Reeds Rains Property Blog

Property News from Reeds Rains

Buy-to-let index - February 2014

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Rent Rises Accelerate in February 

  • Rents across England and Wales rise by 1.6% in twelve months to February

  • After first month-on-month rise since October, rents now average £743 per month

  • Seven in ten regions see higher rents in February than January

  • Second best month on record for tenant finances as proportion of late rent falls to 6.9%

  • Landlords earn average annual return of  9.7% (or over £16,000) over last twelve months

Annual rent rises across England and Wales have accelerated, according to the latest Buy-to-Let Index from LSL Property Services plc, which owns the UK’s largest lettings agent network, including national chains Your Move and Reeds Rains.

As of February, the average rent across England and Wales is now 1.6% higher than twelve months ago, currently standing at £743 per month.

This is the fastest annual increase since November 2013, and compares with a year-on-year rise of 1.4% in January this year.

On a monthly basis, rents increased by 0.1% (or approximately £1) between January and February. This represents the first month-on-month increase in residential rents since October 2013.

David Newnes, director of LSL Property Services, owners of estate agents Reeds Rains and Your Move, comments: “Property to rent remains in high demand.  Despite great improvements in the prospects of many first-time buyers, there are still millions of households who rely on a healthy private rented sector for their homes.

“February’s annual increase remains below the rate of wider inflation.  However, this latest uptick and the high level of demand in the lettings market emphasise the importance.
 

Read the full LSL Buy-to-let index - February 2014 here

Buy-to-let index - February 2014

by

Rent Rises Accelerate in February 

  • Rents across England and Wales rise by 1.6% in twelve months to February
  • After first month-on-month rise since October, rents now average £743 per month
  • Seven in ten regions see higher rents in February than January
  • Second best month on record for tenant finances as proportion of late rent falls to 6.9%
  • Landlords earn average annual return of  9.7% (or over £16,000) over last twelve months

Annual rent rises across England and Wales have accelerated, according to the latest Buy-to-Let Index from LSL Property Services plc, which owns the UK’s largest lettings agent network, including national chains Your Move and Reeds Rains.

As of February, the average rent across England and Wales is now 1.6% higher than twelve months ago, currently standing at £743 per month.

This is the fastest annual increase since November 2013, and compares with a year-on-year rise of 1.4% in January this year.

On a monthly basis, rents increased by 0.1% (or approximately £1) between January and February. This represents the first month-on-month increase in residential rents since October 2013.

David Newnes, director of LSL Property Services, owners of estate agents Reeds Rains and Your Move, comments: “Property to rent remains in high demand.  Despite great improvements in the prospects of many first-time buyers, there are still millions of households who rely on a healthy private rented sector for their homes.

“February’s annual increase remains below the rate of wider inflation.  However, this latest uptick and the high level of demand in the lettings market emphasise the importance

Read the full LSL Buy-to-let index - February 2014 here

Reeds Rains Strikes Again in Lettings Industry Award

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Reeds Rains’ extensive efforts to create a memorable customer experience at its network of branches have received the ultimate endorsement, courtesy of a coveted industry accolade.

The historic estate agent has won the silver award for property manager of the year at the Negotiator Awards 2013, to further vindicate its attempts to leave lasting impressions on tenants and landlords alike.

The announcement underlines an ongoing success story for the brand, which includes a 20 per cent growth in turnover and a 14 per cent rise in managed clients in the past 12 months.

Reeds Rains has invested heavily in training and development across all areas of the company, to provide the most professional service possible.

Mark Chatterton, Lettings Operations Director said: “To be recognised by one of the industry’s most influential publications means a great deal to everyone at Reeds Rains.

“We have always prided ourselves on advising confidently in each local area, the types of property on the market and the rental marketplace as a whole.

“Winning this award reassures us that we are continuing to do the right things and on behalf of everyone at the company, we are absolutely thrilled.”

The event, which attracted a record number of entries was hosted by comedian Hugh Dennis, and was held at the Park Lane Hilton hotel in London on November 5.

Mark said: “We believe we provide an invaluable service for landlords and tenants, ensuring that all legal safety obligations are met protecting both parties.

“Routine repairs and emergencies are attended to with speed and care, because we understand that these are an inconvenience to tenants and an unwelcome expense for landlords.

 “It appears that The Negotiator Awards acknowledged these facts when judging, which is great news for us, in such a high profile event that is attended by the nation’s top property agents.”

Reeds Rains’ latest honour adds to a Sunday Times bronze accolade for property management in the national publication’s prestigious lettings agency of the year awards in March during which the judges praised Reeds Rains excellent rent collection facility and low default rates. 

Finding the Right Student Accommodation

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WHEN looking for student accommodation, don't wait until it's too late. As soon as you know where you're studying, find out what accommodation is available to you and what conditions are attached.

If you have only just gone through clearing or have found yourself without a house or flat, don't worry as there will be plenty of private rented accommodation left that will still be available to students. The great thing about private rented properties is independence; you are in charge of where you live and who you are living with, and the flexibility it gives you, as the private rental market is packed with different options to suit you.

However, there are some aspects you need to take into consideration such as managing your bills, and dealing with admin - especially if you are liaising direct with the landlord. You need to check their credentials which is why it is always best to go through a reputable agent.

Once you have secured a property, you will normally have to give a non- refundable financial commitment to reserve a property, so make sure you spend time choosing who you want to live with to ensure a harmonious household.

You will need to go through referencing at which point you will need a guarantor; this is someone who will guarantee the rent and terms of the tenancy should you not be able to.

Assured Shorthold Tenancies (ASTs) are jointly and severably liable which basically means that all parties, tenants and guarantors are responsible for the tenancy.

You will be required to pay a holding deposit which will normally be when the lease agreement starts - this usually goes towards the dilapidation deposit for the tenancy. As long as the property is given back in the same condition it was given to you in, then this will be returned. All deposits by law must be registered into a tenancy deposit scheme which will ensure it's safeguarded, so to protect this, make sure an adequate inventory is done prior to move in.

Make sure you receive up-to-date gas and electrical safety certificates as these are required by law; and be prepared to pay the rent monthly in advance and from one account. In terms of your finance, full- time students are exempt from paying council tax but part-time students aren't. You will need to get a TV licence on top of all your bills (water, electric, gas, phone line, internet) so make sure you budget for this before you sign. You will need to be careful wherever you rent as you are a burglar's target; ensure the landlord has fitted key operating locks on the windows and deadlocks on all external doors.

It pays to know a little about tenancies and landlord responsibilities, and likewise, know your obligations as a tenant and respect others that live in the vicinity.

For more information, contact Reeds Rains on 0161 236 9088

Hannah Gretton

Area Lettings Manager

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