Reeds Rains Property Blog

Property News from Reeds Rains

Reeds Rains Support Mission Christmas – Cash for kids

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Left to right - Helen Grieve with Paul Kozyra Mortgage Adviser Reeds Rains Macclesfield

 

Research shows that 150,000 children in Manchester are living in poverty and will not be expecting a visit from Santa this year, and it’s because of this that local estate and lettings agents, Reeds Rains, are encouraging people to visit their branch with a gift to help make Christmas special for these disadvantaged children. (*)

The appeal called Mission for Christmas – Cash for kids is the brain child of radio station Key103 and aims to raise £1 million worth of toys suitable for babies, toddlers, children and teenagers aged 0 to 18 years. Reeds Rains is supporting the appeal by providing drop off points for people to make donations from 21of their branch locations around Manchester.

Regional Operations Manager Steven Cooke explains: “Mission Christmas – Cash for kids is a hugely popular event in Manchester which has a lot of support from local people. We are encouraging people in Manchester to buy an extra gift to help make this Christmas happy for local sick and disadvantaged kids. The mission is to make a happy Christmas for all children.

Reeds Rains are providing a selection of drop off points to help make it easier for people in Manchester to make sure their gift is delivered with a number of our branches taking part.

 

Reeds Rains Bramhall
5 Ack Lane East, Bramhall, Stockport, SK7 2BE
Collection date: Monday 15th December

Reeds Rains Cheadle
2 The Crescent, Cheadle, SK8 1PU
Collection date: Thursday 11th December

Reeds Rains Didsbury
713 Wilmslow Road, Didsbury, Manchester, M20 6RE
Collection date: Monday 15th December

Reeds Rains Heald Green
254 Finney Lane, Heald Green, Cheadle, SK8 3QD
Collection date: Thursday 11th December

Reeds Rains Manchester
29 Whitworth Street West, City Centre, Manchester, M1 5ND
Collection date: Wednesday 17th December

Reeds Rains Sale
76 School Road, Sale, M33 7XB
Collection date: Friday 12th December

Reeds Rains Salford
167 Langworthy Road, Salford, Manchester, M6 5PW
Collection date: Monday 15th December

Reeds Rains Salford Quays
2 Anchorage Quay, Salford Quays, M50 3YW
Collection date: Tuesday 16th December

Reeds Rains Stretford
139 Barton Road, Stretford, Manchester, M32 8DN
Collection date: Tuesday 16th December

Reeds Rains Timperley
 98 Park Road, Timperley, WA15 6TE
Collection date: Tuesday 9th December

Reeds Rains Walkden
2C Memorial Road, Walkden, Manchester, M28 3AQ
Collection date: Monday 8th December

Reeds Rains Hazel Grove
159 London Road, Hazel Grove, Stockport, SK7 4HH
Collection date: Monday 15th December

Reeds Rains Offerton
213 Hall Street, Offerton, Stockport, SK1 4JG
Collection date: Tuesday 16th December

Reeds Rains Hyde
102 Market Street, Hyde, SK14 1ES
Collection date: Friday 12th December
 

Reeds Rains Reddish
420 Reddish Road, Reddish, Stockport, SK5 7AA
Collection date: Wednesday 17th December

Reeds Rains Heaton Moor
12 Moorside Road, Heaton Moor, Stockport, SK4 4DT
Collection date: Wednesday 17th December

Reeds Rains Marple
11 Stockport Road, Marple, SK6 6BD
Collection date: Tuesday 16th December

Reeds Rains Wilmslow
32 Alderley Road, Wilmslow, SK9 1JX
Collection date: Wednesday 10th December

Reeds Rains Macclesfield
37-39 Church Street, Macclesfield, SK11 6LB
Collection date: Monday 15th December 

 

Reeds Rains Edgeley
126 Castle Street, Stockport, SK3 9JH
Collection date: Wednesday 17th December


If you’d like to make a donation, simply call in at one of the Reeds Rains branches which are open weekdays and every Saturday.

 

 

(*)http://www.key103.co.uk/charity/missionchristmas/

Stamp duty will be cut for 98% of people who pay it

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In George Osborne’s Autumn statement, it was announced that from Thursday 4 December stamp duty will be cut for 98% of people who pay it.

What is stamp duty?

You have to pay Stamp Duty Land Tax (SDLT) if you buy a property in the UK over a certain price. This is charged on all purchases of houses, flats and other land and buildings.*

What does this mean?

Under the old rules if you bought a house for £185,000, you would have had to pay 1% tax on the full amount – a total of £1,850. From Thursday 4 December, under the new rules, for the same property you’ll pay nothing on the first £125,000 and 2% on the remaining £60,000. This works out as £1,200, a saving of £650.

In Scotland the new rates will apply until 1 April 2015, when the Land and Buildings Transaction Tax replaces stamp duty in Scotland.

The new rates of stamp duty are:

Purchase price of property (£) 

New rates paid on the part of the
property price within each tax band 

 0 - 125,000

 0%

 125,001 - 250,000

 2%

 250,001 - 925,000

 5%

 925,001 - 1,500,000

 10%

 1,500,001 and over

 12%

Looking for further advice about what you should be paying?

If you are in the process of buying a property, your solicitor or a Reeds Rains conveyancer will work out the stamp duty you have to pay. 

* Source: https://www.gov.uk/stamp-duty-land-tax-rates

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

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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.

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.

Tenant found landlord in 19 hours

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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

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 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

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