London property professionals report salaries growing to highest level since financial crash

Alys Key
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The pay gap between men and women in the profession is 35 per cent (Source: Getty)

The pay packets of London's property professionals have hit their highest level since the financial crash.

The Royal Institute of Chartered Surveyors (RICS) and Macdonald & Company found that base salaries were up 13 per cent to an average of £68,918. Pay of this level has not been seen by the annual survey since the 2009 report, in the wake of the financial crisis.

Wage growth was strong across all regions of the UK among accredited professionals in job functions including commercial property, asset management and construction.

Pay rises pushed salaries up by an average of 7.2 per cent for those who received them.

Read more: Those on six-figure salaries don't consider themselves wealthy

“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," said Barry Cullen, RICS diversity and inclusion director.

"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."

The survey found that there continues to be a gender pay gap, with male property professionals earning 35 per cent more than accredited women in the industry. This marked an increase on last year's report, which RICS said was due to a higher number of respondents in senior roles.

But among young entrants into the industry the pay gap was a fraction of the overall level, at 3.5 per cent.

"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," added Cullen. "People should be able to bring their whole self to work in an inclusive environment, celebrating their individual talent irrespective of differences."

Read more: London salaries and job vacancies are on the up

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