If you sell your home this year, you could make a fortune thanks to ‘explosive’ price increases.
According to an expert, property sellers could make thousands of pounds if they sell their homes this year after last year’s “explosive rates” of house price growth.
According to research, current sellers in each region of the UK are likely to have made a profit on their home’s price growth.
The average length of time a property is owned after purchase in each region of the country was examined by MoveStreets, a property portal designed for the mobile generation.
They also looked at how house prices have changed over time if a homeowner were to sell their home today.
MoveStreets then adjusted the increase for inflation to determine the exact amount that sellers could earn on average in each region if they sold today.
Homeowners in Wales will see the highest percentage increase in property value of any British region.
With an average of 22.6 years, property owners in Wales have owned their homes for the longest time.
When adjusted for inflation, a homeowner who bought their home in February 1999 paid £48,455, or £85,875 today.
The national average house price is now £196,216, implying that homeowners could see a 128 percent increase in their home’s value (£110,341).
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The North West was ranked second, with homeowners staying in their homes for an average of 20 years.
Since 2001, the average house price has increased by 97 percent, or £100,029 in monetary terms, implying that homeowners could be worth over £100,000 more than when they purchased their home.
The average house price in Yorkshire and the Humber has increased by 89 percent, the second highest increase of all British regions.
Homeowners in the West Midlands and the North East, respectively, spend 20.2 and 21.3 years in their homes.
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In the West Midlands and the North East, the average property has increased in value by 79 percent and 78 percent, respectively.
The average Londoner stays in their home for 19.4 years.
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