Welcome to our third quarterly newsletter.  There has been quite a lot of activity over the previous quarter, internationally, nationally and on a local level.
 
From the horrific shooting of Charlie Kirk in the US to the “resignation” of the Housing Minister and Deputy Prime Minister Angela Rayner, then the British Ambassador to the US, Peter Mandelson, there has certainly been a lot of unrest.  Keir Starmer’s record unpopularity (68% of the population according to “YouGov”) means we could yet be in for further change.
 
Generally speaking, the property investment market feels relatively subdued, largely due to concerns over the forthcoming budget and the finer detail surrounding expected tax hikes.  Property owners are in the crosshairs again.  Speculation includes landlord’s paying national insurance on gross rental income; replacing stamp duty and council tax with a single levy on homes above a certain value; and removal of your CGT free status when you sell your primary residence.  All will be revealed at the budget on the 26^th November.  This is despite interest rates continuing to fall (with a further 0.25% drop anticipated at the end of this year), aiding those with borrowed money.
 
Meanwhile, the Renters Right Bill continues to hit the headlines with several changes being considered by the House of Lords on 14^th October.  This includes the abolition of section 21 “no-fault” evictions; fixed term ASTs becoming periodic tenancies; rent only able to rise once in 12 months; a maximum payment of 1 month rent upfront and other enhanced tenant protections.  We understand the need for the Government to aid tenants and attempt to govern against rogue landlords, but such changes are likely to incentivise a restricted supply chain which will ultimately lead to increased rents.
 
Interestingly on the commercial front, there are talks about the “community” having the powers to stop unwanted businesses (e.g. barbers, vape shops) opening on the high street and being able to occupy them instead.  In principle we agree that such businesses occupying premises as a front for illegal purposes should be stopped, but surely this is a job for the police / HMRC and not the responsibility of the “community” / property owner.  It would be very difficult for someone to differentiate between bone fide businesses and those conducting illegal activity without the proper powers to investigate.
 
Unknown to many, there is a rating revaluation coming in on 1^st April next year.  There is likely to be a noticeable upward trend on industrial property (rents having risen in the run up to the antecedent valuation date of 1^st April 2024) and perhaps a drop in retail, as rents have rebased.  There will of course be the ability to appeal against the new assessment if occupiers do not agree with their new assessment.
 
We have been busy with the usual management activity and have completed 4 retail lettings recently in Wakefield.  “Haus” a pretty unique coffee and plant shop has opened at 45 Northgate and is proving to be popular.  Further up Northgate at number 59, “Casa e Bottega”, an Italian café has opened and has a very friendly atmosphere.  We can certainly recommend the paninis and pizzas!  “Gear Head Games”, a board game café and trading card establishment opened at 2A Bull Ring.  Also, the “Beauty Spot” at 11 The Springs is now open having carried out an internal refurbishment of the premises.

In local news, work is finally set to begin on the long-awaited project to re-open the 200 year old former Crown Court building in the city centre.  There is also talk by Wakefield Council that a Youth Centre might be built of the old Ellis Foundry Site on Ings Road (yet to be confirmed). 
 
BID supported the first Merrie City Festival that was held over the August Bank Holiday and this revealed some inspiring local musical talent.  Wakefield Exchange announced the opening of “WX Live” and their first headliner, Corinne Bailey Rae is scheduled to play on 18^th October.
 
Panda Mami Wakefield at Trinity Walk held its grand opening on 26^th September.  The afternoon was a great success and enjoyed by all.  Our thanks go out to Wakefield BID for the invite.

Also, Wakefield Council have agreed to bring back 2 hours of free car parking “to support residents, visitors and businesses”.  This is looking to take effect at the end of the year and is welcome news that will hopefully aid the local restaurants / retailers.