Londons property market boom sparks conveyancing jobs hike
This is backed up by the latest employment trends report from Venn Group which reveals that conveyancing vacancies increased by 34% between quarter four 2013 and quarter one 2014.
Word of caution amid confident outlook
While growth in both the residential and commercial property arena is indicative of both increased confidence amongst consumers and businesses, Venn Group’s data reveals that any future growth could be severely scuppered by a lack of available talent. The recruiter has already noted the early stages of a skills shortage which can be attributed to not only the boom in conveyancing requirements, but also an already limited talent pool following the housing crash in 2008. This is a sentiment mirrored in a recent report by the Law Society Gazette which reveals that the sector is already facing a skills gap following such a long period of retrenchment during the recession.
Jodie Finn, associate director at Venn Group commented, “Our London legal department has been exceptionally busy compared to this time last year which is obviously great news for contractors with the right experience. And whilst law practices have increasingly used locums to plug permanent skills gaps, it is becoming more challenging to find qualified candidates in some instances which points to the early stages of a critical people crisis.”
Finn also believes that the introduction of the Mortgage Market Review (MMR) later this month - which will place additional demands on legal firms in terms of fulfilling banks’ anti-fraud criteria – may further exacerbate the situation facing the residential market.
“Our concern is that once the MMR kicks off, firms simply won’t be able to source the required manpower which could seriously impact the growth of the Capital’s property market as we progress through 2014.”