Selling your home this year? Sellers could make a fortune after ‘explosive’ price growth

House prices: Expert discusses 'interesting' pricing differences

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Research from MoveStreets, a property portal designed for the mobile generation, looked at the average length of time a property is owned for after purchase in each region of the country. They also looked at how house prices have increased during the time period based on a homeowner selling their home today. MoveStreets then adjusted the increase for inflation to find the exact amount sellers could make in each region on average if they were to sell today.

Homeowners in Wales will see the largest property value percentage increase of all British regions.

Property owners in Wales typically own their homes for the longest amount of time, with an average of 22.6 years.

A homeowner who purchased their property back in February 1999 would have done so for an average of £48,455, £85,875 once adjusted for inflation.

The average house price across the nation is now a whopping £196,216 which means homeowners could stand to make a 128 percent increase (£110,341) on the value of their home.

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Ranked in second place was the North West where homeowners live in their property for an average of 20 years.

Since 2001, the average house price has surged by 97 percent – or £100,029 in monetary terms – meaning homeowners could be over £100,000 better off compared to when they bought their home.

This is the second largest increase of all British regions followed by Yorkshire and the Humber where the average house price has increased by 89 percent.

In the West Midlands and North East, homeowners typically live in their homes for 20.2 and 21.3 years respectively.

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The average property has increased in value by 79 percent in the West Midlands and 78 percent in the North East.

Londoners live in their home for 19.4 years on average.

Those who purchased their home back in April 2002 would have seen the price of their home increase by 71 percent on average.

Londoners are likely to see the largest cash increase when it comes to selling their home now, with sellers now some £211,000 better off compared to when they bought their home 19 years ago.

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Scotland is the only region that’s seen a drop in house price growth over the lifetime of an average homeowner.

The average homeownership in Scotland is 14.5 years.

The average home would have cost £129,092 in March 2007, however, once adjusted for inflation, the research shows the cost to be £183,168.

The current average property price in Scotland is £180,334 which means some home sellers could see a two percent drop in the value of their home if they sell in 2022.

Adam Kamani, CEO and Co-Founder property portal of MoveStreets, said many people are looking to get their homes on the market now Christmas is over.

He continued: “Over the last year, we’ve seen some explosive rates of house price growth and so those now entering the market are likely to be doing so at a considerably higher sum than the price they originally purchased their home for.

“While there are always fears that we may see a repeat of previous house price drops, the cyclical nature of the property market means that there’s a good chance you’ll have seen an increase by the time you do come to sell.

“Just remember, a realistic valuation is key to a quick sale and so avoid any unrealistic expectations if you want to avoid an initial period of little to no interest before inevitably adjusting your asking price expectations further down the line.”

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