Fears for housing jobs in UK

By Simon Packard  |   2008-6-9  |     NEWSPAPER EDITION

  EMAIL STORY

  PRINTABLE VIEW

  BLOG STORY

  COPY HEADLINE AND URL

  SHARE

-- Adverstisement --

ABOUT 15,000 people in the UK real estate industry could lose their jobs this year because of the slump in the housing market, according the Centre for Economics and Business Research.

The cuts will affect about 5 percent of the industry's workforce, the London-based consulting firm said. Property brokers, architects and law firms will be the first to cut jobs, Bloomberg News said.

Property values in the UK's residential property market began to fall in September as restrictions on credit and higher borrowing costs ended a decade-long boom. The market is worth about 3.9 trillion pounds (US$7.7 trillion), government statistics show.

"Estate agents and others involved in managing real estate are likely to find the next 12 months particularly tough," said Jorg Radeke, a CEBR researcher.

Expand to view all explore Business (33)