Reeds Rains Property Blog

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Tenant Arrears Tracker January

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Tenant finances see short-term setback

  • In Q4 2014 there were 7.2% more tenants severely behind on rental payments compared to Q4 2013 – the first annual rise since 2012 
  • Despite setback, 48,500 fewer tenants face severe rent arrears compared to worst of 2012 record peak 
  • Evictions fall in the face of recent rent arrears, with latest evictions orders down 6% on a quarterly basis 
  • Landlords pay off buy-to-let mortgage arrears to the healthiest levels seen since the start of 2008  

Tenants have felt a financial setback, with the number falling into serious rental arrears rising on an annual basis for the first time since 2012, according to the latest Tenant Arrears Tracker by estate agency chains Your Move and Reeds Rains, part of LSL Property Services PLC.

In Q4 2014 there were 68,100 tenants in severe rent arrears of more than two months. This represents an increase of 4,600 such tenancies compared to the same quarter one year ago, or a 7.2% annual increase. On a quarterly basis the setback is less severe, with 1,700 more cases of severe arrears in Q4 2014 than in Q3, or a quarterly increase of 2.6%.

Despite this recent deterioration, the longer term trend for tenant arrears remains positive, as improvements seen in 2013 and at the start of 2014 remain overwhelmingly large in comparison. As a result, since reaching a peak of 116,600 tenancies in Q3 2012 the number in severe arrears has dropped by 48,500 as of Q4 2014, an improvement of 42%.

In terms of the proportion of all tenants now in severe arrears, there was no significant setback in the last quarter. As a percentage of all tenants, 1.4% owed rent arrears of more than two months in Q4 2014, the same as in Q3 2014 and in Q4 2013. This leaves a remaining 98.6% of tenants who have consistently avoided serious rental arrears.

A slight deterioration in the most serious rental arrears is consistent with figures for overall levels of late rent including shorter lapses on payments. According to the latest Buy-to-Let Index from Your Move and Reeds Rains, overall tenant arrears of any duration stand at 7.5% as of November, up from 6.6% of rent late in November 2013. However, as with severe arrears, even after November’s slight deterioration, rent arrears remain considerably lower than in previous years, since peaking at 14.6% in February 2010.

Adrian Gill, director of estate agents Your Move and Reeds Rains, comments: “Escaping the worst deprivations of the financial crisis has taken half a decade. And even now, for so many households every month is still a difficult month.

“Stretching to include even a little festivity often makes December particularly hard. But just as the occasional setback is inevitable, the long-term trend is increasingly clear. Since the sharpest pinnacle of tenant difficulties in 2010 the number in serious rent arrears has practically halved.

“As rising wages start to combine with much lower levels of unemployment, the fundamentals of the economy have started to turn in favour of tenants. If that can continue, then so can the trend away from arrears, as renting becomes more affordable.”

Read the full Tenant Arrears Tracker here

 

Five years on, Reeds Rains Whistable continue to grow from strength to strength

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  Its party time at the Whistable branch 

There are celebrations at estate agents Reeds Rains as the local team celebrate their fifth anniversary in Whistable and, at the same time, reflect on the success and development of the agency over that period.

To mark this anniversary, glasses of champagne and keepsake key rings were handed out at Reeds Rains as it opened its doors to past and present customers to mark the special day.

Since the launch of its Whistable office in January 2010, Reeds Rains has continued to grow from strength to strength and remains resilient and strong within the property market. 

Customers past and present are welcomed to the party

Lavinia and Malcolm Trueman, franchise owners of Reeds Rains in Whitstable commented:  “We’ve had a Reeds Rains office for five years and we’ve been able to help hundreds of customers during that time in selling, buying and renting houses.

We strongly believe that the way we have responded to the market has influenced our on-going success – we’ve had to think proactively, respond to situations quickly and remain positive at all times – it’s clearly helped us and, of course, our customers who, as a result, remain loyal to us.

 

 Customers enjoying the newly refurbished office

Reeds Rains has been established since 1868 and in that time, it has grown to become one of the UK’s largest estate agencies, with an expanding network of branches covering England, Wales and Northern Ireland. We’ve never lost sight of the need for local expertise or moved away from our principles that building great relationships, being genuinely interested in our customers and getting the job done is the way to achieve success. And it’s this that we think puts us in the perfect place to respond to the local market activity.

The size of Reeds Rains has also meant they have been able to invest heavily in developing a range of award winning products and services. Only recently Reeds Rains has been successful at the Estate Agency of the Year awards 2014 where it won the Silver award for Best Estate Agency National and the Bronze award for their Financial Services.

Reeds Rains Whistable

From the feedback we’ve received we have exceeded many of our client’s expectations over the last five years and would like to take this opportunity to thank them all for the custom and support they have given us. We always endeavour to ‘go the extra mile’ for our customers and we believe that this is one of the core reasons for our success. We now hope that we can build on our success and our growing reputation for quality service during 2015 and beyond.”

For more information about Reeds Rains in Whistable– simply contact the local team at Reeds Rains Whitstable, 98 High Street, Whitstable, CT5 1AZ or telephone them on 01227 770717(*)

 

Reeds Rains Whistable

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

 

It’s a double win for Reeds Rains

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From the left: Entrepreneur Michelle Mone, Reeds Rains Managing Director Oliver Blake, and Zoopla Commercial Director Jon Notley

Reeds Rains  have been successful at the Estate Agency of the Year Awards 2014 where it won the Silver award for Best Estate Agency National  and the Bronze award for their Financial Services despite tough competition from some of the leading names in the market. The awards, sponsored by The Sunday Times and The Times, are some of the most sought after in the estate agency industry and to be acknowledged as a winner is seen as a major triumph and reflects the professional services available for customers from Reeds Rains.

Now in its twelfth year as a dedicated competition, these awards have become widely recognised as the most prestigious and difficult to win. With more entrants than ever before, over 5,000 offices were represented this year, but only the very best of the best were crowned as winners.

The awards were presented by Michelle Mone, one of the UKs leading entrepreneurs who is the co-owner of Ultimo Brands International and founder of Ultimo, one of the UKs leading lingerie brands.

 Left to right: Entrepreneur Michelle Mone, Reeds Rains Financial Services Director John Hargreaves, and Mid West Displays Michelle Farnsworth

The Judges report on Best Large Estate Agency recognised Reeds Rains’ long history of trust and reliability along with their culture of continuous development and acknowledged that the entire team are property industry experts. They highlighted the great passion within Financial Services and their dedication within the organisation to ensure that transactions are progressed as professionally and ethically as possible for each client. They acknowledged Reeds Rains’ high level of customer service which has resulted in a satisfaction ratio of 97% of clients serviced and a feedback score of 98% who would recommend the services across the board.

Oliver Blake, Managing Director at Reeds Rains says: “It is a great achievement to win both awards and they are a real testament to all the hard work and dedication from the staff at Reeds Rains. Well done everyone!”

Christmas starts early for Acomb Primary School

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Left to right - Anna Townsend, Samuel Townsend and Ruth Betts from Acomb Primary School

Acomb Primary School based in York have hosted their Christmas fair which brought together families and the Acomb community to start the festive period which included games, mince pies, tombola, cake sale and a visit from Santa.

Local estate and lettings agent Reeds Rains supported the event and hosted a game at the fair which involved guessing which door Santa was hiding behind.

Andy Jacques Branch Manager for Reeds Rains in Acomb says: “We asked Acomb Primary school to help us by decorating the game and they did a great job. The board of houses looked fantastic and we provided prizes for the lucky winners.

The event was hugely successful and it was great to see the Acomb community come together to support it. There are always fun activities taking place in Acomb and supporting the local community is something we are passionate about.”

Elsewhere in Acomb, Reeds Rains also work closely with the Acomb Cricket Club by officially sponsoring their kit and their ‘Player of the Month awards’ which is also part of their drive to build greater links with the Acomb community.

First Captain Andy Tute from Acomb Cricket Club adds: “We value the support Reeds Rains provides and it is great to have them alongside us. We have been promoted from Division 1 of the York & District Senior League into the Premier Division and with Reeds Rains support we will continue to be successful.”

If you would like to find out how Reeds Rains can help you buy or sell your property then visit the Acomb branch at 1 Carr Lane, York, North Yorkshire, YO26 5HT or call 01904 782621(*) for more information.

 

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

Winter property maintenance advice from Reeds Rains...

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Winter can be tough on properties. From heavy rain to snow and frost , this weather can really cause damage to your property. Reeds Rains has put together a list of things you can do to make sure your property is ready for winter.

Protect your pipes from freezing

When water freezes it expands, so cold weather means water in your pipes can freeze and this could result in the pipe bursting. You can help prevent this by insulating pipes with pipe insulator.

Check drains and gutters

Rain and wind can lead to flooding so make sure you check your drains and gutters for any debris and blockages which could prevent water from draining away.

Clear paths from debris

Wet weather and frost can lead to extremely slippery pathways. It is important to clear leaves and any other debris from paths - especially if your house is for sale, you don’t want any potential buyers slipping!

Tidy your garden and cut down any loose branches

If you have any kids’ toys, trampolines, and barbeques  in your garden, now is the time to put them away in the garage or shed safe for the Winter. You also need to check fences and branches to make sure nothing is loose and could cause damage in high winds.

Bleed your radiators

To get the best from your radiators you should bleed them every now and again. To check which radiators bleeding you should check that all parts of the radiators are warm, if not the radiator needs bleeding. Bleeding a radiator is a simple process, find out how to do it here.

Get your boiler checked

The weather is only going to get colder and colder, now is the time to get your boiler checked to make sure it is going to last you the winter.

Put together an emergency kit

Things like power cuts are more common at this time of year, make sure you have an emergency kit somewhere containing things like candles, matches, a torch and batteries, blankets and some sort of food that doesn’t require cooking!

Check for any external peeling paintwork

If your house is painted it may be worth getting it repainted before the frost sets in, water gets in the cracked paintwork and freezes, damaging it even more.

Get your chimney swept

There are many reasons to get your chimney swept regularly including; reduced risk to your families health through things like gases, improved safety, reduced risk of chimney fires and improved fire efficiency.

Check your Insurance

It might be a good idea to check your Insurance covers you for things like flooding and other damage caused by the weather.

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