People who sold their home in 2023 made an average gain of £74,000, data from a property listing site showed.
Zoopla analysed information on home-sellers from the Land Registry and found that, on average, someone selling their home in 2023 had lived there for nine years.
The data also showed that nine out of 10 homes were sold above their original purchase price, despite the falls in average house prices over the year. Of the one in 10 homes that sold at a loss, the average markdown compared to the original purchase price was £17,000.
Home-sellers in London made the largest gains when selling, at an average of £137,000, while those in the North East had the smallest profit of £30,000.
Those in the capital who lived in their homes longer made the most gains, as did people who bought their home after the 2007 financial crisis.
For Londoners who lived in their home for more than 15 years, a gain over £250,000 was made between sales.
Value in detached homes and bungalows
Although demand for detached homes fell by 41% last year, this property type generated an average capital gain of £137,000 when sold.
Bungalows received the second-largest average gain of £102,000.
People living in smaller properties had smaller gains, with an average of £81,000 for semi-detached houses, £65,000 for terraced homes and £30,000 for flats.
Izabella Lubowiecka, senior property researcher at Zoopla, said: “Most homeowners who sold in 2023 made meaningful capital gains that, for many, will have provided important financial support for their next home move. It’s positive news, considering house prices posted modest price falls for the first time in 11 years.
“Lower levels of house price growth mean the potential gains in future are unlikely to be as strong as in the past, which is why more households are looking further to find their new home and seek better value for money.”
