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.
Peter Moore, Managing Director of Macdonald & Company said:
"These results show a real sign of intent from the industry. By offering high salary increases and larger bonuses to young professionals – at the expense of those of more senior employees – property companies are clearly looking to the future. By attracting and retaining the brightest young talent, property businesses will be in a much stronger position when the economy begins to flourish again."
Sean Tompkins, RICS Chief Executive said:
"The results of the survey offer some encouraging news and continue to reinforce a significant pay differential between those who are professionally qualified and those who are not. Over the same period RICS has also seen an increase in graduate recruitment, not yet back at 2007 levels, but noticeably up on 2009."
Have your say on this story using the comment section below