The number of jobs available in London fell by 31% in May when compared to the same period last year, according to the latest Morgan McKinley London Employment Monitor.

The monitor also found a 48% decrease in professionals seeking jobs in London in May, when compared to the same period last year.

On a month-to-month basis, the monitor reported a 6% decrease in jobs available and a 21% decrease in professionals seeking jobs.

According to Morgan McKinley, the drop in the number of jobseekers was, in part, due to the two Bank Holidays and warm weather, which many used as an opportunity to take extended leave. In addition, institutions are seeking to recruit top talent directly from existing positions, instead of waiting for them to register their interest in new work.

In May, the monitor reported a 27% average salary increase for professionals moving from one employer to another, when compared to the previous month.

“The last time it averaged at this level was back in December 2013,” Hakan Enver, Managing Director, Morgan McKinley Financial Services, said. “As Brexit negotiations intensify, the sharp fall in professional searching for new employment suggests concerns about committing to a new employer, particularly in this volatile climate. For those continuing to seek new employment however, are in demand, hence are expected to be paid a premium on their existing compensation.”