New research from Hamptons International has looked into the profit margins of vendors in the UK and they also revealed the differences from region to region throughout the nation.
According to the research, the average seller in the UK made a profit of £92,466, when selling their home, with most owning their home for an average of 9 years.
The figure is actually an increase on the same statistics recorded in the previous year, where homeowners sold their home for £90,227 more than they originally bought it for.
Every region in the UK except for one saw larger gains than the figures record in 2016.
London was the only region to not see a larger return in 2017 than 2016, however, the average profit made by vendors in 2017 averaged out at just over £250,000, which is three times more than vendors outside of London.
It was South East and East of England that took 2nd and 3rd place in the leaderboard comparing each region, showing profits of £127,134 and £112,533 respectively.
Unsurprisingly, the boroughs of Kensington and Chelsea saw the biggest gains with than anywhere else in the nation, recording huge profits just short of a £1 million, at £940,494.
The North East of the UK was the region least likely to make a profit on selling a home, however, the figures recorded still show 78.7%, making a good return on their investment, bringing in an extra £31,833 after the sale.
According to the report, 92% of sellers made a profit from selling their home in 2017, a 2% rise on the same statistic in 2016.
Head of research at Hamptons International, Johnny Morris, 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.”
