Kensington and Chelsea tops the profit charts for house sellers in the UK

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Sellers in London continue to make the biggest profits (Source: Getty)

The average British house seller made a profit of £92,466 more than they paid for it in 2017, but sellers in Kensington and Chelsea made the biggest returns as London massively outpaced the rest of the country, according to data published today.

London property owners gained an average of £252,196, over three times more than the average seller outside London, estate agents Hamptons International revealed today.

While many sellers have expressed wariness amid stalling house price growth, 92 per cent of sellers in 2017 made a profit, up from 90 per cent in 2016.

One in three Londoners who sold their home did so for at least twice what they paid for it an average of 8.8 years ago.

Top 10 local authorities for profits

Local Authority Region Average profit (£)

Sellers doubling their money

Kensington & Chelsea London £940,494 45%
City Of Westminster London £635,614 42%
Camden London £557,460 39%
City Of London London £459,315 49%
Hammersmith & Fulham London £425,857 33%
Islington London £351,915 32%
Richmond Upon Thames London £337,885 31%
Hackney London £310,138 41%
Elmbridge South East £308,999 24%
Wandsworth London £308,076 29%

Elmbridge was the only non-London local authority to make the top 10 (Source Hamptons International)

Kensington and Chelsea retained their top spot from 2016 in gaining more than anyone else in the country, an average of £940,494 over the buying price, although this figure has fallen from £1,060,875 in 2016, Hamptons said.

Nine of the 10 locations with the biggest absolute profits were in the capital, with only Elmbridge, a commuter district in Surrey, making the top 10 from outside London.

Johnny Morris, head of research at Hamptons, 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.

“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.”

Read more: Yet another forecast has predicted a dire 2018 for UK house prices

Trafford (average gain £110,000), Warwick (average gain £107,265) and Harrogate (average gain £96,764) were the three local authorities in the Midlands, Northern England and Wales where the average seller made the largest gain.

Burnley, with an average profit of £19,639, replaced Hartlepool (average profit £21,508) as the place where sellers this year made the smallest average gain.

Average 2017 seller gain by region

  Average profit (£) Sellers making a profit

Sellers doubling their money

London £252,196 97.40% 33%
South East £127,134 97.60% 18%
East of England £112,533 97.30% 19%
South West £81,030 94.30% 16%
West Midlands £55,489 91.60% 15%
East Midlands £54,850 93.00% 16%
North West £46,840 86.20% 17%
Yorkshire & Humber £44,330 85.70% 17%
Wales £42,669 86.20% 18%
North East £31,833 78.70% 15%
England & Wales £92,466 92.20% 18%
England & Wales (ex London) £76,367 91.70% 17%

Read more: The UK's 20 biggest cities, ranked by house price growth