Amount average house seller made in 2024 compared to when they bought revealed
The 2024 seller gains are listed by region and were compiled by Hamptons ,who used Land Registry property sales data to match homes that were sold in 2024 with their previous purchase, using data looking back more than 20 years
The average house seller in England and Wales last year made a deal for £91,820 more than they had originally paid for their property, according to an analysis.
In terms of percentage, the average seller made a 42% gross profit, marking the lowest return since at least 2015, when records began, as stated by property firm Hamptons.
On average, sellers had owned their property for just under nine years. In cash terms, the average gross profit made by sellers in 2024 was £10,830 lower than in 2023 and down from a peak of £112,930 in 2022 when strong house price growth pushed gross gains (before costs were factored in) into six figures for the first time in the study.
Despite lower price gains last year, around nine in 10 (91%) households are estimated to have achieved more than they paid. House sellers saw more than double the percentage gains recorded by those selling a flat last year, according to the research.
The average house sold in 2024 for 47% more than its purchase price, while the average flat sold for 23% more. The average price gain made by house sellers in London last year fell below £200,000 for the first time since at least 2015.
The average 2024 seller in London saw the value of their property rise by £172,350 since purchase, £31,840 less than those who sold in 2023.
In terms of percentages, the average London home sold for 44% more than its purchase price, a figure that has been on a downward trend since its peak in 2016. During that year, Londoners were selling their homes for double the price they had paid, marking a 100% increase on average.
According to Hamptons, property gains reached their zenith in 2016 when the average home in England and Wales was sold for 60% more than its purchase price. The firm noted that many sellers in 2016 had bought their homes just after the financial downturn, a period from which house prices rebounded swiftly, especially in southern England.
In 2024, Merthyr Tydfil in Wales overtook Barking and Dagenham in London as the local authority where sellers made the largest percentage price gains on average. On average, sellers in Merthyr Tydfil received 68% more (£59,590 in cash terms) for their homes than they paid.
As house prices have generally increased over time, homeowners who have held onto their properties for longer periods tend to see larger percentage gains. Hamptons revealed that the average homeowner in England and Wales who sold in 2024 having bought 20 years ago sold for 83% more than they paid, compared with a 27% gross profit for those who had bought five years ago.
However, the firm added that slower house price growth in recent years has dampened gains. Those who sold in 2019 having owned a home for 20 years sold for 220% more than they paid, significantly outperforming 2024 sellers who had owned their home for the same period, due to the strength of price growth in the early 2000s.
Aneisha Beveridge, head of research at Hamptons, has stated that homeowners have been dealing with slower price growth in recent years, alongside higher mortgage and transaction costs such as stamp duty, making moving more expensive. She commented: "Until property prices recover, or transaction and mortgage costs decrease, homeowners are likely to stay put for longer."
She added: "Usually, homeowners need to inject thousands of pounds from their own pocket to make a move financially viable, which often scuppers many potential sales."
Hamptons used Land Registry property sales data to match homes that were sold in 2024 with their previous purchase, using data looking back more than 20 years.
Here are the 2024 seller gains by region, according to Hamptons, with the average percentage difference between the sale and purchase price followed by the average cash difference between the sale and purchase price, the percentage of homeowners who sold for more than they paid and the average number of years of ownership:
Wales, 48%, £66,710, 93%, 8.7
North West, 44%, £64,830, 92%, 8.8
London, 44%, £172,350, 86%, 9.6
East Midlands, 44%, £71,530, 93%, 8.7
East of England, 42%, £100,270, 92%, 8.9
West Midlands, 42%, £72,980, 92%, 8.6
South West, 41%, £96,090, 93%, 8.5
South East, 41%, £116,560, 92%, 9.1
Yorkshire and the Humber, 40%, £60,380, 92%, 8.9
North East, 30%, £38,220, 86%, 8.0
England and Wales, 42%, £91,820, 91%, 8.9
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