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

SecomTech
SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

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Bertrand
Bertrand 02 Jun 2017

How about the Welsh Govt introducing a scheme to protect landlords against "rogue" tenants who are then taken to court for criminal damage to the properties they trash. Pretty unlikely I suspect and politically...

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AmberMorris
AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

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Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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Bertrand
Bertrand 17 May 2017

First step to nationalisation of the private rented sector IMHO. Nanny state poking their noses into things yet again. I object, as a decent landlord, sometimes having to deal with some pretty awful tenants,...

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Izzy
Izzy 16 May 2017

This is such a great a post. I love the detail you've gone into. It's a very useful article for helping those who are looking at deciding which sector they would like to go into! When I first started investing...

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paul burnham
paul burnham 30 Apr 2017

Jeremy Corbyn's pledge that a Labour government would build 500,000 new council houses must electrify the general election campaign. Reliance on markets and the profit motive has brought huge housing-related...

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CommercialTrust
CommercialTrust 28 Apr 2017

Sadiq Khan?s announcement of an online database of landlords and letting agents who have been convicted of housing offences, appears on face value to be a variation of the already implemented Database

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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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