Average pay for region’s property professionals highest since financial crash
Salaries for property professionals in Yorkshire and the Humber have increased in 2018, up to a ten year high but the gender pay gap is still large among senior posts, a new survey has revealed.
According to the latest Salary Survey by RICS and Macdonald & Company, the base salary of property professionals in the region – who received a pay rise last year – grew on average by £4,218 from around £46,156 in 2017 to £50,374; levels not seen since the 2009 report, post financial crash. Bonuses also increased in 2018, to an average of £7,709.
However, the survey revealed that on average, male property professionals earn 29% more than their female counterparts, with those in higher positions seeing a greater disparity in wage difference. Whilst this result is higher than what was recorded in 2017, this is partly explained by the fact that the 2018 survey sample included more respondents from a higher seniority.
For those aged 26 and under the gender pay gap remains at 3.5%, which is encouraging for new entrants to the sector. Working in a diverse work place environment also ranked higher on respondent’s agendas this year.
The RICS & Macdonald Salary Survey assesses salary, rewards and attitudes from across the entire sector, taking results from almost 7,000 people of the 42 professionals strands of property, including Rural Practice, Commercial property, Facilities Management, Building Surveying, Construction, Asset Management, Quantity Surveying, Industrial Agency and Residential.
Looking at other regions, the survey revealed that wage growth increased in all areas of the UK this year, with Northern Ireland seeing the greatest average wage growth at £8,246, taking the average salary up to £51,613 per annum from £43,367 in 2017. London saw the second highest average wage increase (£7,777) taking the average salary up to £68,918 from £61,141 in 2017. Lastly the South East saw the third highest average wage rise (£7,242) with the average salary increasing to £60,269 up from £52,927 in 2017.
This year’s survey also highlights the benefits of being professionally qualified and regulated, with RICS professionals earning 21% more than their unregulated counterparts. It showed that 14.2% of those who received a pay rise in the last year did so through gaining professional qualifications.
Looking ahead, on average, 31% of respondents expect an increase in economic activity in the coming year.
Barry Cullen, RICS diversity and inclusion director, said: “The latest results from this survey show the built environment continues to be an attractive sector to work in with professionals’ pay hitting highs not seen since the financial crisis. As headcount is once again expected to increase in 2018, more employers are placing greater focus on attracting and retaining talent, with attractive pay and benefit packages. However, organisations must embrace an offering beyond an attractive salary and benefits package if we are going to truly diversify the profession and meets the needs of our future.
“In 2018, the gender pay gap still remains evident and whilst it is significantly less for those under 26, more still needs to be done. People should be able to bring their whole self to work in an inclusive environment, celebrating their individual talent irrespective of differences. 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.”