NEWSbeat
sTaNDarDs
TPO seeks ban for two agents
The Property Ombudsman says that two estate agents could be banned from
careers
Top pay for top property people
Many young property professionals are receiving significant salary increases and
bonuses, as property companies look to retain and attract the industry’s brightest young talent, says the RICS and Macdonald & Company UK Rewards and Attitudes Survey, 2011. Of those in the 18-22 age
bracket who saw a pay increase, the average salary rise was 21.2 per cent, double that of 2010’s figure of 9.1 per cent. 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 seems companies are prioritising junior personnel in order to invest in the future by retaining their top young employees. 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 men reaching £52,008,
6 MARCH 2011 PROPERTYdrum
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
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, MD of Macdonald
Average salaries: Men: £52,008 Women: £42,044
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
& 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.”
membership. Bill McClintock, Chairman of TPO, says
wli.uk. com could be expelled from voluntary membership of TPO because Amerjit Singh Dhuga, the firm’s owner, is in breach of TPO’s terms and conditions one of which was fined £3,120 for 26 offences, including displaying TPO logos when it was not a member. The second, a West Country agency where the directors have convictions for aiding and abetting a fraud has also applied for voluntary and statutory membership for sales but this process has not been completed because of the conviction, although the agency apparently continues to trade.
“The TPO Disciplinary and
Standards Committee is looking at both agencies and will come to a decision shortly,” he explained. “I cannot pre-empt what the committee will decide but the expulsion of
wli.uk.com is likely to occur, subject to any appeals process. We await guidance from the OFT regarding the West Country agency.”
OPPOrTUNITIes
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