Estate agents see bumper pay rises

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London estate agents earn £61,000 a year on average

Britain’s estate agents, so often maligned by the house-buying public, are enjoying another year of bumper pay rises, research suggests.

On average, they have received increases of 7.2% over the past year, according to the Royal Institution of Chartered Surveyors (Rics).

That figure exactly matches the rise in house price in 2016, as measured by the Office for National Statistics (ONS).

However the industry body said the number was “an exaggeration”.

In the previous year estate agents, surveyors and valuers received average rises of 6.5%, according to the Rics survey.

Earlier this week, ONS figures showed that average UK wages grew by 2.6% in the year to December.

Gender pay gap

However the National Association of Estate Agents (NAEA) said not all residential agents would have received such a generous rise.

“40% of what they earn is commission, so that’s success-related,” said Mark Hayward, NAEA managing director.

“Their basic salary, I’m pretty sure, will have remained the same.”

Most agents charge sellers a percentage of the sale price, so fees tend to rise in line with house prices.

However the NAEA said fees had typically dropped over the last year, from 1.2% of the sale price, to 1.1%.

The survey, conducted by Rics and the recruitment firm Macdonald and Company, showed that the average salary of a property professional is £52,362.

In London the average salary is £61,141.

The survey of over 8,000 Rics members also revealed a large gender pay gap among those who work in the industry.

On average, male agents earn more than £11,000 a year more than females, a fact that Rics described as “disheartening”.

The NAEA said there was a 50-50 gender split in residential sales and lettings, and that pay was the same.

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