Between 2000 and 2010 the average wage has increased by 40.7%, according to the Office of National Statistics. A decade ago the typical weekly wage was £312.00 and by last year it had crept up to £439.00.
Over 4% per annum is above the average inflation rate of 2.7% for the decade so far and so earnings have increased in real terms. Our standard of living, on this measure, has improved.
Certain industry sectors have performed differently of course. Some have seen better or worse income hikes. But none quite so startling as estate agents’.
Traditionally, estate agents charge a percentage of the price at which your home sells for. That means as house prices increase, so does their revenue in a directly proportionate way.
Despite the downturn in the property market in the last three years house prices have still increased by 96% in the past decade, states the Halifax House Price Index.
Exactly…. that means estate agents are earning DOUBLE what they were compared to ten years ago. That’s more than TWICE the increase that the average industry has experienced.
And does the typical High Street property spiv work twice as hard to sell your home these days? Doubtful indeed.
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