Reed’s 2024 property and construction salary guide contains average salaries and benefits information across the sector.
This insight, which covers regions of England alongside Scotland, Wales and Northern Ireland, aims to help you benchmark average salaries for your property and construction teams.
Who is this salary guide designed for?
Use this comprehensive salary guide to understand the salary and benefits that professionals should expect to receive, and discover emerging recruitment trends that could make a real difference to the success of your organisation in 2024.
Reed’s 2024 property and construction guide will help you benchmark average salaries for your UK health and care teams, or find out what you should, or could, be earning in these sectors.
Whether you’re looking for insight on facilities manager, engineer, pipefitter or architect salaries, or want to see how interior designer salaries compare around the UK, this guide shows the earning potential of a host of professional roles in the property and construction sector.
As the cost-of-living crisis continues, the year ahead looks likely to feature many of 2023’s industry-wide challenges and opportunities – with greater emphasis and urgency on firms to adapt to cutting-edge technologies, sustainable practices, and most importantly, address the ongoing shortages of some materials and skilled tradespeople.
Property and Construction Expert, Reed
What property and construction professionals want, rate and receive
At the end of 2023, Reed conducted its annual snap survey of 5,000 professionals. The research asked UK workers about their current and preferred salary and benefits, their organisation’s performance and priorities, how they rated their job satisfaction and career prospects, as well as the key recruitment and skills trends they’re witnessing.
The results showed that over half of professionals (55%) are currently looking or considering looking for a new job – highlighting a need for businesses to reconsider everything from their salaries and benefits to their company culture and policies. Two of the top-five reasons why people are looking elsewhere point to the salary not being enough or being better elsewhere, with another top reason being that the benefits package isn’t sufficient.
It seems that offering a higher salary remains the most ideal way to attract and retain employees – but won’t be viable for every business, as they are also battling rising bills and tighter overheads.
Where raising salaries isn’t an option, benefits can potentially tip the balance when people are considering changing jobs. Surprisingly, however, three-in-10 (30%) say they don’t receive any workplace benefits at all.
Challenges and opportunities in the property and construction sector 2024
The sector will continue to benefit from innovations such as Building Information Modelling (BIM), artificial intelligence (AI), and Internet of Things (IoT). BIM facilitates seamless collaboration among stakeholders, enhancing project efficiency; AI-driven solutions optimise construction processes, minimising costs and maximising productivity; and IoT devices, integrated into smart buildings, bolster energy efficiency, aligning with the industry’s growing focus on sustainability.
These clever advancements demand a workforce skilled in programming, data analysis, and machine learning. As the sector adopts new technologies and practices, the importance of upskilling cannot be overstated – firms should look to offer apprenticeships and continuous training programmes to empower their existing workforce and attract new professionals to their companies.
Our survey also highlighted some significant gender disparities, revealing that women, on average, are earning £10,000 less than their male counterparts. These findings do little to dispel women’s concerns about male-dominated professions, such as those in property and construction. While work is ongoing to change perceptions and make workplaces more inclusive, there is still much to be done.
Property and construction sector: prospects for 2024 and beyond
Sustainable and eco-friendly practices are likely to open further opportunities for firms and professionals. As environmental concerns gain traction, both property developers and construction firms are likely to adopt greener building materials, energy-efficient technologies, and eco-conscious designs. Government regulations and incentives aimed at promoting sustainability will further drive this shift.
The residential property market is anticipated to witness notable developments. The demand for affordable housing is likely to remain high, prompting developers to explore innovative solutions such as modular construction and repurposing underutilised spaces.
In the commercial sector, the rise of flexible working arrangements may impact the demand for office spaces. Developers may need to adapt by creating more versatile and collaborative work environments. Warehousing and logistics facilities are expected to experience sustained growth due to the continued expansion of e-commerce.
Despite the positive outlook, challenges such as supply chain disruptions and fluctuating material costs may pose hurdles. Brexit-related uncertainties could also influence international investments. To navigate these challenges successfully, industry players should prioritise adaptability, resilience, and strategic partnerships.
What jobs does Reed’s property and construction salary guide cover?
Our 2024 property and construction salary guide will provide you with direction on salaries and benefits for some of the most prominent roles in the sectors, including:
Assistant site manager
Estimator
Project manager
Foreman
Quantity surveyor
CAD technician
Structural engineer
BIM manager
2024 presents a promising landscape for the UK property and construction sectors, marked by sustainability, technological integration, and innovative solutions to meet evolving market demands. Strategic planning and a proactive approach to emerging trends will be crucial for stakeholders looking to capitalise on the sector’s growth potential.
To discover what this year has in store for property and construction salaries around the UK, or to find out your earning potential this year, download the 2024 property and construction salary guide using the button above now.
