BusinessMayfair leapfrogs Knightsbridge in property leagueKnightsbridge is famous for being home to department store HarrodsGareth Cattermole/Getty ImagesJoanna Hodgson3 April 2018Knightsbridge has lost its most expensive property crown to Mayfair, after a series of conflicts in the Middle East hit buyer demand, a study claimed on Tuesday.London estate agent Wetherell said last year Mayfair apartment prices averaged £2378 per square foot, 6% above Knightsbridge. In 2015, the average in Mayfair was £2,398 and Knightsbridge £2,436. Prices in Knightsbridge have been boosted by the swanky One Hyde Park development, where one flat sold for £140 million. Wetherell’s boss Peter Wetherell said events such as a number of Arab countries cutting diplomatic ties to Qatar, and an anti-corruption crackdown in Saudi Arabia, had hit Middle Eastern spending in Knightsbridge.He also pointed to Mayfair benefiting from a larger supply of new homes.Read MoreWH Smith hire turnaround veteran with package that could be worth £25mBlue Posts boss: If opening a pub becomes so risky, people just won't do itCulpeper pub boss: Rates system is not fit for purpose — and not fairSponsoredDiscover a hidden island paradise in the Indian Ocean The chief executive added: “The other big game changer is of course Crossrail, and the new Crossrail Station at Bond Street will help to bring thousands of fresh visitors into Mayfair, which will help to drive retail, leisure and housing sales.”MORE ABOUTHomes & Property
