Average salaries for jobs advertised in the UK rise in past year while vacancies fall, study shows

The average salary advertised in the UK went up 1.3 per cent to £32,598 between October and November

Advertised salaries for admin workers went up by 26.7 per cent in the year to November

The average advertised salary for jobs in the UK has risen in the past year, while the the number of vacancies has fallen, a new study shows.

According to jobs site Adzuna, the average salary advertised in the UK went up 1.3 per cent to £32,598 between October and November, 1.2 per cent higher than a year ago.

Regionally, the biggest improvements have been in the capital, with advertised salaries going up 2.2 per cent from November 2016 to currently sit at £39,457.

Despite this rise, Adzuna data shows that average advertised salaries in London regularly exceeded £40,000 before the referendum vote, reaching a high of £42,782 in October 2014.

At the opposite end of the spectrum, Scotland has experienced the poorest annual salary shift year-on-year, with advertised wages in November 1.6 per cent lower than 12 months previously at £29,630.

The total number of advertised UK vacancies fell on a yearly basis, despite a month-on-month recovery.

While the number of vacancies edged up by 2,000 to 1.1 million between October and November, this was still down 1.6 per cent from November last year.

“The first increase in annual advertised salaries we’ve seen since the summer of 2015 is a timely shot in the arm for job-hunters and gives those already in work the encouragement that their pay packages may soon follow suit,” said Doug Monro, co-founder of Adzuna.

“If they don’t, with more than a million vacancies currently available, then disgruntled employees may soon vote with their feet and look elsewhere,” he added.

There was good news for admin workers, with typical advertised salaries increasing by 26.7 per cent from November 2016 to £27,551 – a higher rise than any other sector.

The picture is not looking so good for graduates though, with advertised salaries down 12.2 per cent to £21,814 from 2016. In addition, the total number of advertised graduate vacancies sits at 13,230.

Mr Monro said that if companies leave the UK as a result of Brexit this could severely hit the graduate jobs market.

“With large firms – particularly those within the financial services sector – business confidence plays a major key in the driving force behind decision-making. Therefore it would be naïve to downplay the potential for a Brexodus, as these companies could relocate headquarters and or business units to wider financial centres outside of the UK.

“The knock-on effect this will have lands on graduates, as companies simply won’t be looking to add to their ranks in the way they once did with the traditional milk rounds.”

Recent figures from the Office for National Statistics show that average earnings – not including bonuses – rose by 2.3 per cent in the year to October.

With inflation at 3.1 per cent, this means that real pay has fallen by 0.4 per cent – the eighth consecutive month of decline.