Reeds Rains Property Blog

Property News from Reeds Rains

Do you know about Help to Buy part 2, the Mortgage Guarantee Scheme?



Julie Taylor - Reeds Rains Mortgage Adviser

Research from local estate agents Reeds Rains shows that only 12.8% of people understand the Mortgage Guarantee Scheme which is the second part of Help to Buy (*) despite the fact that the help to buy scheme as a whole have helped over 50,000 people in the UK (**).

The second phase of the Government’s Help to Buy scheme (Mortgage Guarantee) was introduced last year, making getting on to or moving up the housing ladder more accessible. Home owners and first time buyers may now be able to purchase a home with as little as a 5% deposit.

Mortgage Adviser Julie Taylor from Reeds Rains in York explains Help to Buy part 2: “This scheme allows you to get a mortgage with just a 5% deposit and applies to all properties both new and old which are under the value of £600,000.

You must have a good credit rating and cannot apply for a Help to Buy mortgage if you have overdue amounts which are equivalent to three months’ payments on a mortgage or other loans in the past two years, had a County Court Judgment over £500 or bankruptcy order within the past three years. You will not be able to access mortgages under the scheme.

Reeds Rains offers professional advice to ensure people only borrow what they can reasonably afford to repay. When we meet our customers there will be checks to make sure they can afford their mortgage payments.

We will explain to you how mortgages work and contact you on a regular basis to talk through how your house hunting is progressing and keep you updated on the mortgage market.

Although many people may not understand Help to buy, we’re more than happy to explain it.”

To find out how Reeds Rains can help you in finding a mortgage or in buying or selling a property – simply contact the local team at Reeds Rains York, Queens House, York, YO1 6JH or telephone them on 01904 655546(***)

Reeds Rains - York branch


(*) Research conducted on behalf of LSL Property Services plc. Feedback is based on a sample of 452 Reeds Rains Landlords.
(**) The Week online 7/10/2014
(***) Calls maybe recorded for training and/or monitoring purposes.


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

Tenant found landlord in 19 hours


Reeds Rains Pemberton - Lettings Manager Josh Simms (left) with Lettings Negotiator Holly Staniford (right)

Local estate agents Reeds Rains based in Pemberton has prevented a local man becoming homeless by finding him a property to rent in just 19 hours.

Steven Mcevoy had sold his property and was planning to move into his new rented accommodation when he received a call from his previous agent the day before to say that he would not be able to move in as the landlord of the property had to move in herself. 

Steven was left in a difficult situation where he was potentially facing being homeless and so he approached Reeds Rains estate and letting agent to help find him a property.

Reeds Rains Lettings Manager Josh Simms explains: “We are an estate agent with local knowledge who enjoys being part of a national company with branches across England and Wales. This means we have access to a range of resources and our database of pre-qualified landlords means we can quickly match them to the right tenant.

Lettings Negotiator Holly Staniford liaised with a landlord and our independent referencing and inventory teams to make sure all the relevant documentation and enquires were received to ensure the move in to a new rental property could take place. As a result, we found Steven a detached bungalow in the popular area of Winstanley in  Wigan. We deliver what our customers want most, to get the job done.”

Steven Mcevoy says: “Both Josh & Holly made the whole process simple and stress free, I cannot thank them both enough for their hard work. I would recommend Reeds Rains to family, friends and anyone looking to let their property out or rent a property. They made the whole situation less stressful.”

To find out how Reeds Rains can help you as a landlord or tenant – simply contact the local team at Reeds Rains Pemberton, 798 Ormskirk Road, Wigan, WN5 8BA or telephone them on 01942 216381(*)

(*)Calls maybe recorded for training and/or monitoring purposes.

Buy-to-Let Index - October 2014


 Tenant finances absorb record rents

  • Rents across England & Wales reach new record of £770 per month, up 1.5% over the last twelve months
  • Tenant finances improve despite higher rents – with levels of late rent now just 0.3% above all-time lows
  • Landlords’ gross returns reach 13.3% over last year, due to shorter void periods and rising house prices

Tenants have paid down rent arrears despite a new record for monthly rents in October, according to the latest Buy-to-Let Index.

Residential rents across England and Wales now average £770 per month, or £12 more than October last year.

Annual rent rises were 1.5% in the twelve months to October 2014. This follows faster average rent rises of 1.9% in the previous twelve months ending October 2013, and rental growth of as much as 3.4% over the preceding year.

On a monthly basis, rents in October 2014 rose 0.3%, or just £2 compared to the previous month of September 2014.

Slower rent rises have coincided with healthier tenant finances, with rent arrears approaching all-time lows. 

David Newnes, director of estate agents Reeds Rains, comments: “Rents have edged to a new record and the rental market is pulsing with new demand. Yet at the same time, tenants are getting on top of their finances – helped by a cooling pace of such rent rises.

“Better affordability is good for tenants in the longer run too – and for landlords who can rely on steady revenue to pay the bills. That helps to support a virtuous cycle of only gradual rent rises. Alongside slower overall inflation, a material boost to the supply of properties available to let has helped keep rents from rising as quickly as in previous years.”

In absolute terms this means the average landlord in England and Wales has seen a return, before deductions such as mortgage payments and maintenance, of £22,434 in the last twelve months. This is made up of rental income of £8,404 and an average capital gain of £14,030.

Looking ahead, if rental property prices continue to rise at the same pace as over the last three months, the average buy-to-let investor in England and Wales could expect to make a total annual return of 11.2% over the next year, equivalent to £20,520 per property.

David Newnes concludes: “Landlords have benefitted from a spurt of rapid house price growth.  But as price rises steady a little, landlords can rely on newly stable rental yields.  Gross yields on a typical property dipped over the last six months as purchase prices grew faster than rents, and now yields have steadied again, just above the long-run average of five per cent.

“Stable yields aren’t the only good news for landlords.  Letting a property now involves even less risk of not getting the rent on time, and tenant arrears could reach a new record low in the coming months.  That should boost demand from tenants, investment from landlords and perhaps even good deals from lenders.  Good news on the affordability of renting is good news for the whole industry.”

 Read more details on the Buy-to-Let Index

Combining traditional architecture and craftsmanship with modern space and style



With the details - Lettings Manager Charlie Edwards from Reeds Rains in Waterlooville 

Reeds Rains is delighted to announce the eagerly awaited release of the first homes for sale at the new development in Yew Gardens Waterlooville within the sought-after Berewood community.

Lettings Manager Charlie Edwards for local estate agents Reeds Rains explains: “With recent reports showing the highest number of completed home sales in seven years, demand for property is increasing and we we are encouraging people to speak to us to find out how they can take advantage of the new opportunity which Yew Gardens presents. (*)

Yew Gardens Waterlooville within the Berewood community

Yew Gardens is close enough to Portsmouth and Southampton to enjoy all the facilities of the city, yet far enough away to enjoy the pleasures of semi-rural living, Waterlooville is more than just a suburb, it is the perfect blend of town and country life.

The collection of homes in Yew Gardens combines traditional architecture and craftsmanship with modern space and style.

Yew Gardens lies on the edge of the town, looking out over open countryside, with the huge South Downs National Park just a short drive away. Yet it is within walking distance of a major supermarket and the town centre.

Yew Gardens Waterlooville within the Berewood community

We are seeing lots of enquiries about purchasing property in this area and would encourage buyers to come and talk us to find out how we can help them to find the right property.”

To register your interest in one of the properties at Yew Gardens, please contact Reeds Rains Waterlooville, 226 London Road, Waterlooville, Portsmouth, PO7 7HP or call 02392 254321**


 Yew Gardens Waterlooville within the Berewood community


(*) LSL Property Services/Acadata – House Price Index - October 2014 

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

House Price Index - October 2014


Property market shrugs off slowdown as sales surge 9% in October

  • Highest number of completed home sales in seven years – driven by an uplift in activity outside of London
  • House prices climb 0.7% (or £2,026) in a month, in response to demand
  • Prices fall at top end of London market, as prime central areas of the capital decouple from rest of country

David Newnes, director of Reeds Rains estate agents comments: “This increased level of house sale completions marks a considerable – though laborious – reflection of the increased buyer activity earlier in the year since the recession zapped the energy from the market. October saw the highest level of house sales completed in a month since November 2007. In part this was driven by a better throughput of sales that had sat in the pipeline for some time, finally coming through to completion.

“On a monthly basis, house price inflation has edged up from just a 0.3% increase in September, as we see some modest growth. Recent hiccups in the market have not shaken the overall underlying stability and the average UK homeowner has seen the value of their property rise £26,500 (or 10.5%) in the past year. Average house prices across England and Wales have reached a new record for the sixteenth successive month.

“Not only this, but activity is starting to shift towards areas where the recovery still requires support and attention. The biggest uplift in completions in Q3 2014 compared to Q3 2013 has been witnessed outside of London – completed house sales in both the West Midlands and East Midlands have risen 22%, while in London house sale completions are up by just 3% over the same period. In regions such as the North and East Anglia, which saw average house prices slump during September, further growth in activity is critical to warm up the local recovery. First-time buyers in particular need shielding from any future cooling interventions from the government or Bank of England.

“Zooming in on the regional footprints unearths a more complex path of growth. Only three regions saw house prices set peak highs. These were the South West, South East, and London – as the recovery continues to advance with a Southern-leaning slant. If we omit London and the South East from our calculations, a milder 5% annual change in property prices emerges.

“Yet at the very top end of the housing market in Prime Central areas of London, growth is subsiding. Average house prices across London overall rose by only 0.4% in September – the smallest monthly increase the capital has seen for 15 months as the pace of price inflation cools down from the summer heat. Property prices have dropped in 6 out of the 7 most expensive boroughs over the course of the last month, in exclusive sought-after enclaves such as Westminster, Richmond and Camden. But just as London bucks the country-wide trend, the city does not behave as one uniform entity. In lower-priced boroughs such as Lewisham and Haringey, prices have continued orderly progress in October.”

Read more about the House Price Index - October 2014 here

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