Job Demand Hits All Time High. But What Does It Mean For Estate Agents?

This month’s Office of National Statistics Labour Market Overview reveals no sign of any weakening in the UK jobs market following the ending of furlough. In fact UK job vacancies hit a record 1.25m, the highest recorded number of available jobs in the UK since records began in 1992.

The number of UK employees hit 29.5 million in Q4 2021: up by 184,000 on November 2021 and up 409,000 on pre- pandemic levels. Redundancies dropped to their lowest levels since 2006 at 2.8 per 1,000 employees. Unemployment dropped to 4.1% and is fast approaching levels last seen 50 years ago.

Meanwhile Reed.co.uk, one of the UK’s leading job websites has revealed that the volume of advertised estate agency vacancies significantly increased in Q4 2021 - 49% above Q4 2020. Conversely applications for estate agency jobs decreased by 50% in the same period, echoing the trend seen in sales and retail sectors.

ONS estimates that median monthly pay increased by 5.3% year on year in December. The highest rises were within the professional, scientific, and technical sectors which saw an increase of 7.6%.

Elsewhere ONS’s Consumer Prices Index inflation measurement rose by 4.8% in the 12 months to December 2021, up from 4.6% in the 12 months to November.

“This is great news for agency as stable employment creates confidence, and confident people move home.”

“Back in November last year I talked about how candidate demand in property recruitment was hot, hotter than I’d seen before. But I would say that right, I’m a recruiter? But these stats and Rayner Personnel’s own experiences underline that talented estate agents are currently like character 3 bed semis in a desirable area – they are in demand and priced at a premium.”

“And it’s not just about money. Our own research has found that although it is at the top of a candidate’s priority list, money is now very closely followed by opportunities for career progression, the ability to work remotely and work/life balance. The pandemic has certainly changed what employees are seeking from employers.”

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