The Office for National Statistics (ONS) has announced that UK house prices increased by 2.9 per cent in the 12 months leading up to May of this year. Growth in April was slightly lower, at 2.6 per cent, and through this the ONS provided evidence that property values are most certainly on the up after years of decline.
A day later (July 17th), the office made another announcement; this time for Britain’s labour market. The figures said that employment for those aged between 16-64 for March to May 2013 stood at 71.4 per cent, a 0.1 per cent drop from the reading between for December 2012 to February 2013.
While indices would hint at economic growth, therefore impacting Britain as a whole, certain professionals are likely to take more out of the readings than others. For those applying for jobs through property recruitment agencies, both sets of statistics are likely to be relevant to their chosen career path.
The value of property in London has grown significantly over the last year, with many buyers reluctant to withdraw their equity for this exact reason. While the ONS provided little evidence of this slowing down, it was noted that house price growth remains stable across most of the UK.
Annual house prices have risen by 6.6 per cent in the capital, although the North West and the West Midlands put in impressive performances with growth of 2.7 per cent.
Furthermore, England isn’t the only country welcoming rises in house values. Property in England has grown by 3.1 per cent year on year, Scotland has seen growth of 0.8 per cent, with Wales and Northern Ireland growing by 0.6 per cent and 1.9 per cent respectively.
Through this, ONS proved that slowly but surely, things are starting to even out across Britain’s housing market.
2013 is delivering
ONS also proved that while 2013 has been a slow burner for employment, things are really starting to take off.
There were 2.51 million people in Britain without jobs in May 2013, down 57,000 from the number in February, while total pay rose by 1.7 per cent between March to May 2013 compared with results from last year.
So not only are more people finding work, companies are more inclined to increase their salaries when they get there.
The sign of things to come
Although both sets of figures reveal what’s unfolded in the months prior to their release date, experts are always on hand to help businesses establish what they could mean.
Tom Handley, REC director of policy and professional services, said the employment figures arrive in the countdown to the inevitable UK jobs market ‘blast off’ that will see businesses scrambling for the best talent.
Yet despite all the positive signs, there’s still work to be done. The government needs to ensure that young people have the right skills and awareness to help them land jobs in their chosen area.
The property market will continue to grow alongside a recovering economy, but improving the standard of workers is a task that only the government can see to.