Average home seller gains £92,466 in 2017

  • In 2017 those selling their home did so for £92,466 more than they paid for it, an increase of £2,239 from
  • This year more people sold their home for a profit, with 92% of people selling it for more than they bought it for, up from 90% last year.
  • London saw the highest gains with one in three London sellers doubling their money in 2017.

In 2017 the average seller sold their home for £92,466 more than they paid for it, having owned the home for an average of nine years (table 1).  This is up from the £90,227 which the average seller in England and Wales made in 2016.  With the exception of London, sellers in every region saw bigger gains than in 2016.  Sellers in the capital gained an average of £252,196, over three times more than the average seller outside London (table 1).  One in three Londoners who sold their home did so for at least twice what they paid for it an average of 8.8 years ago.

With the highest house prices, sellers in London and the South East tend to make the most.  Nine of the ten places where this year’s sellers made the largest gains were in the capital, with Elmbridge the only local authority outside London (table 2).  Like in 2016, sellers in Kensington and Chelsea gained more than anyone else in the country, an average of £940,494 (table 2).  However, this figure has fallen from £1,060,875 in 2016.

Trafford (average gain £110,000), Warwick (average gain £107,265) and Harrogate (average gain £96,764) were the three local authorities in the Midlands, Northern England and Wales where the average seller made the largest gain (table 3).  And 2017 saw Burnley (average profit £19,639) replace Hartlepool (average profit £21,508) as the place where sellers this year made the smallest average gain.

This year 92% of sellers sold their home for more than they paid for it (table 1), up from 90% in 2016.  Every region of England and Wales saw fewer sellers make a loss.  Sellers in the North East were least likely to make a profit with 21% selling their home for less than they paid for it, down from 29% last year.  And in a change from last year, sellers in the South East were more likely to sell their home for a profit than Londoners, 97.6% compared to 97.4% (table1).

 

 

Commenting Johnny Morris, Research director at Hamptons International said:

 

“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.”

 

Table 1 – Average 2017 seller gain

   Average profit (£) Sellers making a profit Sellers doubling their money
London £252,196 97.4% 33%
South East £127,134 97.6% 18%
East of England £112,533 97.3% 19%
South West £81,030 94.3% 16%
West Midlands £55,489 91.6% 15%
East Midlands £54,850 93.0% 16%
North West £46,840 86.2% 17%
Yorkshire & Humber £44,330 85.7% 17%
Wales £42,669 86.2% 18%
North East £31,833 78.7% 15%
England & Wales £92,466 92.2% 18%
England & Wales (ex London) £76,367 91.7% 17%

 

Source: Hamptons International & Land Registry

 

Table 2 – Top 10 seller gain

Local Authority Region Average profit (£) Sellers doubling their money
Kensington & Chelsea London £940,494 45%
City Of Westminster London £635,614 42%
Camden London £557,460 39%
City Of London London £459,315 49%
Hammersmith & Fulham London £425,857 33%
Islington London £351,915 32%
Richmond Upon Thames London £337,885 31%
Hackney London £310,138 41%
Elmbridge South East £308,999 24%
Wandsworth London £308,076 29%

Source: Hamptons International & Land Registry 

                                                                                               

Map 1 – Average 2017 seller gain

Source: Hamptons International & Land Registry

 

Table 3 – Largest seller gain by region

Region Local Authority Average profit (£) Sellers doubling their money
London Kensington & Chelsea £940,494 45%
South East Elmbridge £308,999 24%
East of England St Albans £240,447 26%
South West Bath & North East Somerset £140,718 21%
East Midlands South Northamptonshire £96,429 15%
West Midlands Warwick £107,265 17%
North West Trafford £110,000 19%
Yorkshire & Humber Harrogate £96,764 17%
North East Northumberland £43,815 16%
Wales Vale Of Glamorgan £67,328 18%

Source: Hamptons International & Land Registry