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

Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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Jo Mullett
Jo Mullett 07 Jul 2017

Here in Swansea, known as the Japanese knotweed capital of the UK, it never fails to amazes me that people have no idea of the potential problems this invasive non-native plant can cause when buying or...

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NathanG
NathanG 05 Jul 2017

McDonalds, for example, have been purchasing their real estate on prime locations for years. If something happens to the company they'll have invaluable assets that will be able to save them. We might

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Jonah
Jonah 04 Jul 2017

Graham: surprised to see you cite the "extra tax liability" as capping out at ?560. It doesn't - the extra tax is exponential, as it is levied on the income (i.e the inflating level of rental income you...

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Dianne Griffen
Dianne Griffen 29 Jun 2017

Be very wary of anyone bringing you deals that they have ?found? and want to ?sell on to you? or ?joint venture? with you on ? you need a proper legal contract for this, involve a RICs surveyor to confirm...

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jason hadzikostas
jason hadzikostas 28 Jun 2017

The most important thing is a budget. Students have to manage their spendings in food, house maintenance, books and many other things. According to me, student Studios are the perfect option for them as...

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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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