A salary poll of property professionals has revealed that pay rises for qualified estate agents are currently at a ten-year high and that the gender pay gap is narrowing among junior agents, but still shockingly wide at the top.
These claims are made by the Royal Institution of Chartered Surveyors (RICS) after it canvassed 7,000 professionals across all sectors of the property industry including sales and lettings agents, valuers and block managers.
RICS says that across the industry the average salary for its members grew by 12% or £6,271 last year – when total remuneration packages are taken into account – to an average of £58,633.
The extra cash is being spread across all regions of the UK, too, with Northern Ireland enjoying the steepest pay rises, followed by London and the South East.
Bonuses levels increased last year too and now average £15,703, says RICS.
The RICS & Macdonald Salary Survey also looked at the gender pay gap within the industry. Last year female property professionals under 26 years old were paid 3.5% less than their male counterparts, but overall the gender pay gap across the industry is 30%.
The property sector also appears to be in relatively rude health. Half of the respondents to the survey said their company was expecting to increase headcount this year.
Average salary in property
“More employers are placing [a] greater focus on attracting and retaining talent, with attractive pay and benefit packages,” says Barry Cullen, RICS’ Diversity and Inclusion Director.
“For the property profession to be a world leader in Diversity and Inclusion we need to place diversity at the heart of an organisation and ensure we retain our talent and build off the great advances we are seeing with our younger professionals.”
RICS doesn’t say how many women versus men work in the industry. But if last year’s The Negotiator conference is an indicator, then women are still a minority within the industry.
Of all the delegates visiting the conference, registration records suggest two thirds were male.