Five Reasons Why Millennials Are Increasingly Considering Living in Mayfair
Contrary to what might be popular belief, Mayfair is quickly becoming a hub for the younger generations, with a core group of millennials at the heart of its residency population. New research conducted by research consultants, Dataloft, suggests that by 2021 almost 50% of residents will be aged 25-44, a shift it’s attributing to the quantity of health and fitness facilities, new developments and increased rental opportunities.
Commenting on this demographic shift, Founder and Chief Executive of Wetherell, Peter Wetherell, commented: ‘As Mayfair’s population grows younger and Generation Z are set to dominate the market, it can be expected to see an increase in demand for access to state-of-the-art fitness facilities for both rental and sales. Equally, older high-net-worth-individuals are increasingly willing to invest in their health, with luxury developments and private homes catering to a new level of fitness amenities desired. Mayfair is certainly leading the way.’
We explore, in greater depth, what it is that’s drawing the younger generations to the UK’s most exclusive neighbourhood.
1.There are more gyms and health clubs than any other neighbourhood
According to the research, there are more gyms and health clubs to be found in Mayfair than in any other central London district. A staggering 60% of residents also profess to being regular gym users, demonstrating a notable interest in health and fitness throughout the neighbourhood. Mayfair developments are well aware of the importance health and fitness have in the new generations.
On top of this, a wave of new developments complete with private gyms and pools means that incorporating health and fitness into an everyday lifestyle is easier than ever before, for those living in the central London location.
2. Mayfair is becoming a hub for motivated and entrepreneurial millennials
As stated in the introduction, almost 50% of residents are expected to fall into the 25-44 years old age bracket, by 2021.
High levels of education, rapid career progression and a preference for living and working in the centre of cities characterises the desires of millenials (those born between 1980 and 1994); while research suggests that Generation Z (those born 1995 and beyond) are highly technologically savvy, motivated by entrepreneurial spirit and seeking exclusivity in the home.
With these preferences and characteristics in mind, it becomes apparent why Mayfair – and the healthy, high performance lifestyle it offers – have led to the neighbourhood being named the ideal location for younger generations.
3. An increase in new developments
In addition to unrivalled facilities, there has also been a proliferation in the number of new ultra-prime, multi-unit residential units throughout Mayfair. These include, Mayfair Park Residences, Hanover Bond and The Bryanston Hyde Park, to name but a few.
4. State-of-the-art facilities within residential units
Centring back on the desire of millenials to have access to quality health and fitness facilities, an increase in the number of newly refurbished family houses and townhouses upgraded to offer home gyms and, in some cases, private swimming pools, makes it clear why this location is becoming increasingly popular amongst the younger generations.
Examples of this include Culross House; a new-build mansion which benefits from a spacious home gym, complete with the latest in fitness technologies, a luxury swimming pool, a sauna and treatment room, as well as Adams Row Townhouse, which offers a stylish fitness suite (which could double as a dance studio), as well as a complete home-gym.
5. Increased rental opportunities
An increase in the number of Mayfair rental properties available in such a central location has broadened the options available to younger generations, with research suggesting that 55% of households in Mayfair are singles, of which 68% are rentals.
These are not just any old rentals, however, as cutting edge technologies and luxury interiors make these residential properties increasingly appealing to the needs of younger generations. Whats more, living in Mayfair means being just a stone's throw from unrivalled central London facilities and entertainment, perfect for the the ‘high performance lifestyle’ desired by millennials and Generation Z.
Share this article: