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Are you experiencing a cash boom?!

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Plumbers: are you currently raking in the cash? Or perhaps you’re an electrician enjoying a welcome increase on last year’s earnings? According to a new survey by the Royal Institution of Chartered Surveyors (RICS), you should be!

The survey has revealed that a lack of skilled construction workers has caused salaries in the building sector to rise up to three times fasters than average wages! Three in five construction professionals reported a sharp rise in wages, with average earnings in the sector rising by more than six per cent in the year to October 2015, compared to the national average increase of just under two per cent.

Plumbers are reportedly experiencing a 7.6 per cent rise to nearly £533 a week, while electricians were paid an average of more than £545 a week, which is a 1.2 per cent rise. Further figures state that floor layers and plasterers saw an 8.4 per cent rise to an average of £515 a week, with painters and glaziers enjoying a 7.7 per cent rise to more than £430 a week.

However, due to the lack of skilled workers within the trades, many chartered surveyors are struggling to recruit staff and having to pay more to for those they do secure. As a result, projects are suffering which does nothing to boost confidence in the government’s target of building 200,000 affordable starter homes by 2020.

A spokesperson from RICS, said: “The construction skills crisis is slowing growth in a sector that is vital to the UK. Unless government looks to address the problem urgently, some of its key housing and infrastructure programmes could soon face crippling delays and spiralling costs.”

RICS chief economist, Simon Rubinsohn, added: “Industry wages are becoming increasingly attractive, and I would hope that over time will encourage skilled workers to return to the sector, as well as drawing school leavers and graduates towards construction industry careers.”


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