Earnings up by nearly 5% in London in October, with overall year-on-year pay rising by 4.8% across the UK
Trade earnings reached another record high last month with self-employed tradespeople now earning an average of more than £1,000 per week, according to Hudson Contract.
The payroll firm’s monthly pay trends analysis found pay rose by 1.9% in October, adding to a year on year rise in earnings of 4.8%.
Those working in insulation, shop fitting and steel and timber frame erection have seen the biggest pay rises, with London seeing the strongest growth of all UK regions.
Pay for trades in the capital was up by 4.9% in the capital, to £1,147 a week, compared to September while in Wales it increased by 4.4% to £1,208.
Hudson Contract managing director Ian Anfield said the housing market had proved more resilient than expected despite rising mortgage prices.
But he said overall it was a mixed bag for the industry as uncertainty over fiscal policy and planning reforms eat into confidence.
He said: “Everyone was waiting for the election. Then it came and went. Everyone was waiting for the Budget. Then it came and went. Now, everyone is waiting for the promises of planning reform and infrastructure investment to come to fruition at the same time as waiting for legislation that was mentioned in the Budget to bite.”
Trade pay in the South east of England has fallen by 1.4% year on year, while in the east of England it has dipped by 0.1%. The biggest yearly rise was in Wales, where it has shot up by 16%, followed by a 10.7% increase in the South-west and a 9.8% increase in London.
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