Wealthy locals support the economy of prime central London

The economy of prime central London is run by its wealthy residents
Photo by CC user Arriva436 on Wikimedia Commons

It is a widespread misunderstanding that the residents of prime central London do not contribute anything of value to the local economy. However, premier estate agents, Wetherell, have released a new report which shows that residents do in fact represent a significant support division in the prime central London economy and local neighbourhoods support the leisure, employment, and shopping sectors considerably.

There are currently 2,000 millionaires calling Mayfair home, of which 20 are billionaires, and 200 earn a nine-figure salary. Supporting data in the report provided by Westminster City Council, Dataloft, and EGI reveals that these wealthy residents contribute a generous £2.5 billion to the UK and local economy each year. Findings illustrate that the most supported areas in the local economy by people of the prime neighbourhood are luxury shopping, consultants, and employment. The annual spending review exposes spending of £2,700,000 on Interior Design and Artwork, £644,000 on Clothing, and £325,000 on Staff, at super prime households worth over £15 million, in Mayfair.

NUMBER ONE ADDRESS IN PRIME CENTRAL LONDON

Mayfair has always graced prime central London’s premium addresses and global destination wishlists with its presence. Despite this consistency, the exclusive neighbourhood has appealed to a changing profile of people over the years, with residents of the area getting younger each year. 43 percent of households in Mayfair are currently home to prosperous young couples and singles, with a high level of education. The property market in the district offers a rising number of flats designed specifically for this residential profile, making Mayfair younger by the day.

In addition to younger residents, Mayfair also attracts a broad range of people from around the world, with over 42 nationalities calling the neighbourhood home and over 60 percent of current residents having been born overseas. This ever-changing mix of people attracted to Mayfair is likely to continue changing as time goes on due to the shift in global economy and fortunes cropping up in other locations. Currently, 540 billionaires reside in the US, while 251 are in China and 120 in Germany, according to the Forbes Rich List. There are fewer Russian-speaking billionaires of late, and the Middle East has seen a fall as oil prices decline.

THE EXPANDING PROPERTY MARKET

Mayfair is set to undergo a major transformation this year, with further developments spanning the next five years. W1K has historically been the most expensive address in Mayfair, but with a long list of luxury developments in the pipeline, prices will begin to spread, and sales prices will increase, expanding the most expensive postcode across W1S and W1J.

The current property account in Mayfair consists of 4,348 homes, of which wealthy tenants privately rent 2,173 with an average weekly rental amount of £1,387, homeowners maintain 1,305, and the final 870 are social houses. Of the 1,305 owned properties, five percent are estimated to be worth under £1 million, while 45 are worth over £10 million. The remaining 50 percent are valued between £2 million and £10 million.

If the current property values were not enough evidence of Mayfair’s affluence and exclusivity, the average cost of a flat or house entering the current market is over £1 million and £4.8 million respectively. Despite the Global Financial Crisis, the prime central London property market remained stable, with current house prices higher than before the crisis began in 2007. Mayfair property prices have been growing at a slightly lower rate than the 45 percent last year, at 42 percent, but higher than the latest decade average of 30 percent.

The most recent decade has seen house prices in Mayfair grow by 188 percent, which is a substantial difference to the growth in wider prime central London. The Mayfair property market even outperformed the equity markets, making it the perfect place for investment.

Moving forward, the luxurious district will continue to allure affluent residents, with the ability to provide new properties offering everything that the modern dweller desires. With the demand for luxury living growing and Mayfair in a position to provide advanced technology and exclusive design in its properties, these new homes can reach new price levels, with the most premium developments driving a 100 percent price tag over the current average house price in Mayfair. With that in tow, Mayfair will continue to grow and remain healthy with the local economy supported by its residents.

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How to make the most of London if you are a Theatre lover

About the Author- I am Shalini blogger at thesqua.re, being traveller like to explore new places and share my experiences. Here I am sharing how to make the most of London if you are a Theatre lover. While my visit to romantic city-London, I had an amazing time staying in London serviced apartment to experience a bit of everything in the city like a local.

 Theatre lover

The word theatre comes from the Greeks. It means the seeing place. It is the place people come to see the truth about life and the social situation.. – Stella Adler

A famous place for theatre lovers, London is home to popular musicals, West End shows and excellent plays. The city offers a treat to theatre lovers. Let us look at some of the most popular theatre halls in London.  Here you go!

Victoria Palace Theatre

Address: Victoria St, London SW1E 5EA, United Kingdom

Victoria Palace Theatre is a West End Theatre in Victoria Street. it is located in the City of Westminster and has 1500 people of capacity.

The Chelsea Follies, Young England, Variety, The Crazy Gang, Cilla at the Palace, Me and My Girl, Windy City, The Little Foxes, High Society and Jolson and Billy Elliot the Musical are some of the famous productions here.

Victoria is the closest tube to Victoria Palace Theatre.

Almeida Theatre

Address: Almeida St, London N1 1TA, United Kingdom

Opened in the year 1980, Almeida Theatre is a 325-seat studio theatre with a global reputation. The theatre gets its name from the street on which it is located, off Upper Street, in the London Borough of Islington.

Royal Opera House

Address: Bow St, London WC2E 9DD, United Kingdom

The beautiful Royal Opera House is located on the northeastern flank of Covent Garden piazza. it has been classically designed. It hosts various plays, musicals and comedies.

It is also called as the Theatre Royal and has also served as a playhouse in the initial years.

The main auditorium is a Grade I listed building.

The Old Vic

Address: The Cut, London SE1 8NB, United Kingdom

The Old Vic is located south-east of Waterloo Station in London. It lies on the corner of Waterloo Road and The Cut. Established in 1818 as the Royal Coburg Theatre, it was taken over by Emma Cons in 1880.

Kevin Spacey, the American actor took the charge in 2003 and revitalized it totally. He was succeeded by Matthew Warchus in the year 2015.

The capacity of the theatre is 1100 people.

Prince of Wales Theatre

Address: Coventry St, London W1D 6AS, United Kingdom

Nestled in West End theatre in Coventry Street close to Leicester Square, Prince of Wales Theatre was built many times. It was established in the year 1884, rebuilt in 1937 and then renovated in 2004. Sir Cameron Mackintosh, the current owner  got the place renovated in 2004.

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3 London experiences for the culturally minded

England has been a favorite tourist destination for years, especially with those inclined towards discovering its historical riches, from treasures of the monarchy to some of the best European and world art that has found its home here. It would be worthwhile to visit London if you’re planning a trip to Europe anytime soon.

So if museums and art galleries are your thing, London is most definitely a city that will fulfill your hunger for these things and some. Here are 3 things that you can and should do if you want to get the best out of your stay in London:

Theatres:

 

As London experiences go, seeing a play at the Globe is among the most sought after

Photo: David Stanley

Theatre culture is big in England. Hang on, Theatre culture is VERY, very big in England, and it is probably more present in London than anywhere else. Perhaps the quintessential representation of this would in fact be the Shakespeare’s Globe Theatre. Shakespeare’s life and works are presented here in different formats from modern renditions of his plays to symposiums and talks for all ages to discover and enjoy. You can also delve back to the Elizabethan period and try out a bit of what life was like in the most famous Bard’s times.

 

Art Galleries:

Ever since the Renaissance period, England has garnered some fame in possessing some of the best artwork from all around. London’s art galleries are some of the better curated ones in Europe and display a vast range of historical masterpieces as well as contemporary works. The National Gallery is one of the most popular displaying works from between 13th to 19th century, covering some of the most important artists from various major movements including Renaissance and Victorian. You can also visit Royal Academy of Arts, which houses the only marble sculpture made by Michelangelo in all of England, the ‘Taddei Tondo’ or The Virgin and Child with the Infant St John as it is better known.

 

stoneart

If you have a more contemporary taste and want to check out some more modern work, make sure to visit the Saatchi Gallery, which albeit a much smaller one, it always has some of the best up and coming artists the circuit has to offer.

 

Photo: Michael Summers

Royal Sites:

When you think of England, you can help but imagine kings and queens in their glamorous gowns and fancy palaces. London is the place where you can walk into your imagination by witnessing some great royal sites that will leave you wonderstruck. Kensington Palace is one of the historical places which are open for tourists and you can enjoy the cultural and historical vibe there. Hampton Court Palace, Household Cavalry Museum and many other royal sites are open for tourists and you can enjoy such sites while you are visiting London.

No matter the London experiences that you have, a long list of memories will be attributed to each of these places and you will feel the beauty and cultural abundance in each of the sites that you visit.

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