Only one in 10 homes sold at a loss last year - Zoopla

House price growth may have slowed last year but homeowners who sold their property still made an average gain of £74,000 in 2023, Zoopla claims.

The portal analysed Land Registry entries from the past 12 months to calculate the typical gross profit from property sales in England and Wales.

It found that 93% of those who sold their home last year sold at a price above the original purchase price. 

This is despite a fall in house prices throughout the UK in 2023, and means just one in 10 homes sold made a loss at an average of £17,000.

Detached homes and bungalows made the most money for sellers, Zoopla said.

Detached homes made £137,000 or £18,000 per year, on average, with bungalows close behind, making an average of £102,00 or £13,300 per year for owners. 

However, homeowners with smaller properties such as terraced and semi-detached homes made smaller gains, in line with the lower value of each home. This is echoed with flats which made just 19% between sales on average as a result of slower price growth for this property type over recent years, the research found.

Londoners saw the largest gains, while outside the capital the winners are those who bought a home 10-15 years ago, after the 2007 financial crisis with average gains ranging from £63,000 to be made in northern England versus £115,000 in the south of England. 

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.”