Sellers in London made three times as much profit on their properties last year as those elsewhere in England and Wales, according to research by Hamptons International.
London vendors banked an average gain of £252,196 last year compared with an average of £76,367 across England and Wales, excluding the capital.
London boroughs accounted for nine out of the top 10 locations for profits last year, led by Kensington and Chelsea where the average profit stood at £940,494, albeit down from £1,060,875 in 2016.
Elmbridge, in South-East England, was the only local authority outside London to make the top 10, with an average profit of £308,999.
Johnny Morris, head of research at Hamptons International, said: “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.”
Outside the south of England, Trafford (average gain £110,000), Warwick (average gain £107,265) and Harrogate (average gain £96,764) were the three local authorities where the average seller made the largest gain.
Overall, last year 92% of sellers sold their home for more than they paid for it, up from 90% in 2016. Sellers in the North-East were least likely to make a profit with 21% selling their home for less than they had paid for it, down from 29% in 2016.
Morris 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.”