Who didn’t make money when selling up last year?
I called the data guru Neal Hudson to get some help looking at records of the 640,000 homes that were sold last year and that are so far registered with HM Land Registry. A third of those who sold had acquired their homes before 1995 when the Land Registry records were not public so what they paid for them is unknown.
Of those who sold up that we do have purchase data for the majority, perhaps unsurprisingly, got more than they had originally paid for the property. 25% made up to £50k and if you include the homes we don’t have data for but many of which we can assume cost comparatively little then up to 39% made more than £200k! However, at least 35,000 people sold for less than they originally paid & that’s before you include costs like Stamp Duty, improvements & fees.
Buying a home is thought to be easy, who hasn’t made money in property? Whilst many people get advice when they are selling I’m always amazed at how few ask for help with what for many is their biggest single purchase. One that they usually have an emotional investment in as well.
At least 5.5% of people who sold last year could have done with some help. They managed the seemingly impossible and sold for less than they paid. Their biggest single purchase was also one of their most expensive.