Years of strong price growth meant sellers in England and Wales netted hefty windfall despite fall in house prices
Homeowners in England and Wales who sold their property in 2023 netted an average profit of £102,000 despite house prices falling last year, according to new data.
The data, issued by estate agent Hamptons, shows that while 2023 was challenging for the UK property market, years of strong price growth meant those who sold a home last year typically banked a sizeable profit or had a decent sum to put towards their next purchase.
According to Nationwide building society, UK house prices fell by 1.8% during 2023, while the Office for National Statistics ssaid on Wednesday that typical UK property values fell by 2.1% in the year to November – the biggest annual fall since 2011.
Hamptons said its analysis of Land Registry data showed that the average household in England and Wales that bought a property within the last 20 years and sold it in 2023 made £102,650 – or 48% – more than they paid for it. That is the second highest figure on record. Overall, 93% of households sold their property for more than they paid for it, having owned for an average of just under nine years.
