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Half of home sellers reap profit post-2007

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27/02/2013
Over half of homeowners selling their homes since the property peak in 2007 have made a profit despite considerable regional variation, according to figures from Castle Trust.

Although the figure is significantly below the 91.5% average since 1995, those who did make a profit saw an average of £45,199 or 20.4% of the property price. In London, 71.1% made a profit.

However, less than half of sellers in the Yorkshire & Humber, the North and the East Midlands made a profit on their sale.

Across the UK, two-fifths of sellers made a loss on their property with an average loss of £45,199 or 11% of the house sale price.

Buying a new home was the most common reason given among those who made a loss for selling up, followed by separation from a partner and the desire for more space.

Just over one in ten said they couldn’t keep up with the mortgage payments.

Chadney Bulgin mortgage partner Jonathan Clark said: “We all know that apart from London and some parts of the South East, prices have been largely static for the last few years so the gains shown are likely to be weighted towards those that have been owned for longer periods.

“Overall, it still paints home-ownership as a good long-term investment though.”

Castle Trust chief executive Sean Oldfield said: “The long-term performance of house prices shows national house price growth in line with national wage growth, but it is clear that individual house prices are really volatile and that home ownership is risky – much more risky than almost everyone appreciates.”

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