91% enjoy profit selling their homes

JUST over nine in ten people who sold their home across England and Wales last year made a profit on what they originally paid, with an average gain of more than £88,000, analysis has found.

Some 91 per cent of sellers sold their property for more than they paid for it, edging up from 90 per cent in 2017, Hamptons International found.

The average gain in 2018 was £88,470 more than what sellers had paid, having owned their home for nine years on average.

While the proportion of sellers making a profit increased, the average gain edged slightly down compared with £90,580 in 2017.

Hamptons said sellers in London and the South East were less likely to sell their house for a profit in 2018 than in 2017.

In the West Midlands, house sellers made on average a profit of £58,450, with 91 per cent making a gain.

Warwick proved to be a hotspot, with an average profit of £108,510, says the study.

Aneisha Beveridge, head of research at Hamptons International, said: “Many sellers will have added value by renovating, extending or developing, but the bulk of their gains have come from house price growth.”