UK and London property prices may be falling to their lowest levels since 2009- worsened by Brexit – the salaries of property professionals and construction managers are at their highest in nearly a decade, according to a survey.
Construction industry managers earn an average of more than £80,000, according to the survey by the Royal Institute of Chartered Surveyors (RICS).
The RICS/Macdonald & Company 2018 Salary Survey, covering 42 professions or disciplines, found average construction management salaries hit £81,609 – with an average annual bonus of £22,252. Base salaries, it said, were up 13 per cent to an average of £68,918 – a level not seen since 2009. Wage growth was strong across all regions of the UK among accredited professionals including commercial property, asset management and across construction. Where people got pay rises they averaged out at 7.2 per cent.
Property professionals saw significant above inflation increases in their earnings, rising an average 12 per cent to £58,633.
Quantity Surveyors, who have been in short supply, earned an average of £56,212 with an average annual bonus of £5,754.
Those professionals accredited and belonging to RICS earned 21 per cent more than their non-RICS counterparts, the organisation said, and 14.2 per cent of those who did get pay rises did so through gaining additional qualifications. But there is still a gender gap although this is not as pronounced for workers under 26 years old, said the report.
Male property professionals earned, on average, 35 per cent more than women with the same qualifications and accreditations in the industry. RICS said this was because of a higher than usual number of responses from people in senior roles. For those under 26 the gap was as low as 3.5 per cent.
RICS Diversity & Inclusion Director Barry Cullen 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.”