Reeds Rains Property Blog

Property News from Reeds Rains

Lord Mayor and Mayoress officially launch new Reeds Rains office

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Staff and customers outside the Reeds Rains branch

Sales and lettings agent, Reeds Rains, has been celebrating the recent refurbishment of its office by hosting a special launch event. The event welcomed Durham’s Lord Mayor and Mayoress, John and Maxine Robinson, along with new and existing local customers and businesses to see for themselves the great improvements made to the office.

The office, situated at 83 New Elvet, Durham, DH1 3AQ, has been updated with modern new furnishings and high tech LED displays to enhance the on-going display of properties which is popular with the residents in Durham. This is a great step forward for the local team who are proud of their ongoing commitment and success in the local property market.

The office also features eye catching custom made wallpaper featuring the beautiful, purpose-built Gala Theatre which reinforces Reeds Rains interest in its local area. The new Reeds Rains logo has also been designed to highlight its long standing position in the property market but also its forward thinking approach to residential sales and lettings and is a key feature within the office.


Property advice given by Durham staff

As well as the Lord Mayor and Mayoress, attendees included, Branch Manager Todd Armstrong and Reeds Rains Managing Director Oliver Blake.

Oliver commented: “It was great to welcome the Lord Mayor and Mayoress, business partners and customers to the event. Lots of people supported us and all had a fantastic evening. I was honoured to be able to talk about Reeds Rains and the fact that it has been in existence since 1868 yet continues to evolve as the refurbishment clearly demonstrates.

Thank you to the Lord Mayor and Mayoress for officially launching the event and declaring our new branch open with the cutting of the ribbon.”

If you would like to find out more about how the local Reeds Rains team can help you please contact them at 83 New Elvet, Durham, DH1 3AQ  or call them on 0191 384 1222(*)

Left to right: Todd Armstrong branch manager with the Lord Mayor John Robinson

Refurbished Durham office

 

 

(*) Calls may be recorded and/or monitored for training and/or data protection purposes.

 

 

House prices climb £21,000 or 8.5% in a year – but only 6.3% without London

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  • Eleventh monthly rise in succession, as prices climb £2,326 in May 
  • Average house prices reach a new peak of £266,013 
  • Driven by price growth in London – but signs show capital is cooling at the top end 
  • Considering CPIH inflation, only London and the South East see ‘real’ house price growth since 2005

David Newnes, director of Reeds Rains estate agents, owned by LSL Property Services plc, comments: “Average house prices across England and Wales have climbed £20,938 in the past year. This 8.5% rise is the highest annual increase we’ve witnessed since August 2010, when the housing market was edging back from the throes of the financial crisis, and brings average property prices to a new peak of £266,013.

“As the vigorous health of the UK housing market catches international and media attention, all eyes have been on how the government and regulators will react. However, the growing clamour for intervention neglects the fact that when taking inflation into account, only London and the South East have seen house price growth in ‘real’ terms since January 2005. London is in a league of its own, with prices climbing 13.3% on an annual basis. When you take the capital out of the equation, average prices across England and Wales have risen just 6.3% in the last year to £221,212. This price difference is the largest since our records began.

“The national recovery is gaining strength, bringing with it renewed consumer confidence and a ‘feel-good’ factor to millions of households. In the past twelve months prices have risen in 91% of the unitary authorities across England and Wales. In fact, in April new record prices were reached in Cardiff, Bristol, Northamptonshire and Cambridgeshire, as growth spreads out from the capital and reaches across the rest of the country.

“Annual growth in house sales slowed in May, potentially as a side-effect of the Mortgage Market Review (MMR) rules introduced at the end of April that have lengthened the mortgage approval process.

“There are other indications of a cooling in the market – particularly at the top end of the spectrum in London. In total, twelve London boroughs have seen prices fall in April, with the exclusive Prime Central boroughs of Kensington and Chelsea and the City of Westminster seeing the largest monthly drop in house prices – down 2.7% and 2.9% respectively since March 2014.

“But outside of the capital, the Help to Buy scheme continues to help first-time buyer demand, the engine driving some of the activity in the regions. If supply could follow suit, this would sustain the housing recovery and could help restore some equilibrium across the country.” 

 

Read the full House Price Index May 2014 here 

Tour de France Coming To Hebden Bridge

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Hebden Bridge is on the route of this years Tour De FranceCalder Holmes Park in Hebden Bridge has been announced as an official Grand Depart Spectator Hub. The family-friendly hub will be able to host up to 8000 spectactors on 6 July and will feature a big screen, spectator entertainment and locally produced food close to the town centre and local transport links. Fans can come early and stay all day, soak up the unique atmosphere of the town, and 'release your inner cyclist'.

We thought it would be a bit of fun to take a look and see what property you could buy in Hebden Bridge whatever your budget.


£525,000

4 Bedroom Detached - Wellside, Hebden Bridge, HX7

Beautiful stone detached family home with open views, and backs onto fields.


£450,000

4 Bedroom - Wadsworth, Hebden Bridge, HX7

Detached family home constructed in 1910, elevated location with stunning valley views.

 

£325,000

4 Bedroom - Palace House Road, Hebden Bridge, HX7

Victorian terraced property within easy walking distance of the train station and centre of Hebden Bridge.

 

 

£275,000

3 Bedroom - Cragg Vale, Hebden Bridge, HX7

18th century semi detached cottage, (2 cottages converted into 1) with private rear garden backing onto farmland.


Offers in the region of £150,000

2 Bedroom - Lower Chiserley Billy Lane, Hebden Bridge, HX7

A character property with lots of period features, in the heart of the countryside, but close to amenities. Stunning views across the valley.

 

Home lending cools in May

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  • House purchase lending falls to lowest monthly level since June 2013 
  • Home lending down 19% in the last four months 
  • High LTV lending climbing with 9,670 high LTV loans in May
  • First-time buyer revival continues, while lending to home-movers declines

House purchase lending has fallen to an eleven month low, as demand slows among home-movers, according to the latest Mortgage Monitor from e.surv, the UK’s largest chartered surveyor.

There were 61,202 house purchase approvals in May 2014, 3% lower than in April and the lowest number since 59,260 in June 2013, after house purchase lending fell for the fourth consecutive month in May.

Since the start of the year, house purchase approvals have fallen 19%, with 14,600 fewer loans in May than in January 2014. However, on an annual basis, May saw a marginal increase in lending, with only 4% more house purchase approvals than in May 2013, when there were 59,075.

Richard Sexton, director of e.surv chartered surveyors, explains: “The mortgage market is losing some steam and undergoing a gentle cooling, as demand begins to simmer among homeowners. Uncertainty is one factor affecting home-movers. Some buyers are waiting to see if the market will begin to plateau before agreeing to pay the high price tag on new property. And that’s before adding in other moving expenses such as stamp duty.

 “MMR triggered the beginning of the slowdown. It took time to integrate the rigorous financial tests into the mortgage application process, and to train staff in the new procedures. But as MMR becomes further bedded down into the lending process, it is having less of an impact. The continued slowdown comes off the back of falling demand among buyers further up the ladder – some of whom now see the home-buying process as too costly. This is not a cause for concern and the figures do not support recent media hype regarding a property bubble.”

Read the full e.surv release here

The Mortgage Market Review - A guide by Reeds Rains

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New mortgage rules came into effect on 26 April 2014 which are geared to helping consumers find the most suitable mortgage according to their individual financial circumstances but which should also reduce the likelihood of another financial crisis as a result of irresponsible lending practices - as was experienced in 2008.

What, however, does this mean to someone who is now looking for a mortgage? Reeds Rains explains

The new rules mean that your first appointment to find a mortgage may take longer as you will need to discuss more information about your personal income and expenditure.

You’ll be expected, for example, to bring with you details about all the income you receive plus your personal expenditure each month. This will include the regular items like food, heating, mobile phones etc. but also – because of the new rules – details about your spending on social activities, holidays, hobbies etc. Overall your mortgage advisers will be keen to know more about your spending ‘habits’ and how your lifestyle might impact on your ability to pay for a mortgage in the longer term.

If the mortgage term extends in to a borrower’s retirement, the lender will also want to know the anticipated pension income.

Preparation is key

Before attending your appointment it would be a good idea to take note of what you are spending your money on in the weeks/days leading up to the meeting. Take a quick look at your bank statement as this should also help in reminding you of direct debits being paid, what social expenses you might incur and what income or other payments are being made to you.

You’ll then need to gather evidence of regular income and expenditure by providing copies of payslips, bank statements, and tax returns and audited accounts if you are self-employed.  Your bank statement might also highlight spending patterns or withdrawals which you might have to explain and which might possibly need to be considered as regular expenditures.  

Be prepared for lots of questions about your current circumstances but also your plans for the future – it’s for your benefit as no-one wants to commit to a mortgage loan that they cannot afford to pay back in the longer term.

Why Reeds Rains can help

At Reeds Rains we’ve already been independently acknowledged as providing award winning mortgage services by winning the Gold Award for Best Estate Agency Financial Services at the recent Sunday Times Estate Agency of the Year Awards 2013. As part of this we have proved to provide great customer service and will simply be extending this to support potential borrowers in finding a new mortgage - now under the new mortgage rules.

Having access to a range of mortgage lenders means we can search for a suitable deal based on the greater amount of information supplied by the applicant and then provide advice as to which mortgage and which lender may be most suitable.

The mortgage adviser will also be able to help in deciding if you will be able to pay the monthly repayments if interest rates increase over the term of the loan. If there’s a possible risk you won’t be able to, they might then be able to suggest an alternative mortgage or perhaps fix the interest rate on the mortgage for a longer period. It’s better to identify a potential problem earlier rather than later to increase the likelihood of a mortgage being granted.

All in all it is worth spending a little more time at the outset to find the right mortgage for you and Reeds Rains are more than happy to help you do this.  


If you’d like to find out how Reeds Rains can help you simply take a look at the mortgage section of our website at
or contact 0845 602 5416 (*)

(*)Calls may be recorded and/or monitored for training and data protection purposes.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

An Administration Fee of £499 will be payable when you sign the Professional Fee Agreement upon mortgage application.

 

REF 14645

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