The broad picture is a cooling market, not a collapsing one. Early estimates for May to July 2026 suggest a decrease of 6,000 (0.8%) vacancies to 707,000 across the UK compared with February to April 2026 the ONS vacancies bulletin for August 2026. Over a longer window, total estimated vacancies were down by 18,000 (2.5%) in April to June 2026 from the level a year ago, falling in 11 of the 18 industry sectors the ONS vacancies and jobs release.
Analysts describe this as a 'low hire, low fire' labour market, with weaker recruitment but only slight increases in redundancies and vacancies below pre-pandemic levels the Low Pay Commission Report 2025. There are signs of a floor forming, too. Permanent placements have finally stabilised, ending a decline in place for 45 months, while temporary billings rose for a fourth consecutive month the REC and KPMG Report on Jobs.
So why do brokers keep hiring? Because much of the slowdown sits elsewhere. The largest vacancy decreases over the quarter were in professional, scientific and technical activities and in human health and social work (both down 4,000 vacancies), rather than in financial services the ONS vacancies and jobs release. In a tighter market, firms that keep recruiting for the right roles stand out.
Demand is skewed towards senior, qualified people. In the financial services sector, recruitment was generally for Regulatory Qualification Framework (RQF) 6+ roles, rather than RQF 3 to 5 roles the GOV.UK Temporary Shortage List Stage 2 report. In plain terms, RQF 6+ maps to degree level and above, so firms are chasing experienced brokers, advisers and specialists rather than entry-level hires.
That matters for how you plan. If the roles you need are senior and regulated, the pool is smaller and the competition for each person is sharper. It also helps explain the steadier permanent market. Permanent placements have stabilised after a long decline, and temporary billings have grown for a fourth month running, giving brokers two routes to add capacity the REC and KPMG Report on Jobs.
Start with speed and clarity. When you are competing for RQF 6+ professionals the GOV.UK Temporary Shortage List Stage 2 report, a slow process loses people to faster firms. Define the role, the regulatory requirements and the must-have qualifications up front, then keep your shortlist tight and your interviews quick.
Plan for both permanent and temporary routes. With permanent placements steadying and temporary billings rising the REC and KPMG Report on Jobs, you can bring in a specialist on contract to cover a gap while you search for the right permanent hire. And because the wider market is 'low hire, low fire' the Low Pay Commission Report 2025, strong people may need a reason to move, so be ready to sell the role, not just fill it.
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