MORNING NEWS: Property’s gender bonus gap widens

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals. As the deadline for reporting gender pay gap figures passes, EG has taken its annual delve into the numbers to find out what progress is being made across the real estate sector. As the volume increases on the need for more action around diversity and inclusion in business, data filed with the government shows smalls steps in the right direction around pay parity, but huge leaps backwards when it comes to reward. EG’s analysis of figures from 22 of the major real estate firms that had filed data on gender pay gaps, revealed a small improvement in their mean average gender pay gap. The average across the firms nudged in from 26% in 2022 to 25.7% for 2023. While the nudge in the right direction on pay parity is encouraging, this year’s figures show a trend across the sector, and in the both the property owning and property advisory sectors, of a widening bonus gap. Of the 22 firms analysed by EG, 13 reported a widening bonus gap year-on-year, with Grainger, Landsec and Avison Young topping the list. Grainger’s bonus gap was 45.9%, up from negative figures in 2022. Landsec had a bonus gap of 60.1% up from 21.9% last year, while Avison Young saw its bonus gap increase from 65% to 87.5%. The top 10 largest bonus gaps were all held by advisory firms this year. CBRE, MAPP and Carter Jonas were the only agents in the 22 firms studied to sit outside the top 10. Homes England has been handed its school report, with a solid “You’re doing well, but could do better”, from chief reviewer Tony Poulter. The review found the agency essential, but said it needed to work its relationship with DLUHC better, have more clarity around where it put its funding, take more risks and dump its responsibilities around Help to Buy and building safety, which “do not now directly support the agency’s core work on regeneration and housing supply and are likely to be a distraction”. And, Unite Students is upbeat it will grow rents by at least 6% for the 2024/25 academic year, citing strong demand. The student accommodation owner and provider said rental growth during the first quarter has offset the impact from losing Multiple Dwellings Relief, which the government is scrapping from 1 June this year. However, it expects the removal of MDR to cause a 1.3% reduction in asset value per share in the first half of the year. All of the news from EG, plus a selection of headlines from the nationals: Unite forecasts rental growth amid strong demandReal estate pay gaps: women are recognised but under-rewardedEastdil Secured appoints managing directorFunding clarity and focus on core regeneration work recommended in Homes England reviewFast Retailing family explores options for WeWork’s Covent Garden siteLloyds taps Barclays for real estate and housing chief hirePlans approved for 1.5-acre padel development at TraffordCityIRES and Vision in co-operation agreementCOMMENT Real estate’s role and why the road to net zero is a two-way streetLSH hires from CBRE for Manchester office agency teamBlackstone in $10bn take private of US resi REITPrologis Park Coventry expansion approvedGoldman appoints managing director for London real estate investmentHarworth plans 900 homes in WrexhamNewcastle council expected to give Eldon Square turnaround the nodLichfields names new chair as expansion spree continuesAviva Investors and Packaged Living fund £80m Kent resi schemeEddisons secures spot on new NHS frameworkFidelity raises €200m for second climate impact fundChief investment officer quits One HeritageNational deals round-upNational Theatre signs green lease on Bermondsey warehouseGreykite hires Goldman Sachs trioScottish investment volumes rebound in Q1Large food market planned for Oxford Street as fight against American-style candy stores continuesMicrosoft plans AI hub in £2.5bn UK expansion after claiming Britain is a bad place to invest (£)Abrdn cries vowel over brand name mockery (£)Sports Direct to open two new ‘flagship’ stores at Westfield shopping centres next yearJohn Lewis Partnership names former Tesco boss as new chairmanHuge Mayfair lateral apartment linked to Elgin Marbles goes on sale for £26.25m