Published On: Fri, Mar 8th, 2024

Homeowners who sold a detached property in 2023 made an average gain of £137,000 | Personal Finance | Finance

In 2023, homeowners who sold a detached house made an average profit of £137,000 compared to the original price they paid, according to data from England and Wales.

Bungalow sellers were next in line, making an average gross gain of £102,000, as per Zoopla’s findings.

Last year, those who sold semi-detached houses typically made a profit of £81,000, while terraced property sellers gained £65,000. Flat sellers pocketed around £30,000 more than what they initially paid for their property.

On average, bungalow owners waited 11 years between moves.

Detached home owners moved every 10 years, while those with a semi-detached or terraced home or a flat moved every nine years on average.

Izabella Lubowiecka, a senior property researcher at Zoopla, said: “Most homeowners who sold in 2023 made meaningful capital gains which, for many, will have provided important financial support for their next home move.”

She added that it was good news, especially since house prices saw modest 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.”

Zoopla’s analysis was based on over 100,000 Land Registry entries from 2023. Transaction records were matched with previous transaction entries within the preceding 20 years.

Here are the average profits made by sellers of different types of properties in 2023 compared to their original purchase price, along with the average selling price:

Detached houses, £137,000 profit, sold for £445,000.

Bungalows, £102,000 profit, sold for £315,000.

Semi-detached houses, £81,000 profit, sold for £270,000.

Terraced houses, £65,000 profit, sold for £230,000.

Flats, £30,000 profit, sold for £210,000.

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