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Property recruitment slow down 'expected'

Published: Tuesday, 01 July 2008   Category: Graduate Job sector Reports

Recruitment in the property sector is set to slow – news which may affect graduates considering a career in this industry.

With the credit crunch in full swing, many commercial property agencies have said they will have to reduce their intake of future employees, reports Recruiter.

A cvmail study has suggested that more than seven in ten UK commercial property agencies plan to decrease or maintain employee levels in 2009.

Andy Eddleston, commercial manager at cvmail, said: "The slowdown in commercial property transactions appears to have shaken commercial property agents and so we are seeing a widespread pause to their expansion."

Meanwhile, the Bank of England yesterday announced that the number of new mortgages being approved in the UK fell again during May, down 28 per cent on April and 64 per cent on May 2007.

According to the BBC, the credit crunch has affected the willingness of financial institutions to lend money.

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