The average UK property salary rose to £50,250, a 5.6% increase on 2010, with the average bonus, for those who received one, valued at £12,125, up 0.3% from 2010, the Royal Institution of Chartered Surveyors and Macdonald & Company UK Rewards and Attitudes Survey, 2011 shows.
Of those in the 18 to 22 age bracket who saw a pay increase, the average salary rise was 21.2%, over double that of 2010’s figure of 9.1%. Average bonus levels for this age group also rose substantially to a value of £2,750 from £764. By contrast, those over 36 years of age saw a considerable fall in bonuses. It would appear that companies are prioritising junior personnel in order to invest in the future by retaining their top young employees.
Men continue to earn more than women, with the average salary for male property professionals reaching £52,008, and their female counterparts receiving £42,044. Bonuses also reflect this trend, with the average bonus for men increasing to £12,729 and women reaching £7,784.
In terms of sector, development/investment and financial services roles once again fared better than other areas with average earnings of £66,850 and £60,728 respectively. Perhaps unsurprisingly, in light of Government spending cuts, professionals working in Central and Local Government reported to earn the lowest with an average salary of £44,743.
Across the UK, property professionals in all regions saw an increase in salary. Respondents working in London and the South East continue to earn the most, £58,093 and £50,036 respectively, whereas those working in Ireland reported the lowest figure at £41,716.
However, UK property workers working in continental Europe fared better than their UK counterparts, with average earnings of £59,785.
‘These results show a real sign of intent from the industry. By offering high salary increases and larger bonuses to young professionals, at the expense of those of more senior employees, property companies are clearly looking to the future. By attracting and retaining the brightest young talent, property businesses will be in a much stronger position when the economy begins to flourish again,’ said Peter Moore, managing director of Macdonald & Company.
Sean Tompkins, RICS chief executive, said that the results of the survey offer some encouraging news and continue to reinforce a significant pay differential between those who are professionally qualified and those who are not. Over the same period RICS has also seen an increase in graduate recruitment, not yet back at 2007 levels, but noticeably up on 2009, he added.
