YOUR BENCHMARK FOR UK RESIDENTIAL PROPERTY SALARIES AND BONUSES
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Deverell Smith UK Residential Property Salary Survey 2014
The report includes data on current salaries, bonuses, commission, the gender pay and professional gap, satisfaction, retention and market sentiment in the UK residential property market. The data shows:
- 65% of employees reported an increase in their salaries in the past 12 months.
- The average salary for respondents in the UK residential property market is £41,392.
- The average commission for respondents in residential agency roles is £59,375.
- The average fee income generated by agents in the last financial year in the UK is £396,978.
- The average bonus in the last financial year for respondents working in the UK property marker is £12,363.
- 35% of employees are very or fairly certain they will change their jobs in the next 6 months.
- 75% of respondents describe the UK residential market conditions in the past twelve months as strong or very strong.
- The gender pay gap between male and female respondents is 70% higher than the UK national average.
The highest earners by specialism are respondents working within residential development who reported a mean average annual salary of £67,013 with an average salary increase of 5.25% in the past twelve months. Project managers reported a £50,818 average annual income with an average increase of 3.13% and land and development agents at £55,888 with an average increase of 3.3%. This could be a reflection of the house building drive occurring in the UK where demand is outstripping supply for white collar professionals within the development sector resulting in wage inflation.
The industry remains a lucrative sector to work in with the average salary for respondents at £41,932, £14,892 higher than the national average according to the Office for National Statistics. Respondents in positions of managing directors, chief executives, equity partners and owners are earning an average of £172,375, 46% higher than the national average for chief executives at £117,700 according to the Office for National Statistics.
The residential property industry is still lagging behind in equality. The gender pay gap for base salaries between male and female respondents is 34%, 14% higher than the overall national average of 20% reported by the Office for National Statistics. The low proportion of female respondents in managing directors, chief executive, equity partner and owner positions and the higher ratio of women in lower income roles such as new homes and social housing contribute to this average pay gap. This highlights that for this sample of the industry, there is also a seniority gap with only 7% of the most senior level respondents being female. There is also a prevalent professional gap with more male respondents working in specialisms including building surveying, investment and land and development positions whereas more female respondents work in new homes, marketing and business development.
With the level of salary increases in the past year the lure of higher salaries could be impacting on retention. This could go some way to explain the high level of 35% of respondents who are fairly certain or certain they will change jobs in the next six months.
Overall market sentiment is high particularly in London and South East where 95% of respondents view the current residential market conditions as strong or very strong compared to the industry national average at 75%.
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