UK Real Estate Recruitment Market Update: Autumn 2024

In 2024, the UK job market is in a state of cautious optimism. The real estate sector has long been one of the country’s most significant industries, providing not only a vital component of the economy but also an ever-evolving source of employment.

Real estate has been affected by a number of economic, political, and technological factors in recent years. But as we move through 2024, the UK real estate recruitment market is showing strong signs of recovery.

While it's not quite back to pre-pandemic levels, there has been a notable uplift in hiring activity compared to where we stood a year ago. Companies across the real estate sector are actively recruiting again, and for job seekers, particularly graduates and chartered surveyors, this is welcome news.

Real Estate Sectors showing strength

In terms of which sectors in real estate are performing well, commercial property, industrial, and logistics have continued to be resilient. The post-pandemic demand for distribution and storage space, driven by e-commerce, has resulted in sustained recruitment growth in these areas.

On the residential side, the job market has been more volatile. While there has been a steady demand for housing, high interest rates have created some hesitancy. However, with government support schemes and new housing policies on the horizon, there are signs of increased activity as we head into 2025, which means more recruitment opportunities.

Demand for valuation professionals has surged and businesses are actively hiring within their valuation teams. There is a particularly high demand for Valuation Surveyors across the UK, with most businesses seeking professionals at the chartered or senior surveyor level. This is creating excellent opportunities for those with the right qualifications and experience, making valuation one of the most in-demand disciplines in real estate right now.

The capital markets sector remains under pressure, as high interest rates are limiting transactions. However, there has been more activity compared to six months ago, offering a sense of optimism for the future. So while the real estate market in the UK is still not at full throttle, these are promising signs for job seekers who were previously struggling to find new roles.

Uplift in graduate intake

2024 has also seen a resurgence in companies' graduate intake. With many businesses having paused or scaled back their graduate recruitment during the uncertainty of the past few years, we are now witnessing a return to a more regular cycle of onboarding new talent.

Graduates entering the real estate market are finding more openings, particularly in entry-level roles within commercial real estate firms, property management, and planning consultancy.

What does the future hold?

Looking ahead, the UK job market is expected to continue evolving. Here are some key predictions in real estate recruitment:

1. New technologies

The rise of technology in real estate, often referred to as PropTech, is revolutionising how properties are bought, sold, and managed. As automation and AI continue to grow, many jobs will evolve, requiring new skills. It’s integral that employees learn new skills as new technology continues to play a key role in real estate.

2. Sustainability as a major driver of change

Green initiatives continue to play a large role in shaping future real estate job creation. As industries and the UK government move toward sustainability, roles in environmental consulting, retrofitting properties, and sustainable urban planning will increase.

3. Skills shortages

There is a notable skills shortage in the UK real estate industry, particularly in roles such as Valuation Surveyors. Many experienced professionals have left the specific discipline and this has left a gap that employers are struggling to fill. The solution could be to look towards younger talent that will have the digital skills and adaptability needed to thrive in today’s market.

While the real estate recruitment market has not yet fully bounced back, the trajectory is optimistic, with further improvements expected by 2025 as the economy continues to stabilise. If you’re actively seeking a new role or considering a career in real estate, now is an excellent time to explore the market and capitalise on these growing opportunities.

SONDR are a talent-led recruitment agency specialising in the UK Real Estate market. If you’re looking for confidential career advice, get in touch.