Homeowners in Wales made more profit when selling their properties than those in London last year as house price growth in the English capital stalled.
In 2023 the average home in Wales sold for 53pc more than its purchase price, while London properties sold at an average profit of 51pc, according to Hamptons.
Data compiled by the estate agents found that homeowners across England and Wales made an average of £103,000 from house sales last year – £10,000 less than in 2022.
Slower house price growth in London in the last five years meant that sellers in the city saw a smaller return than those in Wales, the data showed.
Hamptons attributed the fall in gains to last year’s downturn in house prices, but said that more households were moving home sooner.
The average seller in 2022 had owned their home for nine years, but this fell to 8.9 years in 2023.
The change in the overall average is down to a spike in households moving home after just two years, Hamptons said. Roughly 8pc of households who sold a home last year had bought in 2021. In 2022, by comparison, only 5pc of households moved after two years.
Despite falling house prices, homesellers still made a profit even after a short amount of time. Land Registry data analysed by Hamptons showed that the average home bought in 2021 sold for £56,170 more on average – 23pc more than the owner initially paid.