ondon’s real estate agents have averaged nearly a quarter of a million pounds over the past year, according to the latest research from real estate agent Savills.
Salespeople in London achieved average gains of £ 244,903 in the year to May 2021. But this resulted in a seasonal increase of just £ 5,301, the lowest for any region Savill’s research covered.
By comparison, home sellers in the South East achieved average gains of £ 141,538 in the year to May 2021. Savills said that figure was £ 18,739 higher compared to the previous 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 to 2020.
Savills said owners of larger homes in re-location hotspots and the wider commuter belt have especially benefited from selling up in the past year. But it added that the market for apartments, especially those without space outside, is lagging behind in terms of growth.
The analysis also showed that the strongest sales activity came from those who sold during the ownership period of three to seven years.
Lucian Cook, head of housing research at Savills, said: “London sellers have been significant drivers of demand in the regional housing markets over the past year. Although they have been able to take advantage of the housing wealth they have accumulated over a number of years, they have had to remain quite realistic about the value of their existing home as the demand for property moved away from the capital in a period. ”