Reeds Rains Property Blog

Property News from Reeds Rains

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

Reeds Rains Waterlooville office celebrate successful branch launch event

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Sales and lettings agency, Reeds Rains has been celebrating the recent refurbishment of their Waterlooville office by hosting a special launch event. The event welcomed customers, new and existing along with local businesses to see for themselves the great improvements made to the office.

The office, situated at 226 London Road, Waterlooville, Portsmouth has been updated with modern new furnishings and high tech LED displays to enhance the on-going display of properties which is a popular feature with the residents in Waterlooville. Inside the office, 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 can been seen as a key feature within the office.The branch enjoys strong local links with the Under 8s Waterlooville Boys Football Team and as part of this sponsor the local club. Oscar Horsfall and Ethan Horsfall attend the club and officially opened the new office. 

Martin Archbold, Branch Manager says: “It was great to welcome so many people to the launch event. The new office makes the staff feel a sense of belonging and pride that they work for a company who is clearly committed to the staff and local community.

Thank you to Oscar and Ethan. You did a great job opening the office, well done lads.”

Attendees at the event also included: Regional Operation’s Director Tim Gould, Financial Services Manager Gary Nestor, and Lettings Area Manager Lee Hudson. If you would like to find out more about how the local Reeds Rains team can help you please contact them at 226 London Road, Waterlooville, Portsmouth or call them on 02392 254321 (*)


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

First Time Buyer Opinion Barometer - May 2014

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First-time buyers climb 8% in April, despite MMR

  • 47% annual rise in first-time buyers, boosted by Help to Buy
  • Average first-time buyer deposit falls 7.5% in last year – over £2,000
  • The majority of first-time buyers believe MMR to be a positive step for the market

The number of first-time buyers grew 8% in the month to April and 47% year-on-year, despite the introduction of MMR, according to the latest First Time Buyer Opinion Barometer from Reeds Rains, part of LSL Property Services.

There were 26,300 first-time buyer transactions in April 2014, up 8% from 24,400 in March 2014.

Compared to last year, the number of first-time buyers was 47% higher in April 2014, with the revival in new buyers aided by the Help to Buy Scheme, which has facilitated more high loan-to-value lending. First-time buyer deposits fell 7.5% year-on-year to £24,618 in April. It was equivalent to a drop of over £2,000 from £26,623 in April 2013.

1 in 10 first time buyers (11%) say the financial assistance of Government schemes such as Help to Buy enabled them to get their foot on the property ladder.

David Newnes, director of estate agents Reeds Rains, part of LSL Property Services group, said: “The tightening of mortgage criteria hasn’t dampened the appetite for first-time-buyer property. Many more new buyers are making the jump onto the property ladder, while deposit Lack of a cash deposit remains the biggest obstacle to homeownership for prospective buyers, with 44% of tenants reporting that saving a deposit was a factor prohibiting them from buying this April. The second most common constraint preventing tenants buying was the high transactional costs like stamp duty and legal fees (16%). Only 10% of tenants say they are worried an interest rate rise will push up mortgage repayments in April, down from 13% in February 2014.  Other concerns included insufficient income to support a mortgage (15%), possibilities of future unemployment (7%), falling house prices (4%) and decreasing income (4%).

Read the full First-Time Buyer Opinion Barometer here - 2014 here

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