Sales demand and activity continued in an upward trajectory, until the final quarter of 2022, where the shock of the mini budget impacted several areas within housing and property in Scotland.
Larger housebuilders, particularly those focused on first-time buyers were the first to react. Companies who have been consistently hiring for growth, have reverted to recruiting to replace and this affected the number of Site Manager and Project Manager roles available. It has meant that there has not been quite the same growth in these salaries as there had been in the previous year, regardless of inflation.
This has carried on into the first half of 2023, with private housebuilders slowing down their build programme, as sales became far more sluggish.
Affordable housing and build-to-rent have been impacted by renegotiated costs and planning which has delayed companies being able to put new jobs on “the park”.
Demand for commercial, design, technical positions and pre-construction have remained at similar levels to the year before, largely due to a lack of availability. As the housing market contracts, so does the attitude of employees, as they become more risk-averse and less inclined to move, compounding this.
Flexible working and hybrid are still key factors for those who are considering moving jobs. Those companies that are regularly reviewing salaries in line with inflation are seeing far better retention rates.
Looking ahead to the end of 2023, the expectation is that new build housing will continue to be slow-moving until mortgage rates level off and people are able to properly budget. New affordable and build-to-rent projects will also continue to be slow to start until planning turnaround times get back in line with expectations and materials costs become more reliable.