The number of jobs in the property sector has soared in the last year, new statistics have suggested.
Figures from the Office for National Statistics show that more than 77,000 vacancies have been filled in the past 12 months – including 25,000 in the last quarter.
The report doesn’t indicate what proportion of this figure is represented by estate agency recruitment. Nevertheless, estateagenttoday.co.uk reports that there are reportedly 562,000 British residents now working in the property sector, which is the highest since the ONS began taking records in 1978.
This spike might not be too surprising, considering the rate at which house prices are rising after a 16 per cent drop during the recession. However, in some quarters, it has exacerbated fears that a housing bubble could be on the way. Danny Gabay, director of economics consultancy Fathom, is one expert who has shared these concerns.
Speaking to dailymail.co.uk, he said: “We’re no longer a nation of shopkeepers. We’re becoming a nation of estate agents.
“I would certainly agree that the economy has turned a corner; my concern is about how sustainable this recovery will be, given that it is based on using government subsidies to encourage already over-extended households to take on even more debt to finance their consumption.”