Reeds Rains Property Blog

Property News from Reeds Rains

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.

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

Buy-to-Let Index - September 2014

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Rents hit fresh record despite sharp slowdown in annual rises

  • New all-time record high of £768 per month for average residential rents across England & Wales
  • Comes despite slower rent rises of just 1.5% in year to September, down from 2.4% in year to August
  • Tenant finances improve with only 7.2% of all rent in arrears, falling from 8.5% in September last year
  • House price rises take landlords’ gross returns to record 13.4% before mortgage or maintenance costs.

Rents have edged to a new all-time record, at a slowing annual rate of just 1.5%, according to the latest Buy-to-Let Index from the UK’s largest lettings agent networks, Your Move and Reeds Rains.

Residential rents across England and Wales now average £768 per month, or £10 higher than in September 2013.

On a monthly basis September’s average rents are 0.8% higher than in August, representing a rise of £7 in absolute terms since the previous month.

Annual growth has slowed dramatically since August, when rents were 2.4% higher than a year before – rising just 1.5% over the twelve months ending September 2014.

David Newnes, director of estate agent Reeds Rains, comments: “Historically rent rises have broadly tracked inflation.  And as the wider cost of living grows ever more slowly, so too has the cost of renting a home.

That said, autumn is always a busy period for the lettings industry, and this has been no exception.  Looking ahead, it is likely that rents in most parts of the UK will have now reached their seasonal peak – so as the market cools along with the autumn weather there may be opportunities for some tenants to pick up a favourable deal."

Read more about the Buy-to-Let Index September 2014 here 

How’s That!

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Members from Acomb Cricket Club

Local estate agents Reeds Rains, sponsors of Acomb Cricket Club, is delighted the club has been promoted from Division 1 of the York &District Senior League into the Premier Division.

Acomb Cricket Club beat Sessay into second place on the last day of the season, after getting a winning draw away at Bridlington. Sessay lost the top spot and this allowed Acomb Cricket Club to leap to the top. From 5 points behind going into the last day, they ended up 14 in front.

Richard Sykes Chairman says: “There have been 3 main players standing out a mile from the rest of the team, skipper Andy Tute scored 751 runs, Matthew Dale bagged 669, and his brother Joe achieved 532.

Mark Bell was the top wicket taker with 39, followed by Joe Dale taking 28 wickets.  Congratulations to Georgie Brown who reached a hat-trick against Driffield.

Wicket keeper Richard Sykes took 21 people, supported in the outfield by Martin Pepper and Matthew Dale who both got 15 catches, and Joe Dale who took 13.

Going forwards, the first team is now driven to make the top 6 of the premier league next season which will see them promoted into a new structure for 2016, which will see us playing at better grounds against better opposition.  We’re trying to attract a few new players to the club over the off season to boost the numbers throughout the club, and allow our second team to progress up through the divisions also.

We value the support From Reeds Rains in Acomb who have been fantastic to the club during the season.”

Reeds Rains branch in Acomb, York

The sponsorship is part of Reeds Rains drive to support the local community and create greater links with it

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.

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