In the UK, the median salary for the real estate sector is £57,500 as found by our recent annual salary report. However, this figure can vary considerably depending on experience and location.
Overall, the median UK salary for 2022 increased by a huge 15% (£7,500) from last year, which represents one of the largest percentage increases in over two decades. In addition, 56% of professionals working in the real estate industry were given a salary raise in 2022.
This is largely due to the pandemic putting pay reviews and promotions on hold for many employees over the past two years. Plus, with the job market recovery, many employers are making up for the lost time by awarding salary rises to their employees.
For those who have moved to new employers, or received a counter-offer after intending to resign, the average salary uplift was even higher, sitting at 18%. This goes to show that the current job market is very much candidate-led, with employers needing to offer increasingly competitive salaries to attract and retain the best talent.
While the gender wage gap decreased slightly from last year to 25.7 percent, we’re still a long way from returning to the levels we saw in 2017 (22.6%). We wonder how much this will affect the gap in future years, as women are more likely to want work flexibility. As flexibility and change in working hours are the only variants negatively affecting earnings in the real estate sector, it may take longer for the gender pay gap to close depending on how the industry wants to work around pay if offering permanently offering hybrid or remote work.
However, as a whole, the picture paints an industry is doing relatively well. We explore how this compares to inflation rates and other sectors below.