PROFITING FROM THE HOUSING MARKET
Despite a slowing market the average seller made £88,470 in 2018.
Reports of a slowing housing market have been widely reported, but in 2018 the average seller sold their home for £88,470 more than they paid for it having owned it for an average of nine years. This is slightly down on the £90,580 which the average seller in England and Wales made in 2017.
Londoners made the biggest gain at £237,190 – over two and a half times more than the average profit in England and Wales and a little more than the cost of the average UK home. At £24,190, sellers in the North East made the smallest average profit.
Except for London and the South East, every region across England and Wales saw a rise in the proportion of sellers making a profit on their home. In 2018, 91% of sellers across the country sold their home for more than they bought it for, up from 90% in 2017. However, as house price growth slowed, the proportion of sellers making a profit in London fell from 98% in 2017 to 97% in 2018.
In a change from 2017, sellers in the East of England took the top spot from London with 98% making a profit. As well as making the smallest average profit, sellers in the North East were least likely to make a gain.
In terms of profit made, the top 10 biggest gains were all in London. In Kensington and Chelsea sellers made an average profit of £992,340 - over 11 times more than the average gain made in England and Wales.
Outside the capital South Buckinghamshire was the local authority where the average seller made the largest profit (£260,993).