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Friday, 15 February 2019
THE average profit made by people selling their homes in 2018 was £88,470 according to estate agents Hamptons International.
But this is slightly down on the £90,580 the average vendor in England and Wales made in 2017.
According to the figures, those selling up had owned their homes for an average of nine years — representing an average gain of almost £10,000 a year (£9,830).
Londoners made the biggest gains of £237,190 — 2.7 times more than the average gain in England and Wales.
Meanwhile sellers in the North East made the smallest average profit of £25,190 (see tables).
Except for London and the South East, every region saw a rise in the proportion of sellers making a profit on their home.
In 2018, 91 per cent of sellers sold their home for more than they bought it for — up from 90 per cent in 2017 and 89 per cent in 2016. However, as house price growth slowed, the proportion of sellers making a profit in London fell from 98 per cent in 2017 to 97 per cent in 2018.
In a change from 2017, sellers in the East of England (98 per cent) outperformed London sellers (97 per cent) to be the most likely to make a profit in 2018.
Yet just under three per cent (2.7 per cent) more sellers in Wales made a profit than in 2017, while in Yorkshire & Humber and the North West, the figures were 2.3 per cent and 1.5 per cent respectively (see tables).
As well as making the smallest average gain, sellers in the North East were the least likely to make a profit, with just 70 per cent of sellers making a gain after selling their home in 2018.
With the highest house prices and strongest price growth over the last nine years, the top 10 places in 2018 where sellers made the largest gains were in London.
As was the case in 2017, Kensington & Chelsea sellers made the biggest average profit in the country at £992,340 — more than 11 times the average gain of £88,470 made in England and Wales. Meanwhile, the City of Westminster (£583,700), Camden (£434,030) and Hammersmith & Fulham (£419,960) followed with the greatest gains.
Closer to home, South Buckinghamshire was the local authority outside of the capital where the average seller made the largest profit (£260,993).
In the Midlands and the North of England, sellers in Trafford (average gain £112,880), Warwick (average gain £108,510) and Solihull (average gain £102,880) made the biggest average profit.
Aneisha Beveridge, head of research at Hamptons International, 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.
“Despite the proportion of sellers making a profit rising, the average gain dipped in 2018. With more sellers in the North but fewer sellers in London making a profit in 2018, the average gain has fallen since 2017. This is because sellers in the North don’t tend to make as big a gain as those sellers in the South. However even with house price growth slowing across Great Britain, most owners are still sitting on plenty of growth from previous years.”
Meanwhile, it’s not just 2018’s vendors who are celebrating — estate agents Hamptons International will mark their 150th birthday this year.
The firm started life in 1869 with an office in Pall Mall, eight members of staff, and with George Hampton named as the managing director.
Fast forward 150 years and Hamptons International now has a network of more than 90 offices in London and the South, employing more than 1,000 members of staff.
Overseas, the firm is represented in over 30 countries around the world, providing buyers with access to more than 100,000 international properties.
Managing director Lesley Cairns said: “We could not be more thrilled to have reached this exciting milestone — 150 years of vision and purpose along with the efforts of our fantastic people make Hamptons International the commercially successful and brilliant business it is today.
“2019 is set to be a wonderful year of celebration for the entire business and we look forward to celebrating with our many customers past and present.
“Hamptons is a respected heritage brand with an incredible legacy and I hope this year, as custodians of the brand, we can do the business proud. Here’s to Hamptons International and here’s to the next 150 years!”
To celebrate, a series of events and campaigns taking place throughout the year have been announced. For more information, visit www.hamptons.co.uk .
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