One in three London sellers double money

ONE in three people who sold their home in London this year doubled their money, according to Hamptons International research.

They sold up after an average of around nine years, over which time house price growth soared.

It came as separate analysis by emoov found that demand for homes in the capital has sunk 25pc this year.

Hamptons found that in Kensington and Chelsea, the average home sale made its owner a profit of £940,494, with 45pc of owners doubling their money.

Johnny Morris, head of research at Hamptons, 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.”

He added: “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.”

Across the country, the average profit on selling a home was £92,466, and 92pc of sellers sold their property for more than they paid for it.

The analysis by emoov, which calculated demand based on the supply and demand balance between stock listed for sale and sold, found that there was a lot of diversity within the UK’S housing market.

The most in-demand place was Solihull, at 65pc, while the lowest was Aberdeen.