Reeds Rains Property Blog

Property News from Reeds Rains

Buy-To-Let Index – March 2014

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Buy-to-Let Lending Takes Rent Rises To Four Year Low

  • Rents rise at slowest annual pace since January 2010 – up just 0.9% in twelve months to March
  • Average rent across England and Wales now stands at £741 per month, after 0.2% monthly fall
  • Proportion of all tenants behind on rent stands at 7.8%, down from 8.5% in March last year
  • Rising house prices increase landlords’ annual returns to 12% – or almost £20,000 per year

Rent rises across England and Wales have slowed to their lowest annual rate in over four years, 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 March, rents across England and Wales are now just 0.9% higher than twelve months ago.

Rents have not increased as slowly since they grew by 0.4% in the twelve months ending January 2010, making the latest annual rent rises the slowest for over four years.

In absolute terms this means the average rent in England and Wales is only £6 higher than a year ago, currently standing at £741 per month compared to £735 in March 2013.

On a monthly basis, rents fell by 0.2% between February and March. This leaves rents in England and Wales approximately £1 lower than in February.

David Newnes, director of estate agents Reeds Rains and Your Move, part of LSL Property Services, comments: “Mortgage lending is recovering steadily – and the impact is becoming clear.  This year is seeing access improve across all areas of the property market, and that now includes private renting.

“A flow of investment from landlords has increased supply of homes to let, supported by historic low mortgage rates and significant growth in the number of buy-to-let loans.  At the same time more first time buyers are starting to balance the many thousands of new tenants entering the rental market.  And this is slowing demand a little.  The result is a private rented sector where supply and demand are more aligned than for many years.  More mortgage lending is good for tenants too.”

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

Buy-To-Let Index – March 2014

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Buy-To-Let Lending Takes Rent Rises To Four Year Low

  • Rents rise at slowest annual pace since January 2010 – up just 0.9% in twelve months to March
  • Average rent across England and Wales now stands at £741 per month, after 0.2% monthly fall
  • Proportion of all tenants behind on rent stands at 7.8%, down from 8.5% in March last year
  • Rising house prices increase landlords’ annual returns to 12% – or almost £20,000 per year

Rent rises across England and Wales have slowed to their lowest annual rate in over four years, 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 March, rents across England and Wales are now just 0.9% higher than twelve months ago.

Rents have not increased as slowly since they grew by 0.4% in the twelve months ending January 2010, making the latest annual rent rises the slowest for over four years.

In absolute terms this means the average rent in England and Wales is only £6 higher than a year ago, currently standing at £741 per month compared to £735 in March 2013.

On a monthly basis, rents fell by 0.2% between February and March. This leaves rents in England and Wales approximately £1 lower than in February.

David Newnes, director of estate agents Reeds Rains and Your Move, part of LSL Property Services, comments: “Mortgage lending is recovering steadily – and the impact is becoming clear.  This year is seeing access improve across all areas of the property market, and that now includes private renting.

“A flow of investment from landlords has increased supply of homes to let, supported by historic low mortgage rates and significant growth in the number of buy-to-let loans.  At the same time more first time buyers are starting to balance the many thousands of new tenants entering the rental market.  And this is slowing demand a little.  The result is a private rented sector where supply and demand are more aligned than for many years.  More mortgage lending is good for tenants too.”

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

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

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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

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. 

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