propertytalk Live! - Property companies invest in the future by prioritising young talent

propertytalk Live! - Property companies invest in the future by prioritising young talent

A new survey says many young property professionals are receiving significant salary increases and substantial bonuses, as property companies look to retain and attract the industry’s brightest young talent.

Of those in the 18-22 age bracket who saw a pay increase, the average salary rise was 21.2 per cent, over double that of 2010’s figure of 9.1 per cent.

In the RICS and Macdonald & Company UK Rewards and Attitudes Survey 2011 average bonus levels for this age group also rose substantially to a value of £2,750 (from £764). By contrast, those over 36 years of age saw a considerable fall in bonuses. It would appear that companies are prioritising junior personnel in order to invest in the future by retaining their top young employees.

Meanwhile, the average UK property salary rose to £50,250, a 5.6 per cent increase on 2010, with the average bonus – for those who received one – valued at £12,125 (+0.3 per cent from 2010).

Men continue to earn more than women, with the average salary for male property professionals reaching £52,008, and their female counterparts receiving £42,044. Bonuses also reflect this trend, with the average bonus for men increasing to £12,729 and women reaching £7,784.

In terms of sector, Development/Investment and Financial Services roles once again fared better than other areas with average earnings of £66,850 and £60,728 respectively. Perhaps unsurprisingly, in light of Government spending cuts, professionals working in Central/Local Government reported to earn the lowest with an average salary of £44,743.

Across the UK, property professionals in all regions saw an increase in salary. Respondents working in London and the South East continue to earn the most (£58,093 and £50,036 respectively) whereas those working in Ireland reported the lowest figure at £41,716. However, UK property workers working in continental Europe fared better than their UK counterparts, with average earnings of £59,785.