Practical Insights for Employers and Jobseekers
How the UK Autumn Budget 2024 Impacts the Property Market: Practical Insights for Employers and Jobseekers
The UK’s Autumn Budget for 2024 comes with shifts that will have ripple effects across residential, property management, commercial, investment, and construction sectors. At GKR, we’re tuned in to how these changes impact not only business strategy but also career opportunities. Here’s our take on what employers and jobseekers should watch for, plus proactive steps you can take to stay ahead.
Residential Property: Affordable Housing on the Horizon
The 2024 budget is funnelling £5 billion into affordable housing, hinting at a surge in projects that aim to address the housing gap. For those in the residential sector, this could translate into a push to attract talent with experience in affordable housing development, from architects to project managers.
Employer Tip: With more affordable housing projects likely on the agenda, start early to secure candidates with sector-specific experience. Skills in sustainable building practices could be a bonus, as the government is emphasizing eco-friendly projects.
Jobseeker Insight: If you’re in residential property sales or project management, highlight any experience in affordable housing on your CV. It’s also worth brushing up on sustainable housing knowledge—it’s becoming an asset as government-backed projects evolve.
Property Management: Tackling Rising Payroll Costs and Opportunities in Stability
For property management, rising employer National Insurance costs are one of the budget’s big takeaways, adding pressure to payroll expenses. On the upside, the freeze on inheritance tax thresholds means that fewer properties may be changing hands, potentially stabilising the need for long-term management.
Employer Tip: Now’s the time to evaluate and potentially restructure your team. Consider a mix of full-time and contract roles to help manage payroll expenses while retaining key talent. Focus on hires who can navigate regulatory requirements, especially in inheritance-related property cases.
Jobseeker Insight: Experienced property managers, this is your moment! Make sure your CV reflects skills in compliance, tenant relations, and long-term management. Those with multi-property or regulatory experience may find themselves particularly in demand.
Commercial Property: Adapting to Flexible Space Demands
With no direct budget relief for commercial properties, the rising National Insurance costs will impact operational budgets, prompting businesses to evaluate flexible workspace solutions. Many are rethinking their space needs, prioritising tenant retention, and exploring ways to adapt spaces efficiently.
Employer Tip: The move toward flexible workspaces calls for strategic hires, especially in roles like tenant relations and occupancy management. Having team members who understand the nuances of hybrid and co-working spaces can be a differentiator in securing long-term tenants.
Jobseeker Insight: If you’re skilled in commercial property management, tenant relations, or flexible workspaces, you’re in demand. Emphasise your adaptability and experience with hybrid workspace models—commercial property firms are increasingly looking for versatility in these roles.
Property Investment: Navigating Higher Stamp Duties with Tax-Savvy Strategies
The budget’s hike in stamp duty for second homes and investment properties to 5% has tempered enthusiasm among property investors. Still, a stable capital gains tax environment offers a silver lining, allowing for long-term strategies.
Employer Tip: For investment firms, it’s a good time to attract or retain talent in tax advisory and financial analysis. Consider candidates who can guide investors through tax-efficient structures and keep portfolios aligned with market changes.
Jobseeker Insight: Roles in property investment may now prioritise those with expertise in tax-savvy portfolio management. Brush up on relevant tax legislation and showcase any experience in helping clients maximise returns amidst fluctuating market conditions.
Construction: Affordable Housing Boom Brings New Opportunities
The government’s commitment to boosting affordable housing means the construction sector could see a flurry of projects. The increased National Insurance costs pose challenges, but the focus on housing supply ensures continued demand for construction specialists across project management, planning, and labour.
Employer Tip: Hiring for construction roles aligned with affordable housing will be critical. Look for candidates who not only have technical expertise but also knowledge in planning reforms and regulatory compliance, as these will be key to navigating upcoming projects.
Jobseeker Insight: Construction professionals, this is an exciting time! Highlight any experience in affordable housing or government-funded projects, and consider expanding your knowledge of planning reforms and eco-friendly building techniques. Employers will value skills that align with the budget’s emphasis on sustainable growth.
GKR’s Role: Helping Employers and Jobseekers Maximise New Opportunities
The Autumn Budget 2024 introduces both opportunities and challenges across the property market. At GKR, our role is to bridge these gaps, guiding employers in structuring their teams and supporting jobseekers in positioning themselves effectively.
For Employers: Tap into our talent network and industry expertise to build a team that aligns with the market’s shifting demands. We’re here to advise on strategic hiring that addresses budget impacts, from flexible roles in property management to specialists in affordable housing.
For Jobseekers: Whether you’re shifting within the sector or entering the market, GKR offers insights, resources, and opportunities to help you stand out. Let us help you tailor your approach to leverage your experience for the latest in-demand roles.
The property sector is dynamic, and with the right guidance, you can navigate these changes effectively. Reach out to our team to discuss your unique needs, whether you’re looking to hire or take your career to the next level.
