The central London district of Mayfair is poised to become the capitals most luxurious property area.

Mayfair takes its name from the former two week-long “May Fair” that ran from 1686 to 1764 on the site that is Shepherd Market.

It is an area that is mainly commercial due to the conversion of many residential homes into shops and offices etc.

This however is all due to change with plans for over sixty new residential development schemes producing more than 400 luxury homes at a cost of over £5 billion.

Mayfair has previously been an area that has not benefited from as much new development as other neighbouring districts, it is now expected to overtake Knightsbridge as the prime des-res location in London.

Properties in Mayfair are set to cost £5,000 per square feet during 2014, and will most likely hit £10,000 per square feet within the next 10 years.

These new luxury homes are expected be to be a mix of large apartments, houses and big luxurious mansions and will be created from the conversion of former retail and commercial buildings.

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