Responding to the latest ONS Trade figures published this morning, William Bain, Head of Trade Policy at the British Chambers of Commerce, said:
“The first quarter of 2024 shows the challenges UK goods exporters face, with a further drop in sales to both EU and non-EU markets, despite a brighter global economic picture.
“Services remain the good news story on UK export performance, with travel and other transport provisions, providing the impetus for a decent 1.1% increase across the quarter.
“But we need further action from policymakers to reverse recent declines in trade in goods. This means a focus on digital trade and more efficient customs processes to cut costs.
“Other steps include removing some of the trade frictions with Europe, completing free trade agreements already underway, and working with business to get more value for exporters out of our existing deals.
“The ONS analysis of the lack of an impact from Red Sea disruption is interesting. It would appear, the effects upon shipping markets and supply chains have been effectively absorbed.
“But if re-routing via the Straits of Hormuz and the Cape of Good Hope becomes the new normal there still remain questions for the long-term effects, including upon consumer prices, on sea freight from Asia to Europe.”
The UK Trade Picture In Detail
Goods Imports
Overall goods imports volumes were down by 2.8% (£1.1bn) from February to March. Imports from the EU fell by 5.3% (£1.2bn). This was caused by lower transport and machinery imports (ships from Italy, aircraft from France). Non-EU imports volumes fell by 0.6% (£0.1bn) driven by lower fuel imports from the US and Kuwait, although car imports from China and aircraft imports from the US both rose.
Goods Exports
Export values to the EU fell by 3.5% (£1.6bn) during Q1 2024 after removing inflation – the main declines being in machinery and transport equipment (cars to Turkey and mechanical machinery to Germany), and material manufactures exports. Non-EU goods exports fell by a lower amount – 1.6% (£0.7bn) over the same period, driven by lower fuels (crude oil to China) and chemicals exports (medicines and pharmaceutical products exported to the US).
An overall fall of 0.3% (£0.1bn) was reported for UK goods exports volumes in March, with a 0.9% (£0.1bn) rise in sales to the EU being offset by a 1.4% (£0.2bn) fall in exports to the rest of the world.
Services
In Q1, UK services exports values, adjusted for inflation, increased by 1.1% (£1.3bn) led by increases in travel and transport, offset by declines in construction and other business services exports. Services import values by contrast fell by 0.4% over Q1 2024 – mainly due to falls in insurance, pensions and intellectual property services.
In the month of March, the volume of UK services exports increased by 0.7% (£0.2bn) – the same in percentage terms on values of services exported. Imports of services increased by 0.3% (£0.1bn) on the chained volumes measure, exactly the same as on the value of traded services measure.
Capella is pleased to announce the appointment of Dr Ian Glen, Janyce Holmes, and Dr Adrian de Andres to the charity’s Board of Trustees.
These new members bring unique skills, perspectives, and a shared commitment to Capella’s mission of lasting change through learning. They join an esteemed and experienced Board of Trustees whose valuable contributions to the organisation enable the charity’s services, Sleep Action and Teens+ to thrive.
Dr Ian Glen has over 20 years working in Higher Education as a lecturer and academic quality professional. He currently works as a manager in curriculum transformation at the University of Edinburgh. “It is a huge privilege to help Capella in its goal of lasting change through learning,” said Dr Glen, speaking about his appointment as Trustee. “Education has been so important to my own life, and the education and learning Capella delivers locally through Teens+, and nationally through Sleep Action is vital. Capella allows everyone to thrive, and it is absolutely the type of difference I want to help make for more people.”
Janyce Holmes is an experienced business director and an independent non-executive director on the England Athletics Board. “I am delighted to join a charity that provides a range of opportunities for those who find themselves facing barriers,” Holmes said about her appointment. “I believe that everyone should have the means to reach their potential and Capella delivers this to individuals, families, and the wider community through Sleep Action and Teens+.”
Dr Adrian de Andres, Chief Operating Officer – Offshore Wind at Simply Blue Group, is an executive leader in the renewables industry with a strong focus on strategy, growth and corporate governance. Dr de Andres said of his appointment to the Capella Board of Trustees, “I am excited to join Capella as a Trustee, given the exceptional work the charity is doing. Capella has an ambitious Net Zero strategy and I am delighted to contribute my expertise to its delivery and provide guidance in their decarbonisation journey, which will see Capella become a leader in the sector.”
“We welcome these new Trustees at an exciting time for the charity,” says Gail Burden, Capella CEO. “We have just launched our very ambitious five-year strategic plan outlining goals to do more, reach more people, and drive change at a national level through Sleep Action and at a local and community level with Teens+. Our new Board members will play an invaluable role in this journey, contributing their expertise and passion to Capella as they help guide us on this journey.”
Capella is a registered charity (SC027560) and company limited by guarantee (SC182935) Registered office in Scotland: 60 Ravenscroft Street, EH17 8QW.
Capella also welcomes the appointment of Suzanne Daly and Lisa Otty as the new Chair and Vice Chair of the Board of Trustees. The charity wishes to thank former Chair Paul Bott, and Trustees Richard Stark and Colin Campbell for their service in support of Capella.
Reacting to the latest GDP figures, David Bharier, Head of Research at the British Chambers of Commerce, said:
“Today’s Q1 GDP first estimate of 0.6%, outstripping expectations, is a welcome sign that the UK has moved away from last year’s shallow recession. Businesses across the UK have been the driving force behind the recovery.
“Firms have shown resilience in the face of multiple headwinds and this estimate should give business and investor confidence a boost.
“However, significant challenges remain. The UK has seen waves of economic and political uncertainty in recent years, from inflation to skills shortages and trade barriers with the EU, which have weighed down on its growth potential. Our latest surveys show that most SMEs are still not increasing investment.
“With signals from the Bank that their next move will be an interest rate cut, it is now essential that policymakers show businesses a clear plan for growth to unlock their economic potential.”
Paul Lawrence has been confirmed as the new Chief Executive of the City of Edinburgh Council.
Councillors approved a report recommending his appointment at a meeting earlier today (9 May).
He will take up his role on 17 June, succeeding current Chief Executive Andrew Kerr who retires on 14 June.
Council Leader Cammy Day said:
“I’m pleased that Paul’s appointment received the unanimous backing of councillors today.
“It was clear from the rigorous and competitive recruitment process, and from his time as Executive Director, that he has the qualities required to take on and excel in this role. I’m proud that, through this appointment, we’ve been able to recognise and reward talent from within the Council.
“I’m sure Paul will bring new ideas and direction to the role, but also much-needed continuity, knowledge and experience, having been such a key part of Andrew Kerr’s leadership team over the past nine years.
“I know that he already commands a great deal of respect from across the city, and I’m looking forward to working closely with him to deliver on our commitments for the people of Edinburgh.”
Paul Lawrence said:
“I’m delighted to have been appointed into such a challenging and exciting role. I’ve fallen in love with my adopted home since moving here nine years ago and it will be a real privilege to serve as Chief Executive.
“Edinburgh is a beautiful, modern and thriving city but we know there’s still a huge amount of work to do if we are to deliver on our business plan priorities of combatting poverty and inequality, striving towards net zero, and sustaining and creating great places to live.
“I look forward to building on Andrew’s hard work and achievements and leading our great teams from across the Council to deliver the best possible services for our residents and communities.”
Paul has served as the Council’s Executive Director of Place since 2015, with responsibilities including planning, housing, transport, regulatory services and environment, as well as economic development and culture.
He began his local government career in 1990 as Arts Director for Durham City Council before moving to Northern Arts as Assistant Chief Executive in 1997. He went on to spend 10 years at Newcastle City Council as Head of Culture, and later Assistant Chief Executive, before becoming Corporate Director, Place, at Stockport Metropolitan Borough Council in 2010.
Reacting to the Bank of England’s latest interest rate decision, David Bharier, Head of Research at the British Chambers of Commerce, said:
“Today’s decision to hold the interest rate at 5.25% was widely expected. Businesses will be hopeful that tentative signals from the Bank translate into a rate cut later this year.
“However, for many SMEs borrowing costs remain very high – and today’s hold means another month of hesitation on investment and growth.
“Our research shows that business concern about interest rates is easing, in part due to the period of stability since last August. Our latest survey showed 35% of firms worried about the cost of borrowing, down from 39% at the end of last year. But these remain high levels of concern, compared to pre-pandemic.
“Tomorrow’s GDP figures could bring some welcome news, but economic conditions remain tough. Alongside high interest rates, firms are grappling with rising costs, skills shortages and further trade friction with the EU.
“Business confidence has been gently ticking up as they see a way out of the inflation and interest rate double whammy, but policymakers need to support this with a clear plan for growth and stability.”
Not All Edinburgh Letting Agents Are The Same…
If you’re new to renting in Edinburgh or you’re switching to a new letting agent, it’s important to ask the right questions before signing your contract.
Once you’ve moved in, it’s too late to find you’re unhappy with the service your letting agent provides or the conditions of your tenancy agreement. Getting all your questions answered at the start means you’ll have a smoother relationship with your letting agent and there shouldn’t be any nasty surprises further down the line.
So, what are the key questions it’s important to ask? We’ve put together a checklist so you can tick them off and make sure you’re fully informed:
How Much Is My Rent?
This seems like an obvious one, but often tenants are viewing lots of properties with slightly different rents so they’re not certain of the exact figure. Make sure you know how much you need to pay and on what date of the month it’s due.
How Do I Pay My Rent?
Most rent payments are made by bank transfer so you’ll need your letting agent to provide the correct bank details. Get the payment set up in plenty of time and make sure you’ve got the numbers right.
How Much Deposit Do I Need To Pay?
At Clan Gordon, deposits are a minimum of a month’s rent plus £200 but this varies with different agents to it’s important to know exactly how much your initial payment will be, and to ensure you have enough money to cover the deposit and your first month’s rent.
How Do I Get In Touch?
Good communication with your letting agent makes for a harmonious relationship so ask the best way to get in touch with your agent. Some have an online portal while others prefer to be contacted by email or phone so check at the start.
What Do I Do In An Emergency?
Make sure you know how to contact your agent in an emergency, such as a water leak. There may be a dedicated phone number for emergencies so make note of it and put somewhere obvious so you can quickly find it when you need it.
How Long Does It Take To Get Repairs Done?
For tenants, it’s frustrating when maintenance and repairs aren’t carried out in a reasonable amount of time. Ask your letting agent the process for registering issues and getting them sorted. If you don’t feel confident that you’ll get a good service, don’t sign on the dotted line.
Can I Have A Pet?
If you’ve already got a cat or dog, or you plan to get one when you move into your new home, make sure it’s permitted in your tenancy agreement. The Renters (Reform) Bill currently going through the UK Parliament aims to make it harder for landlords to refuse pets in their properties, although insurance may be needed to cover any damage caused.
Many landlords do permit pets but it’s important to be honest at the start. Don’t think you can sneak one in without your landlord knowing – you could face charges for cleaning the property or be forced to leave for breaching your agreement.
Can I Decorate The Property?
Most landlords allow tenants to change the colour of the walls or do minor improvements, but it’s important to check before you do any DIY in the property. Ask what’s permitted when you move in so there are no issues further down the line. If a property has all white walls and they can’t be changed, you might want to reconsider if it’s right for you.
What’s In My Tenancy Agreement?
When you receive your tenancy agreement, read it carefully and make sure you understand all the clauses. Most agreements are based on the Scottish Government Model Tenancy Agreement but there are likely to be clauses specific to your property. If everything isn’t clear, ask your letting agent to explain and check you’re happy with everything.
When Do Inspections Take Place?
Your letting agent will carry out regular inspections on your landlord’s behalf to make sure you’re taking care of the property. Ask how regularly these take place and how much notice you’ll be given. You may be happy for your letting agent to carry out an inspection when you’re not home, or you may prefer to be there. Make sure they are aware of your preference.
What Is Fair Wear And Tear?
Wear and tear is the deterioration that would be expected from normal day-to-day use. For example, tread wear on a carpet or marks on walls caused by furniture pushed up against them. Anything more than this (such as cigarette burn holes or ripped wallpaper) could be considered excessive and some or all of your deposit could be withheld when you leave. You can appeal to your deposit scheme provider for an adjudication if you do not agree with your landlord’s decision.
For expert advice and information about renting a property in Edinburgh, make an appointment to speak to one of our advisors.
If you’re an Edinburgh landlord who’s decided to switch letting agents with tenants in situ, you’ll want to ensure they feel secure and informed about the change. Hanging onto good tenants is important, so it’s wise to keep them abreast of what’s happening and help them understand the benefits of the move.
Many landlords think they can’t make the switch while their property is occupied, but that’s not the case. Your tenancy agreement is between yourself and your tenants so you’re free to move to another agent if you’re unhappy with the service you’re receiving or are looking for different services.
Keep Tenants Informed About Your Switch To A Different Letting Agent
Once you’ve made the decision to switch to a new letting agent, confirm the date the change will take place and make sure you have the necessary contact details for the new letting agent. Let your tenants know what’s happening, and explain why you’re moving.
It could be that you’re unhappy with how maintenance issues are dealt with, or that communication is poor, so the change should also benefit your tenants. Announcing the change without an explanation could make them feel vulnerable and impact your relationship with them.
Switching Documentation
All the property documentation, including the lease agreement and safety certificates, can simply be transferred from one agent to another; there is no need to issue new ones. Reassure your tenants that there won’t be a break in their tenancy; it will be a seamless transition.
However, the new agent will want to conduct an initial inspection of the property and check the inventory to ensure it is correct, so this must be arranged at a time that suits your tenants to minimise disruption.
Make sure the agent provides your tenants with telephone numbers and/or the web portal to report maintenance issues.
Making Payments
Your tenants will need to change their bank direct debit instruction to make future rent payments to the new agent. Make sure they have the details in plenty of time, otherwise the payment is likely to be made to the previous letting agent.
If this happens, the agent is legally obliged to send you the money, so it’s not a big problem. However, it’s worth trying to avoid the inconvenience by thinking ahead.
At Clan Gordon, we can take care of this process for you.
Answer Any Questions Your Tenants Might Have
Your tenants might have questions and concerns about the switch, so make sure you’re available to answer them and put their minds at rest. If they haven’t experienced any problems with their current agent, they’re likely to be less keen on the change, or they might have outstanding issues that they’re waiting to be sorted. Good communication between yourself, the new letting agent and your tenants is crucial to ensure nothing slips through the net.
For advice and information about switching letting agents in Edinburgh, schedule a no-obligation call with one of our professional property managers.
When you’re switching between Edinburgh letting agents, it’s important to ensure any outstanding maintenance issues are promptly dealt with so your property doesn’t fall into disrepair and tenants aren’t left waiting for work to be completed.
Switching agents is a straightforward process for both landlords and tenants, but it’s easy for things to slip through the net during the transition if it’s not carefully managed.
Prioritise Outstanding Maintenance Issues
Your current letting agent should have a record of any outstanding maintenance and repairs that need to be completed, so make sure these are passed to the new agent. Check how long ago they were reported and when your tenants were expecting work to be carried out.
Ensure the new agent prioritises any urgent issues and that ongoing maintenance tasks continue without interruption. If you have already paid your current agent for repairs or maintenance, ensure the work is satisfactorily completed before switching.
Liaise With Contractors
You may have already agreed for a contractor to carry out work on your property so let them know that you are changing letting agent and provide them with the new contact details. Check that your new agent is happy to manage the work that’s already been organised and confirm any prices quoted.
You may need to manage the work yourself while switching to ensure it’s carried out on time and your tenants aren’t inconvenienced.
Agree with your new agent on how you would like future maintenance and repairs managed. You may be happy for the agent to sanction work up to a certain value, or you may prefer to sign off on all work, whatever the amount.
Keep Tenants Informed About Maintenance And Repairs When Switching Letting Agents
Ensure your tenants are informed about maintenance and repairs they’ve reported and provide them with a clear timeline, so they know what’s happening. If there are delays, keep them updated – especially while the switch is taking place, so they don’t feel out of the loop.
You also need to ensure they know who to contact if they have any issues. Some agents have an online reporting system, while others prefer a phone call, so check that this has been communicated to your tenants by the new agent.
Take extra time to check in with your tenants during the switch if they are waiting for maintenance or repairs, just to ensure nothing goes astray and they are left unsure what to do.
For advice about switching letting agent, schedule a no-obligation call with one of our professional property managers.
If you’re switching to a new letting agent, chances are you’re an Edinburgh landlord who’s unhappy with your current service or are looking for a more extensive suite of services from a new agent.
Once you’ve done your research and made your choice, it’s essential to get off on the right foot to build a trusted relationship and ensure both parties are clear on each other’s expectations.
Check What Your New Agent Is Offering
Before you sign on the dotted line, check that the new management contract fully covers everything you need. Ensure you’re aware of the costs involved, timelines for repairs and maintenance, inspection frequency and anything else important to you as a landlord.
Taking time to explore everything at the outset means you’re less likely to encounter a nasty surprise further down the line, and it will lay the foundations for a better relationship with your new agent.
Set Out Your Expectations From The Start
It could be that you want a weekly email update about your property, or maybe you’d like the agent to check in by phone once a month to keep you posted about any concerns or maintenance issues.
All letting agents have different processes for communicating with landlords. Some do almost everything via an online portal, while others use more personal contact such as phone calls or text messages.
Ensure your new agent is aware of your expectations from the start and agree on the frequency and mode of regular check-ins and updates. Building a strong relationship early on, and clearly understanding expectations on both sides, is more likely to lead to a positive experience.
How Much Contact Can You Expect From Your Letting Agent?
Some landlords like to be contacted about any issues, no matter how small, while others are happy for their letting agent to take control unless there’s a major expenditure involved. Talk to your new agent at the start and set the boundaries for what you’re happy for them to handle independently – that way, you won’t receive unnecessary calls, or your agent won’t sanction work without checking with you first.
Keep Communication Open
The best way to establish a good working relationship with your letting agent is to maintain open lines of communication. If you’re unhappy about something, speak to your agent as soon as possible so you can agree on a solution together.
There’s nothing worse than a landlord being unhappy and a letting agent being completely unaware of the situation. Most times, issues can be resolved through good communication. Silence is never the answer!
If you’d like a no-obligation chat about moving to a new letting agent, schedule a call with one of our professional property managers today.
Investing In Property In Edinburgh
Edinburgh’s private rental market continues to boom and with properties in short supply, most are let within days or are snapped up before even being advertised.
Scotland’s capital city is one of the most desirable places in the world to live, and no wonder with its eclectic mix of shops and restaurants plus stunning scenery and places to visit on its doorstep.
Rents in Edinburgh are amongst the highest in Scotland, and rental yields are consistently strong. So, with such a flourishing property scene, what is the role of the letting agent, and why are they important?
Helping You Navigate The Rental Market
If you’re looking for a property to rent or have a home to let out, letting agents have the expertise and experience to ensure everything runs smoothly. They have their ears to the ground and can provide the most up-to-date information and guidance.
Finding a property in the city, whether it’s a studio flat or a four-bedroom house, is challenging due to demand outstripping supply. Registering with a reputable letting agent puts you in a stronger position because you’ll be alerted as soon as a suitable property becomes available – and often before it’s widely advertised.
A letting agent will find out exactly what you’re looking for to match you with your perfect property. You can get all the paperwork done in advance, such as credit checks and references, so you’re ready to proceed as soon as you find your dream home.
This puts you in a stronger position than other prospective tenants who may be competing for a property. If a landlord knows all your checks have been completed, you’re likely to be top of the list.
Providing Crucial Local Knowledge
Letting agents also have expert knowledge of the best – and worst – areas to live in the city and can tailor your search depending on your priorities. Maybe you need good transport links or want to live in a quiet neighbourhood with lots of open space. A letting agent will find the perfect spot.
Matching Your Property With Great Tenants
For landlords, Edinburgh’s best-letting agents provide a vital service in sourcing reputable tenants, managing properties and ensuring they are well maintained. Finding tenants is clearly no problem in the city’s flourishing rental market, so it can be tempting to bypass an agent and let the property yourself. However, it’s important to carefully carry out all the necessary checks to be certain tenants are reliable and will pay their rent on time.
If you’re not accustomed to doing credit checks and references yourself, you might miss something that would be a red flag to a letting agent so it’s worth relying on their expertise to help you choose the right tenants.
Easing The Headache Of Property Management
Managing a buy-to-let can be a headache, especially if it’s not your full-time job. There are lots of legal obligations landlords must fulfil, such as carrying out safety inspections and registering tenants’ deposits in a recognised scheme.
You’ll also need to carry out regular inspections and look after maintenance and repairs—including responding to that 3 am call when your tenant’s key breaks in the front door lock!
A good letting agent can take care of everything for you, so you can relax in the knowledge that your property is being looked after and your tenants are happy. Due to their own network of tradespeople, they can also get more competitive rates for building and repair work, so maintaining your property can cost you less.
Helping You Find The Perfect Investment
If you’re a first-time investor in Edinburgh’s property rental market, a letting agent can offer invaluable advice about the right area and type of property to buy. Areas go in and out of popularity, so it’s always worth speaking to an agent who has their ear to the ground. Agents often hear about properties that are being put up for sale before they’re advertised, too, so using an agent can give you an edge over other buyers.
At Clan Gordon, we’ve got more than 15 years’ experience in Edinburgh’s buy-to-let market and can offer guidance on buying properties for investment and letting properties in the city. Arrange a call with one of our expert advisors to find out more.
