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

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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