The property industry has second lowest monthly furlough wage bill

The property industry has second lowest monthly furlough wage bill

Todays other news
The new analysis comes from Knight Frank...
The activist group wants far more tenant power than given...
Many lenders decline properties with this foam - making them...
The briefing, held this week, aimed to bring letting agents...


The Real Estate sector has seen the number of workers furloughed hit 28%, with the monthly wage packet for these workers hitting £460.35m per month, which is the second-lowest of all industries, according to research by property recruitment specialist, Rayner Personnel. 

The Water Supply Sewerage Waste Management And Remediation Activities industry is the only sector to come in lower. 

Across all UK industries, 30% of the nation’s workforce is on furlough. That is almost 11 million people at a cost of £26.7bn per month.  

The hardest-hit has been the Accommodation and Food Service Activities industry. The industry has the highest number of workers on furlough at 80%, more than two million workers, with a gross monthly furlough wage bill of over £5bn.

In terms of the sheer percentage of the workforce on furlough, the Arts, Entertainment and Recreation industry has also seen a huge number of employees furloughed (78%).

This then drops considerably to the next highest, with 37% of Construction industry workers on furlough. The Transport and Storage industry (35%) and the Administrative and Support Service Activities industry (34%) have also seen a high percentage of the total workforce furloughed. 

 

However, in terms of the total monthly cost of the furloughed workforce, the Wholesale and Retail: Repair of Motor Vehicles and Motorcycles is the industry with the second-highest gross wage bill. The sector is currently paying out £2.9bn a month in furloughed wages, with the Administrative and Support Service Activities industry, Construction and the Arts Entertainment and Recreation sectors also seeing a monthly furlough cost exceeding £2bn a month.

Josh Rayner, CEO of Rayner Personnel, said: “The ongoing restrictions of the current pandemic are understandably causing some sectors to rely on the government’s furlough scheme more than others. While the varying size of each industry means the wage bills are dramatically different from sector to sector, it does provide insight as to which areas of employment currently offer the best chance of a new job and greater job security.

This is something that should change from month to month as we see a degree of normality return and there have already been promising signs for many with the reopening of the property market, in particular.

We should hopefully see other sectors begin to follow suit in the coming months and the number of furloughed workers reduce as a result. However, for the time being, it remains a negative but important factor for those looking for a new role, in addition to the traditional draws such as salary and location.”

Industry

Percentage of workforce of furlough

Total number of workforce on furlough

Monthly cost at furlough limit – gross £2,500

Accommodation And Food Service Activities

80%

2,035,728

£5,089,320,000

Wholesale And Retail Trade; Repair Of Motor Vehicles And Motorcycles

24%

1,177,653

£2,944,132,500

Administrative And Support Service Activities

34%

1,019,424

£2,548,560,000

Construction

37%

833,295

£2,083,237,500

Arts Entertainment And Recreation

78%

802,370

£2,005,925,000

Manufacturing

26%

709,496

£1,773,740,000

Transportation And Storage

35%

630,784

£1,576,960,000

Professional Scientific And Technical Activities

15%

486,328

£1,215,820,000

Human Health And Social Work Activities

8%

376,320

£940,800,000

Education

11%

323,948

£809,870,000

Information And Communication

13%

207,879

£519,697,500

Real Estate Activities

28%

184,140

£460,350,000

Water Supply Sewerage Waste Management And Remediation Activities

11%

26,442

£66,105,000

 

 

 

 

All Industries

30%

10,677,936

£26,694,840,000

Data on the percentage of furloughed employees and the number of employees per industry from the Office for National Statistics.

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Landlord Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
The training is in coordination with the National Residential Landlords...
Chartered Institute of Housing Northern Ireland working with tenancy deposit...
NRLA and council offer free training for private sector landlords...
Free landlord training event coming later this month...
The tenant was in hospital when he was evicted illegally...
The controversial proposal is backed by the Welsh Government...
Growing arrears, falling yields and new laws make 2025 a...
Recommended for you
Latest Features
A survey which spoke with 3,500 landlords, tenants and agents...
Does the Scottish situation resonate with landlords in the rest...
There's been an increase in reports of mould in homes...
Sponsored Content

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here