Property sellers earned an average profit of £92,466 when selling their home in 2017, an increase from £90,227 in 2016.
According to research from estate agent Hamptons International, 92 per cent of sellers in the UK sold their homes for a profit in 2017, a 2 per cent improvement from 2016. This comes despite a ‘mixed bag’ for property prices in 2017. The estate agent’s figures show that every region in England and Wales saw fewer sellers making a loss on their property investment.
London sellers saw the highest gains, with one in three (33 per cent) sellers doubling their money on property. However, London was in fact the only region where gains were lower than in 2016.
Sellers in Kensington and Chelsea saw the highest gains, an average of £940,494, but this was down from an average profit of £1,060,875 in 2016. As a result, sellers in the South East were more likely to make a profit than in London, 97.6 per cent, compared to 97.4 per cent.
Johnny Morris, research director at Hamptons International comments: ‘House prices have grown considerably over the nine years the average seller has owned their home. Many sellers will have added value by renovating, extending or developing but the bulk of their gains come from price growth.
‘The London housing market has been cooler than the rest of the country in 2017, but London sellers still make the largest gains, by a long way. This year the average London seller bought their home nearly nine years ago and has seen its value rise by more than quarter of a million pounds. Even with slowing price growth most owners are still sitting on plenty of growth from previous years.’
Breakdown of property hotspots
- This article was originally written by our sister website Moneywise.
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