill.

The tenant demographic in Mayfair remains diverse, ranging from business owners, finance professionals, and students, to a strong Middle Eastern presence during the summer months, as many choose Mayfair to escape the heat of their home countries.

Although the opening of the Rosewood hotel in the former US Embassy building on Grosvenor Square (this September) may negate the need to rent for some, it will also increase the area’s appeal, with seven restaurants and bars now announced, including the American-Italian Carbone. As will 1 Mayfair – the £2 billion residential project is due for completion in 2026 and will bring 24 lateral apartments and penthouses, and five turnkey townhouses to Park Lane and Hyde Park.

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Understanding the Renters’ Rights Bill

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