The type of home sellers made the most money from revealed

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Homeowners who sold a detached property in 2023 made an average gain of £137,000, compared with the original price paid, according to analysis of figures covering England and Wales.

Those who sold bungalows made the next biggest gross gain typically, at £102,000, Zoopla found.

Homeowners selling semi-detached houses last year made a gain of £81,000 on average, while sellers of terraced properties made £65,000 and those selling flats got around £30,000 more than they had paid for the property.

Homeowners with bungalows typically left 11 years between moves.

People with a detached home left 10 years and those with a semi-detached or terraced home or a flat left nine years on average.

Zoopla analysed more than 100,000 Land Registry entries from 2023. Transaction records were matched with previous transaction entries within the preceding 20 years.

Here are the average gains made by sellers of different property types in 2023 compared with the original purchase price, followed by the average selling price:

– Detached, £137,000, £445,000

– Bungalow, £102,000, £315,000

– Semi-detached, £81,000, £270,000

– Terraced, £65,000, £230,000

– Flat, £30,000, £210,000

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.”

The news comes as finance experts said ipportunities to do more to help first-time buyers were missed in the Budget.

Previous reports had suggested that a 99% mortgage scheme to help people take their first step on the property ladder was being considered, although some commentators had raised concerns about the potential for buyers to be left in negative equity – where they owed more money than their house was worth.

There had also been calls to overhaul Lifetime Isas, which some people use to save up for their first home.

Chancellor Jeremy Hunt did, however, announce a string of property tax changes, including a cut in the higher rate of capital gains tax for residential properties from 28% to 24% from April 2024.

Budget documents said the moves will encourage landlords and second homeowners to sell their properties, making more available for a variety of buyers – including those looking to get on the housing ladder.

The Government also said it will remove an incentive for landlords to offer short-term holiday lets rather than longer-term homes.