Difficulties in the property market are mirrored in figures from the National Statistics Office. They show that professional people who are connected with the property industry are joining the ranks of the unemployed at a faster rate proportionally than other workers.
The list is headed by quantity surveyors where there has been a 490 per cent rise in unemployment benefits. The number of quantity surveyors drawing benefits increased from 100 to 590 in 2008.
Architects are the second worst hit. There are now 1,490 architects claiming job-seekers’ allowance. It represents a rise of 432 per cent.
Construction managers are in third place with a 410 per cent rise. Chartered surveyors are fourth: a 270 per cent rise. Solicitors and lawyers are fifth worst hit: a 238 per cent rise. Many would have been involved with property in such areas as conveyancing.
But the cessation of so many mergers and acquisitions have hit senior people. Leading firms of solicitors and lawyers have been laying off largeumbers of people from juniors who were starting out on legal careers to partners in international companies.
Civil engineers and town planners have been hit. Estate agents have been badly affected with sizeable numbers being made redundant and firms closing down across the UK.
The smallest increase is registered by Personnel officers – often called Human Resources people. They had a rise in the number seeking benefits of 143 per cent. Personnel and HR workers are expert at finding their way around the back doubles of employment law. Consequently they are often the last to go, the ones who have to turn out the light.
Economists have predicted that the current recession will hit white collar professionals and middle-class jobs as well as blue collar occupations.
Previous downturns have been generally associated with affecting most severely blue-collar workers. This time round both groups are being decimated.
People who are vulnerable often have a hefty mortgage and an abundance of credit cards. They sometimes have second homes in the UK or overseas. They pay out of income for middle-class outgoings such as foreign holidays, gym or golf club membership.
They often have two children who are being privately educated. They favour private medicine and sometimes have two cars on hire purchase. Some are perks of the job – paid by their companies in full or at a reduced rate. Companies are now slicing back on perks.
Middle aged workers are badly affected. There was a jump of 30 per cent in those aged 50 in the last three months of 2008. Unemployment among those aged 25-49 rose by only five per cent. One in ten workers aged 50 say they have been subject to discrimination.
There are two million people unemployed in the UK. The figure will be three million by the end of 2009.
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