The UK property industry employs too many people and is headed for a shake-out, according to a panel of industry leaders.
Speaking at the latest Estates Gazette round table, sponsored by Cobalt Recruitment, Colliers International UK chief executive, Tony Horrell, said: “There are definitely too many people in real estate at the current time for the volume of activity that is out there. Over the next 12 to 18 months, I think there will be quite a big shake-out.”
Nick Shattock, former deputy chief executive of Quintain Estates & Development, agreed. He said that principal teams had shrunk but many practices had not.
“It will be quite a challenging process for many branches of the real estate industry over the next few years,” said Shattock.
Cobalt Recruitment managing director Timothy Rowe said the problem for the industry was a lack of suitable employees. “Are there too many people in the property market? The short answer is yes. But there aren’t enough good people in the property market,” he said.
damian.wild@estatesgazette.com
