Mews outperform the houses they were built to serve
We have suspected for some time that we have been selling some mews houses for considerably higher prices per square foot than the surrounding properties so we did some research and what we found amazed us.
Hyde Park Garden Mews
For example, we recently sold a mews house in Hyde Park Gardens Mews, which is considered to be one of Bayswater’s best for £2,326 sq. ft. However, the last 5 sales in the big stucco-fronted houses nearby, have averaged just £1,438 sq. ft. Meaning that this mews is competing quite comfortably with some mews streets in Belgravia and Knightsbridge.
Queen’s Gate Mews
In South Kensington we sold one in Queen’s Gate Mews for £2,515 sq. ft where the average of the last 5 sales in Queens Gate Terrace has been just £1,693 and in W11 we sold an unmodernised mews house in Ladbroke Walk, which had potential to extend in three directions, for an all-time Notting Hill record of £3,323 sq. ft.
Interestingly I have found just 6 mews sales that have ever achieved more than £3,000 sq. ft and one included the Eaton Square house it was attached to. In fact only 29 houses, of any type, have achieved £3,500sq. ft or more so it is quite astonishing that these humble ‘converted stables around the back’ have become so very valuable.
Conversely there are some freehold mews, in prime Knightsbridge, which can barely scrape £2,000 sq.ft and one 68 year leasehold mews sold recently in Marylebone for a mere £800 sq. ft. However it must be said, that the crash doors to the morgue next door didn’t exactly help the sale price.
Being similar in feel, size and value as the average mews house, railway cottages have enjoyed a similar advantage and we sell a good number of them. Bridstow Place is a lovely run of these charming cottages on the W11/W2 borders and have averaged £1,815 sq. ft outperforming properties on the adjacent Hereford Road where the average sold price is just £1,400sq. ft.
Provenance can also have a massive influence on a mews’ cachet. For instance there is a mews in W2 where a singer super star lives opposite a rock legend and, until recently, there also resided a celebrity chef and big screen actor. It’s a cute mews but it’s because of them that we achieve prices far higher than this location would normally warrant
Why mews properties are desirable
1. They are mostly freehold
2. Quiet, pretty and located in the best parts of town
3. Favoured by the famous for their privacy
4. They are often extendable
5. Unlike flats there are no neighbours above or below you
6. Minimal service charges if any at all
7. They often have parking
8. No lease clauses banning pets
9. Great for working from home, and some even have live work or mixed-use consent
10. They are super rare, with only around 8000 mews houses in Central London, they amount to just 0.5% of the housing stock
If you’re selling your mews property and wondering what price you will receive, ask us.