Industry professionals are split on whether the UK is heading towards a housing bubble. This is leading to uncertainty regarding job prospects in the sector, with over half (57%) of industry professionals feeling that the increase in residential sales is not translating to jobs.
The survey of over 500 industry professionals by specialist built-environment job site, CareerStructure.com, found that prospects were thought to be limited for graduates too. 48% reported that there are not enough opportunities for young talent, which is contributing to the looming skills shortage.
Despite this, 28% of industry professionals (not already in residential property) claimed that they would consider a move into the market, suggesting there is appetite for increased opportunity.
A lack of confidence regarding job creation could be rooted in divided opinion on the sustainability of UK house prices. Half (49%) of industry professionals stated that they believe rising house prices in the UK are sustainable, but 77% of those acknowledged that this is only if measures are implemented to curb prices. A further 35% of industry professionals stated that house prices are not sustainable at all.
Rob Searle, Commercial Director, CareerStructure.com commented on the findings: As UK property prices continue to soar, professionals are split on whether prices are sustainable. This division appears to be creating uncertainty around the potential for job creation, and in the face of a growing skills gap it’s concerning that nearly half of industry professionals still don’t think that there are enough opportunities for graduates. Employers must work closely with government to combat this, and create the right paths to employment to ensure future supply of talent.
Housing shortages were ranked as the number one reason for why UK house prices have surged, and nearly half (47%) of industry professionals believed that the government’s Help to Buy scheme is the right way to boost housebuilding, but a greater number (68%) believe that the government is not doing enough to support job creation off the back of the boom.
|The main reasons for the surge in UK house prices|
|According to those working residential property, in priority order||According to those working outside of residential property, in priority order|
|#1 Housing shortages||#1 Housing shortages|
|#2 Help to Buy scheme||#2 Help to Buy scheme|
|#3 Immigration||#3 It is a natural cyclical occurrence|
|#4 Funding for Lending||#4 Immigration|
|#5 It is a natural cyclical occurrence||#5 Funding for Lending|
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