West Midlands fifth most profitable region in England and Wales

Sellers in the West Midlands were among the top money makers last year, according to research by Hamptons International published in December.

Those who sold their homes in the West Midlands made an average gain of £55,489, making it the fifth most profitable region in England and Wales. A total of 91.6% of sellers made a profit in the region with 15% doubling their money.

The figures compare with a higher average profit across England and Wales – excluding London – of £76,367. Including London, the average seller sold their home for £92,466 more than they had paid for it, having owned the home for an average of nine years.

Johnny Morris, head of research at Hamptons International, said: “House prices have grown considerably over the nine years the average seller has owned their home. Many sellers will have added value by renovating, extending or developing but the bulk of their gains come from price growth.”

Across England and Wales, 92% of sellers sold their home for more than they had paid for it, up from 90% in 2016. Sellers in the North-East were least likely to make a profit with 21% selling their home for less than they had paid for it, down from 29% in 2016.

Meanwhile, sellers in London made three times as much profit on their properties last year as those elsewhere in England and Wales - an average gain of £252,196.

London boroughs accounted for nine out of the top 10 locations for profits last year, led by Kensington and Chelsea where the average profit stood at £940,494, albeit down from £1,060,875 in 2016.

Elmbridge, in South-East England, was the only local authority outside London to make the top 10, with an average profit of £308,999.

Morris said: “The London housing market has been cooler than the rest of the country in 2017, but London sellers still make the largest gains, by a long way. This year the average London seller bought their home nearly nine years ago and has seen its value rise by more than quarter of a million pounds. Even with slowing price growth most owners are still sitting on plenty of growth from previous years.”

 

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