The impact of this on employment throughout the industry has been massive. The number of jobs lost cannot be fully quantified as they fall into a variety of categories including business closures, redundancies, retirements, staff leaving with no subsequent replacement and staff re-assigned to name a few. The effect has been felt across the board and the whole industry has significantly shrunk.
The issue of course now is people have moved on. Those who were in the property world have found new areas and many have left the industry altogether. It's not just the professionals; surveyors, solicitors, architects, and engineers. The broader picture includes lenders, builders and tradespeople, sales and administration teams, other associated jobs, including those providing building materials, haulage, removals and utility services.
2013 has seen an uplift in activity both in the new build and second hand markets. The problem is that staffing levels generally been operating at a minimum and there is no spare capacity.The UK and Scottish Government have schemes designed to boost the residential property market and these include the newly introduced various 'Help to Buy' options. Due to the nature of the schemes, if they succeed they will not just boost number of transactions, but also bring with them significant additional paperwork per transaction. The fear is that, if these schemes are successful and create the desired uplift in activity, there will not be enough skilled individuals to complete the work.
Most of the skill sets that will be required, need a period of training and or study in order to achieve the relevant qualifications. Many of the jobs need not only an initial University or College qualification but subsequent 'on the ground' experience to finish the training and achieve the final qualification.
Post economic crash, many who might have entered the property world have been unable gain relevant experience and have accordingly had to change their career paths. We therefore have a skills gap that may take years to replace.
I predict that any further rise in housing transactions will result in "work place musical chairs" as firms attempt to staff up. I cannot see this being achieved without increased financial incentives and we can probably expect to see salaries rising accordingly.