Average property sales in England and Wales are hitting a profit of more than £100,000 for the first time.

The typical seller who made a sale last year, having bought within the last 20 years, made a record gross profit of £108,000, up from £96,220 in 2021, according to Hamptons.

There are now 173 local authorities where the average homeowner made a six-figure gain when selling their home – 87% of which are in the South of England.

The Hampton research shows that a record 94% of sellers sold their property for more than they paid for it, having owned for an average of 8.9 years. The average seller sold their home for 52% more than they bought it for.

Slower house price growth in London over the last few years has meant that Welsh sellers are now making bigger gains than Londoners (59% versus 57% last year).

London is still though the only region where the average household gain exceeded £100k in every local authority during 2022. In fact, there were 17 boroughs where seller gains exceeded £200k.

Middlesbrough bottom

At the other end of the scale, the North East with an average gain of £37,890, had no local authorities with average gains above £100k.

Middlesbrough came bottom of the local authority list with an average seller gain of £23,640.

“It’s likely that over 90% of sellers will still sell at a profit.”

Aneisha Beveridge, head of research at Hamptons, says: “House price gains are primarily driven by two factors – the length of time people have owned and the point at which they bought and sold in the house price cycle.

“While there are a number of uncertainties weighing on the market, even if prices do fall this year, it’s likely that over 90% of sellers will still sell at a profit.”