08 March 2024 , 09:11
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Homeowners who sold a detached property in 2023 made an average gain of £137,000, compared with the original price paid, according to analysis of figures covering England and Wales.
Those who sold bungalows made the next biggest gross gain typically, at £102,000, Zoopla found. Homeowners selling semi-detached houses last year made a gain of £81,000 on average, while sellers of terraced properties made £65,000 and those selling flats got around £30,000 more than they had paid for the property.
Homeowners with bungalows typically left 11 years between moves. People with a detached home left 10 years and those with a semi-detached or terraced home or a flat left nine years on average.
Izabella Lubowiecka, 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. 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."
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Zoopla analysed more than 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.
(PA Archive/PA Images)