London’s commerce & industry vacancies outpaces UK regions with 14% surge in job openings

New recruitment data reveals a marked shift in hiring trends across the UK, highlighting regional variations and sector-specific demands emerging. Overall vacancies have risen by 4%, reaching approximately 237,187 openings with London at the forefront. —The finance sector in particular is driving demand in the capital with projected job openings set to increase by 14% according to the latest UK labour market trends report by leading professional recruiter Morgan McKinley and market data analysts, Vacancysoft.

Meanwhile, vacancies outside London have seen a dip of 2%, reducing the region’s combined share to 65%. London’s national vacancy share has climbed to 35%, marking a strong recovery from the 44% decline recorded between 2022 and 2023. This resurgence highlights the growing demand for financial expertise as commerce and industry recalibrate within an increasingly stable economy, reinforcing London’s pivotal role as a recruitment powerhouse in a revitalising market. London Leads Finance Vacancy Growth

In finance recruitment  within commerce and industry, Greater London is set to maintain its leading position with a 14% increase in vacancies. This increase is expected to boost London’s share of vacancies from 32% to 37%, reaching  an estimated 3,919 vacancies by 2024.

Across the UK, finance job vacancies reflect varied regional trends. The South East is forecasted to decline by 1%, while Blackburn in the North West may see a 128% rise. In contrast, Manchester and Bristol are projected to experience the steepest declines in finance vacancies, with Manchester down by 20% and Bristol by 22%, continuing downward trends seen in previous years.

Technology sector rebounds with significant rise in finance vacancies

The technology sector is showing encouraging signs of recovery, rebounding from a steep 52% decline in finance vacancies between 2022 and 2023. Across 2024, the sector is projected to grow by 13%, increasing its share from 16% to 18% reaching an estimated 1,919 vacancies. This upward trend mirrors broader growth across finance-related roles.

Real estate and construction, recovering from a 28% drop, anticipates an 8% rise, adding approximately 1,232 new roles. Property accountancy roles are set for a 82% surge, reflecting heightened demand in this area. Additionally, media, tax, and other sectors expect growth, underscoring a widespread positive shift across the UK job market.

Richard Speight  – associate director accounting & finance – Morgan McKinley comments:“Wage inflation appears to have stabilised, and this has led to many finance professionals deciding to stay where they are, or being particularly cautious about taking the next step in their career. Time to hire can be slow, as businesses are very focused on ensuring any hire they do make is the right fit, and often therefore going through multiple rounds of interviews.”

“The short-term looks likely to be unpredictable and not without its challenges, but there is genuine optimism going into 2025 that the UK economy will come back strongly. Many businesses have an appetite for growth and investment even in an unpredictable economic climate, despite inflationary pressures remaining and interest rates still stubbornly high.”

Investment banks surge in vacancies for 2024, while retail banks decline

In the UK’s Commerce & Industry finance sector, EG Group leads with growth in 2024, despite a general downturn in retail accountancy roles.EG Group anticipates a 137% surge in vacancies across 2024, projecting a year-end total of 171. With 128 vacancies already recorded, the group’s expansion is driven by significant acquisitions, including the £2.07bn sale of EG Group’s UK & Ireland business to Asda.

Informa, a major media company, also sees growth with a 20% rise in vacancies, reaching 109, fuelled by acquisitions across diverse industries. Thermo Fisher Scientific and BUPA feature  with notable vacancy increases, underscoring a dynamic recovery across sectors.

 Top 5 Company Table

Top Companies, Accounting Professional, C&I, UK, 2022-24 (Jan-Sep)  (see report for Top 20)

04/11/2024