The History of Mayfair
In today’s market, Mayfair is seen as one of the most desirable postcodes on the planet with converted garages being sold for ￡24,000,000 and expert market analysts predicting that property for under ￡1,000,000 in Mayfair could be extinct by 2018. Despite being the most desired postcode around, it had humble beginnings. If we take you back 340 years, Mayfair was nothing more than a nondescript patch of open ground, swamped by the River Tyburn. Despite such humble beginnings, the area began it’s climb to the property pyramid early. Suddenly in 1686, King James II gave this patch of land a name and a purpose, by granting permission for a fair to be held in the first two weeks of May. If you know your history, you’ll know that people would attending would have just recently escaped the plague’s harrowing grip and would, understandably, be keen to let their hair down. Before long, the May Fair become something the authorities would brand an event for “lewd and disorderly practices.” and the area managed to acquire a downmarket reputation.
The fair had given the area a name and purpose but it was yet to see popular demand. Until a young lady by the name of Mary Davies came along to save the day. At just 12 years old, Mary inherited 100 acres of what was branded “swampy meads”, just south of Oxford Street and east of Park Lane. It stayed that way for some years and you would of considered that land a write off, similar to modern-day green belt land. Mary went on to marry into the Grosvenors (recognise the name?), the renowned landowning family that were to sew the seeds of the Mayfair we know and love to this day.
Sir Richard Grosvenor, the son of Mary Davies, went on to construct the upmarket Grosvenor Square. In the meantime, neighbouring wealthy families developed prosperous streets nearby: Brook Street, Clarges Street and Hanover Square. When it was built, Grosvenor Square was an instant hit and out of the initial 277 houses built, 117 of them had titled owners. The area was known for being home to “more intelligence and human ability that the world has ever collected in one space before.” said Sydney Smith, a well known English writer and Anglican cleric.
Despite such early success, Mayfair hasn’t had a smooth ride to the top. Since its rise in popularity in the 1700’s, the area hasn’t been without its fair share of troublesome times, with the first world war bankrupting everyone and those that didn’t die in the trenches dying from Spanish Flu, Mayfair’s future wasn’t looking great. Then came the second world war, the only saviour for these grand houses being their conversion from residential to commercial property use. In 1939, just 25% of Mayfair’s houses were used for residential purposes. Since then, as we’re all well aware, the tables have turned with residential properties dominating the area. From the steep rise to fame in the 1700’s, the troublesome times in between to 2016 where average asking prices for Mayfair property standing at ￡3.31Million. It’s fair to say, good things come to those who wait and if Grosvenor Square was a person, he would’ve certainly done his time waiting.