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Sellers rack up £88k profit on their home

JUST over nine in ten people who sold their home across England and Wales last year made tens of thousands of pounds’ profit on the deal, a study has found.

The average gain was £88,470 more than the price sellers originally paid, having owned their home for nine years on average.

As a proportion, the number of sellers making a profit edged up to 91 per cent from 90 per cent in 2017, Hamptons International said.

Sellers in London and the south-east were less likely to sell their house for a profit in 2018 than they were the year before.

In all other regions of England, as well as across Wales, they were more likely to sell for a profit.

Aneisha Beveridge, head of research at Hamptons, said: ‘House prices have grown considerably over the nine-year period that the average seller has owned their home.

‘As a result, the proportion of sellers making a profit on their property continues to rise. Many sellers will have added value by renovating, extending or developing, but the bulk of their gains have come from house price growth.’

Hamptons International analysed Land Registry data to make the findings. It purely looked at house sale prices, so the analysis does not take into account moving-related costs such as stamp duty.

It also looked at the hotspots where sellers were most likely to make large gains. In London, the average profit was £237,190 — two-and-a-half times the England and Wales average.