Property professionals saw an average increase in their pay of more than 10% this year, in another sign of a return to optimism in the sector.
Estates Gazette’s 2013 Salary Survey, in association with Cobalt Recruitment, found that the average wage for a UK property professional was £47,065 – a £5,000 rise on 2012. Bonuses were up significantly too, climbing by £2,000 to an average of almost £7,000.
Christopher Mackenzie, head of UK property markets at Cobalt, said: “Property companies are busy again. We have seen rising recruitment activity over the past year. After years of static salaries, there is reason, and so an expectation, for salary rises.”
Predictably, property professionals in London were the highest paid, taking home an average of £49,198. This was up by 3.7% on 2012, representing the largest growth across the UK.
Staff in the South West were the worst paid, with an average salary of £36,064 – up by 3.2% on last year.
The lowest growth in salaries was recorded in Scotland, where they nudged up by 2.8% to £42,195.
UK wages for property professionals continue to lag behind those in other countries, which average £54,342.
Surprising results in this year’s survey included a widening gap between the salaries of male and female workers. The average man working in property earned £50,982 this year, while women earned just £38,816 – a 24% difference. This is up dramatically on 2012, when the difference in earnings was 18%.
The gender gap in property is also much wider than in the general market. Figures from the Trades Union Congress this week revealed that women earn on average £5,000, or 15%, less than men. In property, this figure tops £12,000, according to EG’s survey.
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