Reeds Rains Property Blog

Property News from Reeds Rains

The rise of the man cave

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Man caves are becoming more and more popular in modern day homes. From entertainment rooms to your very own bowling green, men are creating their very own space within their homes. 

Take a look at these fantastic rooms perfect for a variety of uses. Who knows, maybe you could transform your spare room into your very own man cave?

Click here to find out more. 

Mortgage Monitor - June 2015

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House purchase approvals slow in May

  • May sees 57,800 house purchase approvals, 15.1% lower than April and lowest monthly total in 2 years
  • Monthly dip reflects temporary hesitance to buy property in run-up to General Election
  • April figures artificially strong as high-end buyers rushed to buy before a potential Mansion Tax

May saw the largest monthly drop in mortgage approvals in five years, as the General Election appears to have caused pause for thought, according to the latest Mortgage Monitor from e.surv, the UK’s largest chartered surveyor.

There were 57,813 house purchase mortgage approvals in May, 15.1% fewer than the 68,076 recorded in April, As a result, May represents the quietest month for house purchase lending in over two years, with the lowest monthly volume of house purchase approvals since April 2013 (55,573).

Previously, April saw a 9.9% monthly increase as high-end buyers pushed through sales in an attempt to circumvent the threat of a potential Mansion Tax.

Read the full report here.

It's cool, it's private, and it’s unusual. People visit the house and have man-cave envy

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Man Cave - Pool Room

Research from Reeds Rains estate and lettings agent has found that 62.5% of people surveyed have a man cave, with 30.7% choosing their basement as the main location. Other popular rooms include: The garage 15%, loft 12.8% and out buildings 12.8%. (*)

A man cave is a male sanctuary, such as a specially equipped garage, spare room or basement where men can ‘do what they like’ without upsetting any female feeling.

John Wetherell regional operations director for Reeds Rains explains: “Basements tend to be under used spaces which are often left for storage and are ideal for converting into a man cave. We are visiting more properties where spare rooms are being used as spaces for man caves and this is growing in popularity. 

When the survey asked, what is it about a man cave that is so appealing? Some of the popular responses included: “It's cool, it's private, and it's unusual. People visit the house and have man-cave envy”, “peace and freedom to do as I wish”, and “it keeps him out of the way”.

Man Cave - GYM

Man caves are great because they give you the space needed to unwind after a long day at work, provide all your creature comforts and are a quiet place where you can retreat. 

Modern man caves are becoming integrated into main rooms of the house and may increase the value of your home. Creating a game room, basement bar or a theatre room also generates a retreat which everyone can enjoy and becomes a great space to host parties, or for some, simply a place to enjoy Father’s Day.”

If you would like to find out how the Reeds Rains team can help you buy or sell your property, then visit www.reedsrains.co.uk to find your local branch.

 

What is it about a 'man cave ' that is so appealing?

Popular answers from the Reeds Rains survey include:

  1. It's cool - it's private - it's unusual. People visit the house and have man-cave envy
  2. The epic parties
  3. It's my space for bikes cars and mechanical things which my partner does not want in the rest of the house
  4. Keeps him out of the way
  5. Peace and freedom to do as I wish
  6. it is mine to share with whomsoever I want
  7. Away from the day to day life.
  8. Own little space  away from the noisy little zoo I live in, I can treat it how I want and no one can moan at me.
  9. My own space
  10. Can get away and enjoy juvenile banter with my mates yet not get nagged at for being out by the Mrs!
  11. Time to myself
  12. My space. No need to be tidy
  13. I need the space for projects and doing them in the house isn't sensible (noise, dust, etc). But it's my space to organise as I like. As is my study - is that another cave?
  14. Being noisy and undisturbed !
  15. A place to be indulgent, just for me.
  16. Because you can make your own make on a room with all your own gadgets and gizmos and do it the way you want, not the missus!

 

Man Cave - Workshop

(*) Reeds Rains online survey - 40 respondents May 2015

House Price Index - May 2015

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House prices hit new highs in May despite slower growth

  • Average house prices in England and Wales at new high of £277,178 – fourth price record set this year
  • Monthly property price growth picks up to 0.4% – but still only a third of what it was a year ago
  • London knocked into fourth place in regional rankings of growth, and price rises accelerating in North
  • Home values in Kensington & Chelsea now 16% below autumn 2014 peak, as higher stamp duty bites
  • Home sales in May down 14% year-on-year, as lack of supply suppresses housing market activity

Adrian Gill, director of Reeds Rains estate agents, comments: “The melody of growth has slowed, with monthly house price rises now just a third of what they were a year ago. Property values received a 0.4% boost in May 2015, compared to 1.2% at the same point twelve months ago. But the property market is still hitting the high notes – with the average home in England and Wales currently worth £277,178. This is the fourth new record for property values this year as the recovery strives on, and monthly price rises are strengthening. In April we made another breakthrough, with property values across more than half of the unitary authorities/county areas of England and Wales now past their pre-recession peaks.

“There are only four outstanding regions across the country where house prices are still dallying below 2007/2008 benchmarks, but the good news is that the tide is going in the right direction. It is those areas which have most catching-up to do, and where price increases have typically been smaller, where growth is now accelerating. For instance, while average property values in the North are still 4% lower than during the pre-crisis years, this region has experienced the fastest increase in the rate of annual growth recently – ramping up from 2.3% in March to 3.6% in April, as the balance tips in the favour of regions which need a helping hand. Price rises in the North West, South West, and East Midlands are also on the up, at the same time that growth in London is waning. This has knocked the capital back into fourth position in the rankings of regional house price growth over the past twelve months, with the annual rise in London estimated to now be less than 12% of what it was in the heat of July last year – 2.4% in May 2015, down from 20.7% in the summer of 2014.

“On a monthly basis, London house prices have dropped for the third successive month since the start of the year. It is the higher-priced boroughs which have seen the biggest price falls, as a side effect of costlier stamp duty on top-end properties. For instance, home values in Kensington and Chelsea – the most expensive London borough – have dropped 6.0% in the past year, and are now 16% below their peak in September 2014. This falloff at the top tiers of the market has cooled activity levels too. Home sales in London have dropped 16% year-on-year in the three months to April 2015 – the most significant drop-off of all regions. But this belies a much more dynamic market at the lower end. The cheapest areas of the capital are seeing double-digit house price increases, and property values in Newham, Bexley and Barking & Dagenham reached new records in April, as the pace of growth accelerates at the bottom rungs of the ladder.

“Overall, completed house sales in England and Wales have risen 10% since April, to total 67,300 in May. But this still represents a 14% drop compared to a year ago. In the short-term, the General Election did ruffle some feathers, but as we return to smoother ground, it’s becoming clear that there’s a more structural problem holding back the market – and that the lack of properties on the market is starting to choke off activity. This will need urgently addressing, as with the current momentum in the economy, and the government pumping up demand via commitments to starter homes and support for first-time buyers; price rises will only speed up if housing supply doesn’t put pedal to metal.”

Full details can be found here

First Time Buyer Opinion Barometer - May 2015

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Tenants demand their own Minister as more are forced to rent for longer

  • More than 60% of renters favour the appointment of a Minister with specific responsibility for tenants
  • Tenants forced to defer purchasing their first property in increasing numbers, with only 11% expecting to buy by the end of the year, down from 13% a year ago
  • However, the number of completed first-time buyer transactions grows 3% year-on-year in April

Tenants would overwhelmingly support appointing a Government Minister whose sole responsibility is tenancy issues, according to the latest First Time Buyer Opinion Barometer from Reeds Rains.

When asked if they thought there should be a Minister with specific responsibility for tenants, 60.2% of respondents said  ‘yes’, compared to only 14.9% who thought it was a bad idea.

Read the full report here.

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