From Morningstar, Inc.:

The average homeowner in England and Wales made a substantial profit on their property in 2023, with the average profit being £102,650. This is down from the record gross profit of £112,930 in 2022. 93% of those who sold a home in 2023 sold for more than they paid and the average seller in England and Wales made a 48% gain, down from 54% in 2022.

Households who bought in 2021 and sold in 2023 sold their home for £56,170 or 23% more than they initially paid. Sellers in Wales are now making bigger percentage gains than Londoners, with the average home in Wales sold for 53% more than its purchase price, surpassing the London average of 51%.

In 2023, the South Wales Valleys were home to big percentage gains made by home sellers. House sellers in Merthyr Tydfil made a 69% or £60,640 average gross profit, while those selling in Rhondda Cynon Taff last year made an average gain of 65% or £54,530.

In London, the average homeowner sold their home last year for £204,190 more than they paid for it. The average London seller had owned their home for 10.8 years on average, and households in the London borough of Kensington and Chelsea made the biggest cash gains in 2023, with sellers last year achieving an average £680,580 more than they initially paid.

Despite falling house prices last year, 93% of households still sold their home for more than they paid, netting themselves just over £100,000 on average. This illustrates how the scale of historic price growth sheltered movers last year, freeing up cash to cover moving costs. The spike in the share of households moving within two years suggests an unwinding of ‘the race for space’.



Read more: Homeowners Made Average of £100,000 on Property…