London Market Update – October 20217th October 2021 / Market Updates
So what’s happening elsewhere? Not something we maybe think as much about when in full lock-down and our focus might seem more locally driven.
Our wonderful affiliate in the UK, Oliver Tidmarsh from JaK Consulting filled us in on happenings in his neck of the woods and had this to say about their local market;
So the market in the UK has really lifted. There appears to be a level of confidence and the construction industry never actually stopped throughout the pandemic.
That said, 2020 was very tough and especially tough for recruitment. Many of my clients made redundancies or put their staff onto furlough.
Now though, with the vaccine programme being rolled out very efficiently (even though Covid infections are still very high), hospital numbers fairly low business in 2021 is completely different. Our government have decided to open up everything now, even to the point of masks not being mandatory.
My clients in the construction industry are so busy that there is a real boom with recruitment. We are very busy with all areas of Interiors and Architecture is generally busy as well.
In regards to interiors, we are mainly busy with commercial office interiors, but the hospitality and residential sector is busy again also.
Now that Brexit has gone through, unless you have settled status, EU citizens also need a visa, but the EU process for Europeans doesn’t appear difficult to proceed. Nevertheless, Brexit has caused a problem with materials and we seem to have the toughest delivery conditions in recent memory and there is barely a murmur out there and on LinkedIn. Nobody is talking about the startling lack of labour or the difficulty in getting materials.
Overall I see a few issues that are contributing to lack of resources – both materials and staffing: Firstly Covid still sees a lot of people at home having taken government support, and then Rising wages in Eastern Europe has seen a mass exodus of skilled trades.
I think there is probably a worldwide shortage of materials. Shortage of transport staff to get the materials into and around the country.
Everyone seems to be quite busy which is good! Interestingly some of this sounds very familiar, lack of materials and personnel is definitely an issue in the current market locally.
Hopefully as things ease up we may see this improve, but like anything only time will tell.
Partner – JaK Consulting London