News

Whitaker Cadre 2023 Review

The Current Market

In 2023 there has been a lot of talk and column inches dedicated to a changing property market. The economic conditions have played a part, in a year which has seen a cost of living crisis and high rates of inflation, the knock-on effect has been rising interest rates. Although the Autumn Statement had some positive news for the housing industry, including Planning System Reform, Local Housing Allowance rises and Permitted Development Rights to turn a house in to two flats. However, quarter three’s Housing Insight Report from Propertymark shows it is not a time to celebrate. Figures in the report show the sales market is still trying to find its feet, with a 13% reduction of potential purchasers registering to buy property this quarter, and a 19% reduction in new properties coming to the market.

Despite the UK’s private rented residential sector having lost approximately 400,000 rental properties since 2016, Whitaker Cadre has seen growth on average of 35% year on year since opening in 2019. Growth has been particularly prevalent in Harrogate and the surrounding areas, and as a result we have decided to build on this success by opening another Whitaker Cadre office, located at 1 Cardale Park in Harrogate. The new office is headed up by Ed Shoard, who has a wealth of knowledge in this sector, having managed a portfolio of over 350 properties within Harrogate. Ed has 12 years’ experience, and is supported by, Jorja Hepton, who joined us in June, after working for a well-known estate agent in Harrogate. She has lived in Harrogate for most of her life, which has given her abundant knowledge of the town and surrounding areas.

Legislative Changes

New Legislation to regulate the Lettings Industry has continued to be introduced by the government in 2023. The Renters Reform Bill has had its second reading in parliament, with amendments being proposed by all parties.

Landlord and agents’ groups, including Propertymark/Arla, continue to lobby parliament to retain a fixed term tenancy option. This will give security of tenure for tenants, give landlords guarantees of rent for a defined period, and guarantors a fixed period to provide their support. They will continue to lobby on other areas such as larger deposits, particularly where pets are concerned, and compulsory use of inventories to protect landlord’s properties and tenant’s deposits.

Other legislative guidance to be aware of :-

• Right To Rent Act Code of Practice has been updated and comes in to force on 22^nd January 2024. There been no changes on the required checks on tenants, however, penalties have increased for any unauthorised migrant tenants. For a first offence the penalty will be £10,000 and £20,000 for second or subsequent offences.
• Leasehold and Freehold Reform Bill, again this is going through parliament. Designed to prevent the future sale of leasehold houses, increase lease extensions and restrict levels of ground rent for freeholders.

Don’t worry, there’s a lot to take in, but we are on hand to provide support and advice on any legislative questions you may have.

The Local Community

Throughout 2023 Whitaker Cadre have continued to support others in the community. As part of our corporate social responsibility programme, we have continued to support Nell Bank in Ilkley by contributing to the building of the new Early Years Centre (pictures below) and funding places for local disadvantaged children to attend the centre. We have supported Silsden AFC across the 2022-2023 season, donated to the Principal Trust Children Charity, sponsored Ilkley Carnival and Guiseley Christmas Teepees, and we have sponsored (and continue to sponsor), the Wharfedale Festival of Performing Arts, Piano Festival, held in Ilkley. We are committed to supporting our neighbours and local community and look forward to partnering with even more great charities, teams, businesses and events across 2024 and the coming years.

Summary

Although, 2023 has presented its challenges, impacted heavily by the cost of living crisis, Whitaker Cadre has continued to grow the business at 35% year on year since 2019, whilst staying true to our values of exceptional customer service and transparency, and helping others along the way. We’ve achieved this growth through one simple approach: we actually care. We get to know our clients meaning we can support them in the right way and it clearly makes a difference. We’ve been awarded a Gold Winner of the British Property Awards for Lettings in both 2022 – 2023 and 2023 – 2024 as well as winning a Gold Award for Lettings in the EA Masters Best Estate Agent Guide 2024!