Reeds Rains Property Blog

Reeds Rains Bramhall, located off Ack Lane East in the heart of the village, welcomes a dedicated new Branch Manager. Leigh Lawler joins the team at Reeds Rains Bramhall with great enthusiasm and a wealth of experience.

Having worked as an estate agent in the local area for sixteen years, most recently at Reeds Rains Cheadle, Leigh is looking forward to the move to Bramhall and getting stuck in with his new team.
 
Bramhall lies to the south of Stockport and the area offers a good mix of properties from small terraced houses to substantial detached properties with land. The village itself offers a superb mix of retail shopping, wine bars and restaurants making the area an ideal choice for both young and old.

Leigh, who grew up in and still lives in neighbouring Poynton, commented “Bramhall is a fantastic place to live. New buyers are attracted to the area due to its reputation, whilst current residents are reluctant to leave and it’s easy to see why. With an attractive and vibrant Village centre, as well as great local schools and excellent transport links into Manchester and beyond, Bramhall has everything you need."

Leigh continued “I believe the key to a successful branch is great customer service. I have worked for a small local agency in the past; however at the Reeds Rains Bramhall branch I feel I can offer a more personalised service, complete with the support of a well respected brand nationally. Repeat business and recommendations are the best compliment a client can give and this is what myself and the team at Reeds Rains Bramhall will be looking achieve.”

If you would like to know more about property in the Bramhall area please contact Leigh Lawler and the team at Reeds Rains Bramhall on 0161 439 5551 or email bramhall@reedsrains.co.uk. You can also follow us on Twitter @reedsrains for the latest in property news.

The 2012 Landlord Survey from LSL Property Services, in partnership with Wriglesworth Consultancy, has been released today reviewing the current rental market.

• Half of landlords think it is a good time to invest
• 64% of landlords expect tenant demand to grow in next 12 months
• Four in ten landlords expect to raise rents in the coming year
• Mortgage finance remains obstacle for expansion of private rented sector

Landlords’ confidence in buy-to-let has been bolstered by strong tenant demand and attractive purchase prices, according to a landlord sentiment survey conducted by LSL Property Services plc, which owns the UK's largest lettings agent network, including national chains Your Move and Reeds Rains.  

Nearly half of landlords (48%) polled by LSL Property Services believe that now is a good time to invest in property, while less than 1% think it is now a good time to reduce their portfolios. Four-fifths of landlords (82%) who think now is a good time to buy rental property cited attractive property prices, while 53% mentioned strong tenant demand.

David Newnes, director of LSL Property Services, comments: “House prices are still subdued in many parts of the country and tenant demand is still growing. This is presenting landlords with the opportunity to secure strong yields on properties, and boosting confidence in buy-to-let as a long-term investment.” 

The strength of tenant demand has been the key driving force behind recent rent rises, with LSL’s latest Buy-to-Let Index showing rents hit a record high of £725 in England & Wales in July. In the past six months, 44% of landlords have seen a rise in tenant demand, while just 1% have seen a decrease in demand. Investors expect this growth to continue. Two thirds of landlords (64%) anticipate demand will increase further in the next twelve months.

Four in ten landlords expect to increase rents in the coming 12 months, with just one in a hundred investors expecting they will reduce rents. Those expecting to raise rents anticipate they will do so by an average of 4.5%.

David Newnes continues: “The majority of landlords expect tenant demand will increase in the future, and as long as lending to first-time buyers remains in the doldrums, and new house building remains subdued, we won’t see demand for rental accommodation tail off. In these conditions, while affordability may increasingly come into play as landlords set rents, they are far more likely to continue to rise than tumble in the coming 12 months.”

Mortgage Finance Remains a Stumbling Block

While nearly half of all landlords think now is a good to buy rental property, raising mortgage finance remains a key concern. 50% of landlords who have recently attempted to raise mortgage finance think it is more difficult to secure than a year ago, while only 11% believe it is now easier to obtain mortgage finance.

The cost of finance remains an issue, with 45% of landlords who have recently taken out a mortgage reporting that monthly payments are more expensive than twelve months ago

David Newnes continues: “Mortgage finance is not just a problem limited to first-time buyers. The level of buy-to-let lending may be steadily climbing, but it is still just a third of the level five years ago, and securing finance remains a serious stumbling block for many landlords. The private rented is still crying out for more investment, and closing the gap between supply and demand is dependent on a growing number of investors being able to access the affordable mortgages they need to increase the pool of rental properties available.”

The June 2012 Welsh House Price Index from LSL Property Services/Academetrics has been released today, providing a measure of the average house price in Wales for June 2012.

• House prices rise by 2.1% on annual basis
• House sales rise by more than twice expected seasonal increase
• First time buyers and buy-to-let landlords become more active in June

Data from the Welsh House Price Index for June 2012.

Nigel Favas, Managing Director of Reeds Rains, who has branches in Wales commented as follows in the latest Welsh House Price Index Report from LSL Property Services and Acadametrics published 22nd August 2012.

“The Welsh housing market is a long way from rude health, but the fact that sales have rebounded and house prices are rising annually in spite of the ongoing recession highlights its fundamental resilience. In fact, in June, the rise in the number of sales was actually more than twice the size of the normal seasonal increase, with 20% more sales taking place than in May as buyers who stayed away in April continued to return to the market.

“First time buyers in Wales have been benefiting from much lower prices than other parts of the UK, but the situation is far from ideal. Restrictive mortgage lending continues to be a major obstacle, and the size of the deposits required by lenders is still prohibitive for thousands. As a result, equity rich home buyers and investors are still principally driving buyer activity.

“Lenders are still setting their sights on less risky borrowers, and while there are some incredibly affordable mortgage rates available, it is only a minority of borrowers with big lump sums to put down on properties that are able to take advantage. Landlords, too, have been capitalising on affordable finance and historically lower prices. Areas such as Cardiff which boast strong student markets have drawn in investors and the sale of flats has benefitted from their increased activity.

“Despite the improved picture in June, the challenges in the Welsh housing market remain widespread and deeply rooted. As with all housing markets in the UK, lending needs to return to a semblance of its former health before we see an entrenched recovery – an unlikely prospect in the foreseeable future, given the uncertain economic outlook and the slow- motion meltdown in the Eurozone

“The more immediate performance of the housing market will be tied to the impact of ongoing public sector cuts, which could lead to even greater local disparities. As further public sector job losses hit some areas more heavily than others, shaking buyer and lender confidence, we could see an even less uniform housing market across Wales.”

The July 2012 Buy to Let Index from LSL Property Services in partnership with The Wriglesworth Consultancy has been released today, providing a measure of the average rental prices in England and Wales for July 2012.

• Rents hit new record high in July, rising to £725 per month
• Average rents climb by 1% compared to June, pushing annual rental inflation to 2.9%
• Tenant arrears rise for second successive month, with 9.3% of rent late or unpaid

Data from the Buy to Let Index for July 2012

David Newnes, director of LSL Property Services comments as follows in the latest Buy to Let Index Report from LSL Property Services and The Wriglesworth Consultancy published 17th August 2012.

“The backlog of frustrated first‐time buyers in the private rented sector showed no sign of clearing in July – in fact, it is still growing. As lending to those without substantial deposits remains depressed, demand for rented accommodation can only go one way in the long‐term – providing further upwards momentum for rents. The rental market is also entering its summer peak, as recent graduates and those with new jobs begin to look for new accommodation. With more tenants on the move, alongside long‐term underlying demand, fierce competition for properties is enabling landlords to increase rental prices to new highs.”

“Rents have returned to record highs, average yields have hit their highest level this year, and returns are healthy, tempting many investors into the market. Banks and Building Societies are tapping into this robust demand, and buy‐to‐let is the only sector of the mortgage market showing consistent growth, with lending increasing 18% year on year. It’s crucial that lenders continue to increase their commitment to property investors to allow the private rented sector to expand at the rate needed to accommodate the growing number of frustrated would‐be buyers.”

 “With the economy still in recession, and rents climbing to a new record high, the minority of tenants experiencing difficulty in meeting the monthly rent cheque on time is steadily climbing. However, this has not yet fed through into increased mortgage arrears for landlords, with the number of buy‐to‐let mortgages over three months in arrears actually falling compared to last year.”

Reeds Rains are pleased to announce the launch of a brand new training facility, which further supports the extensive employee development programme already in place. Located adjacent to their flagship branch in Cheadle, just outside of Manchester, the new training academy is a bright, spacious and dynamic environment, providing a great place for colleagues to learn.

The new academy has been developed following the expanding training programme on offer at Reeds Rains. From courses on IT systems and professional negotiation, to management development workshops; the new Reeds Rains Training Academy demonstrates the company’s commitment to learning and development.

Jeanette Clarke, Head of Training, comments “We have been actively looking for a new training venue for some time and with easy access to the motorway network and airports, Cheadle is a great location for our North West Training Academy. The facilities here are fantastic, including a purpose built IT suite, a boardroom style training space and break out room. We can now hold more than one workshop at a time, enabling us to offer more training opportunities to colleagues.”

Jeanette added “All the trainers are really excited about using the new facilities, a new purpose built training centre has been top of their wish list for some time. Having sole use of the new facilities at Cheadle will allow us to schedule in more training, which enables us to help our colleagues reach expert level in a much shorter time frame.”

As the needs of the business change, training courses at Reeds Rains are constantly reviewed, updated and more still are developed to meet the ever changing demands of the market. Specifically dedicated to the development of employees, the Reeds Rains Training Academy will ensure the company successfully delivers these courses, whilst continuing to provide trusted advice and excellent service for its customers.