Diversity in the Property Sector 2026: Why Representation, Transparency and Psychological Safety Matter

The property sector is making progress on diversity, but representation, transparency and culture remain key 

The property industry has made measurable progress in narrowing gender pay gaps, but discussions at Property Week’s third annual Inspiring Diversity in Property Forum made one thing clear: meaningful change depends on more than data alone. 

Across the forum, three themes stood out: improving representation at senior levels, using transparency to drive accountability, and creating workplace cultures where people feel safe to speak up.

Progress on pay gaps, but challenges remain

Property Week’s analysis of 33 representative property companies showed that real estate is outperforming the UK average on gender pay. The sector’s median gender pay gap now stands at 5.6%, compared with the UK all-industry average of 8.1%, and has improved from 7.7% last year – that's an impressive 27% improvement. 

However, progress remains uneven. Across the companies analysed, the average pay gap was still 18.1%, while the average bonus gap stood at 28.8%, meaning women earned around 71p in bonus payments for every £1 earned by men. 

The key issue is not equal pay for equal work, but representation. Women remain underrepresented in senior and higher-paid roles, showing that progression and leadership pathways continue to be central challenges for the sector. 

The bonus gap is the clearest sign of it: bonuses track seniority and deal credit, so a near 29% bonus gap largely maps who holds the senior, revenue-generating roles. Women enter the sector in strong numbers, then thin out where leadership pathways open up.  

The British Property Federation reports that women hold 71% of non-management roles in UK real estate but only 42% of board positions, a pattern the industry calls "gender jaws". (Property Week's 33-firm sample sits at the favourable end; broader Real Estate Balance data puts women nearer 25 to 30% of boardrooms, with larger, better-resourced firms further ahead.) BpfPropertyWire

Why the drop off in female leaders? 

Several factors drive that drop-off: 

• Progression stalls in the middle, not at the top. Real Estate Balance found an almost 30 percentage point shift in gender balance between non-management and board-level roles, depleting the pool of women eligible for senior jobs long before the boardroom. Estate Agent Today 
• The motherhood and career-break penalty. Progression tends to accelerate in the same decade many women take maternity leave or reduce hours, and a sector shaped by long hours and site-based roles sharpens the effect: the ONS estimates women in England earn 42% less five years after a first child. London Datastore
• Sponsorship, not just mentorship. Senior roles are often filled through informal networks, and women tend to have mentors who advise but fewer sponsors who advocate, which Real Estate Balance's 2026 report now urges firms to fix. 
• Bias in how "potential" is judged. Men are more often advanced on perceived potential and women on proven track record, and subjective tests like "gravitas" or "client fit" leave room for that bias to operate. 
• A stalling pipeline and too few role models. Entry-level representation is healthy, but Deloitte warns progress at manager level has stalled and, without action, will remain so into the 2030s, and fewer women at the top means fewer role models for the next cohort. deloitte 

Transparency is driving accountability 

Another major theme was the value of voluntary reporting. While gender pay gap reporting is mandatory for larger employers, (over 250 employees) some organisations are going further by reporting ethnicity, disability and other diversity data. 

Within Property Week’s sample, 11 companies reported ethnicity pay gap data, with an average pay gap of 18.5% and a average bonus gap of 39%. Only one company reported disability pay gap data. 

Deloitte’s Head of HR, Vicky Gallagher Brown, shared how the firm has expanded reporting beyond gender to include ethnicity, disability, socioeconomic background and sexual orientation. Its experience shows that reporting is most effective when paired with action, including leadership development programmes, public diversity targets, calibrated performance reviews and equalised parental leave.

Inclusion depends on psychological safety 

While data provides a useful benchmark, the forum also highlighted the importance of workplace culture. 

Faith Lockden, CEO, We Rise In explored psychological safety: the ability to speak up without fear of embarrassment, punishment or negative consequences. The session challenged the idea that a lack of complaints means a workplace is inclusive. In reality, employees may stay silent if they do not feel safe to raise concerns. 

The business impact can be significant. Diverse teams create the most value when people feel able to share their perspectives, challenge assumptions and contribute openly.

From diversity as a metric to diversity as a business strategy 

Across the forum, one message was clear: diversity, equity and inclusion cannot sit separately from business strategy. 

Pay gaps often reflect representation and progression. Transparency builds trust and accountability. Psychological safety creates the conditions for inclusion to be felt day to day. 

For employers across property, construction and real estate, the opportunity is to move beyond measurement and focus on how people experience the workplace. When organisations invest in inclusive leadership, fair progression and cultures where people feel heard, DE&I becomes a genuine competitive advantage.

A message from Cobalt Recruitment 

“What struck me most is that this isn't fundamentally a pay problem; it's a progression problem. Women enter the sector in strong numbers. The drop-off happens in the middle, not at the top. Fixing that requires sponsors, not just mentors, and hiring practices that judge potential consistently.” says Maria Sinclair 

At Cobalt Recruitment, we see these themes reflected across the Real Estate and Built Environment.  As a specialist Real Estate recruitment consultancy, we recognise the role we play in helping organisations attract, retain and develop more representative workforces. 

Through inclusive hiring practices, recruitment process reviews, diversity reporting, workshops and industry partnerships, we support clients in turning good intentions into meaningful action. 

To learn more about how Cobalt supports DE&I across the Real Estate and Construction sectors, visit our Diversity, Equity & Inclusion hub here.