Speedy house sales fall 70% as market slumps

THE number of homes being bought, done up and sold quickly for profit has slumped over the last 15 years as the property market cools.

A report has found that the number of ‘flipped’ homes – properties that have been sold more than once over 12 months – has plunged around 70 per cent since it peaked in 2004.

Last year, 18,630 homes were flipped across England and Wales, against 60,340 in 2004, according to estate agent Hamptons International.

Burnley in Lancashire was identified as the top hotspot for the practice. Nearby Hyndburn – which includes Accrington – Wolverhampton and Hackney in east London were also hotspots.

The average ‘flipper’ sells for a £30,150 profit. Aneisha Beveridge, of Hamptons International, said: ‘Flippers play an important role in the housing market by improving existing housing stock and bringing empty homes back into use.’

But slowing house prices since the 2008 crash and tax changes in 2014 – which increased stamp duty for anyone buying a home worth more than £937,500 – have made it harder for them to make as much of a return as before.