In the Spotlight with Susan Cohen

In the Spotlight with Susan Cohen

In The Spotlight

We caught up with Susan Cohen, head of letting for Pastor Real Estate, based in Mayfair

1. Do you think 2017 will see a marked difference in the rental market of luxury properties specifically?

Being located as Pastor Real Estate are, in the very hub of Mayfair, there are a number of amazing super luxury developments in the area both already completed and sold, together with those in varying stages of build which will come to the market over the next two to five years. These buildings will set the benchmark for new build developments, offering new dimensions of luxury, which have rarely been seen up until now.  We would expect a small number of these super apartments to gradually filter through onto the rental market, as the demand for ever more luxurious finishes in buildings offering 5* +“hotel”  services continues to grow.  

2. How does the rental market January 2017 compare to past years?

2017 has begun on an extremely positive note with an unusually high level of enquiries, both from tenants searching for properties to let, and from home owners bringing their properties to the rental market. With sales prices hovering at present, more properties are being offered to let, bringing income to owners who would otherwise have their properties empty. 2016 saw a steadying of rents, with some re-adjustments made in cases where the prices had become unrealistic.  However, if early indications are an example, we are looking forward to a brisk first quarter of 2017.

3. Do you think that we will see a steady increase in property rentals this year?

Rental growth is showing minimal increases in prime areas, but as always, pricing and presentation are the key to a successful letting. The choice for tenants is currently good with stock levels across all the price ranges, but only those properties reflecting current market trends and pricing are letting quickly.


4. Do you feel that the rental market has been affected by Brexit and in what way?

Providing London can hold its place as a global financial centre, it will continue to enjoy the benefits of overseas tenants relocating here for work. Thus far, there has been little notable impact of Brexit but landlords will need to remain flexible in their expectations, especially at the upper end of the market.

5. Has the buy to let market been affected in the current market, given the introduction of higher taxes and the uncertainty of the effects of Brexit?

Brexit and the increases in SDLT (stamp duty land tax) have undoubtedly caused some pause for thought in the buy to let market.  However, if pricing is sensible, properties, especially those below £1.5m, will remain attractive to overseas buyers who see London as a safe haven for buy to let investment.

6. Do you feel individuals are holding onto their properties more following Brexit? If so, why?

There was a slow down of the sales market throughout PCL (prime central London) last year prior to  and following Brexit, with prices beginning to show some  much needed re-adjustment. This will have made owners take stock of their choices, either to retain their properties, which for long term investors is usually the case, or to review their prices if they really wish to sell.   

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Latest Comments

warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

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bnellyb
bnellyb 08 Apr 2017

There will be an exodus of private landlords over the next 5 years as tax changes take effect, private landlords provide an important service to the rental market, why do housing associations and councils...

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Fred Cassman
Fred Cassman 07 Apr 2017

"Make it look like you are at home": often people forget this and share on facebook their location!

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jared townsend
jared townsend 05 Apr 2017

It'll be interesting to see how & if the Government's asset sale regarding mortgages helps

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SecomTech
SecomTech 04 Apr 2017

...and not one mention of the rules on PERMITTED DEVELOPMENT!!! Unless you have studied the plans you will not know...It's probable a high proportion would not need planning permission...BUILDING Control...

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Jonathan
Jonathan 03 Apr 2017

That's a very interesting study indeed. There is no doubt that new services and web apps such as Wonego.com in the UK or Roomster in the US will change the way people look for a flatmate, and that tenants...

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MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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