London’s property sellers made average gains of nearly a quarter of a million pounds over the past year, according to the latest research from estate agent Savills.
Sellers in London made average gains of £244,903 in the year to May 2021. But this worked out to a year-on-year profit increase of just £5,301, the lowest for any region that Savills’ research covered.
By comparison, home-sellers in the South East made average gains of £141,538 in the year to May 2021. Savills said this figure was £18,739 higher compared with the preceding year, the highest year-on-year gain anywhere in England and Wales.
The average gain achieved by home sellers across England and Wales in the year to May 2021 was £110,331, an increase of £15,587 compared with 2020.
Savills said that owners of larger homes in re-location hotspots and the wider commuter belt have, in particular, profited from selling up in the past year. But it added that the market for flats, especially those with no outside space, have lagged behind in terms of growth.
The analysis also showed that the strongest sale activity came from those selling in the three- to seven-year period of ownership.
Lucian Cook, head of residential research at Savills, said: “London sellers have been significant drivers of demand in the regional housing markets over the past year. While they have been able to take advantage of housing wealth they’ve accumulated over a number of years, they have had to remain pretty realistic about the value of their existing home as demand for property shifted away from the capital for a period of time.”