Salaries for UK property professionals remained robust in 2017, according to the latest survey by RICS & Macdonald & Company, but the gender pay gap has increased.
Male property professionals earn, on average, £11,113 more than their female colleagues (£54,931 versus £43,818). The gap is evident across most age groups and greatest for those aged 46-55, where the difference in average salary is 25.7 per cent.
Of those who received a pay rise in 2017 in the industry the average increase was 7.7 per cent (7.1 per cent in 2016) – far above UK wage inflation at 2.7 per cent. Taking the sample as a whole, the industry experienced an increase of +7.2 per cent (2016: 6.5 per cent) with 32 per cent also believing that their pay and benefits will be positively affected by market conditions over the next 12 months.
Men aged 46-55 are paid 25.7% more than women of the same age.
The average salary in 2017 is £52,362; a 4.5 per cent decrease compared to 2016, which may be explained by changes in the demographics of the survey this time around. Respondents with 10 years experience or fewer rose by 9 per cent (from 31 per cent to 40 per cent) while those with 16 years experience or more fell 10 per cent (from 56 per cent to 46 per cent).
Sarah Speirs, Director of Communications and External Affairs RICS, said, “While it is encouraging that those entering the sector are now seeing pay equality, the fact that the pay gap has widened overall is disheartening. The industry has started to take action but must maintain this momentum to create a more balanced workforce that attracts the best talent if it wants to remain competitive.”