How much can you make selling your home in 2024?

2023 was quite the rollercoaster for our dear housing market wasn’t it? Prices dropped for the first time in over a decade, leaving homeowners in a bit of a tizzy. But fear not, sellers – it’s not all doom and gloom for 2024. Research has shown that despite the fall in prices, 93% of sellers still made a profit. Who says those pesky avocado-smeared millennials can’t be homeowners, eh? Now let’s get to the juicy part: how much moolah did these lucky sellers make? Well, the average gross gain was a whopping £74,000. That’s enough to pay off your student loans and still have some left over to feed your secret chipotle habit. 

Tick Tock…

But beware, timing is everything when it comes to selling a home. Lucky homeowners made bank on their properties in 2023, raking in an average of £18k a year while living there. Not too shabby. Those who owned detached homes and bungalows were laughing all the way to the bank with gains of £137k and £102k respectively. The terraced Terrys and semi owner Suzies meanwhile, you made profits of £65k and £81k, and apartment owners made £30k (or as we like to call it nowadays, a Kylie Jenner lip kit). But here we are in 2024, where it’s still very much worth selling up, and we’re here to tell you what you can make – and how to calculate it all to begin with…

What will I have to pay?

Okay, let’s break down the costs that come with selling a house. First up, you going to need an Energy Performance Certificate (EPC). It’s like a report card for your home’s energy efficiency, and it can cost anywhere from £35 to £150 plus VAT. Then there’s the estate agent fees – they usually take a cut of the final sale price, but only if they actually sell your house. So basically, it’s a gamble. And don’t forget about the conveyancing fees! These guys will either charge you a percentage or a flat fee, depending on their style. Oh, and if you’ve got a mortgage and a leasehold property? Buckle up, because those fees are going to be even higher. Selling a house ain’t cheap, folks. But we’re here to reassure you that it’s worth it. 

Any extra (sneaky) charges?

Yes you can’t forget about those sneaky mortgage charges too, like the “mortgage exit fee” (sounds like a made-up term for escaping a haunted house) and the dreaded “Early Repayment Charge” (aka the price of breaking up with your mortgage early). And if you own more than one property, watch out for that pesky Capital Gains Tax. At least you can still claim tax relief on your main residence. Don’t forget to consult an accountant before selling.

What about the move itself?

Dreading the thought of the actual physical move? Yeah, we feel you. It can cost anywhere from £250 to £4,000 plus VAT. And if you’re thinking of hiring professionals, be prepared for a rollercoaster of fees based on factors like how far your new place is and how much stuff you’ve hoarded over the years (I hear Marie Kondo turning in her pristinely made bed at the mere thought of your groaning cupboards). If you’re feeling adventurous and want to do it yourself, don’t forget about things like insurance, fuel, and renting a van. Speaking of insurance, double check if your current policy covers your move because nothing ruins a good day like finding out your precious belongings aren’t covered. Unless, of course, you want to pay extra for additional coverage from your movers… but let’s just say trust issues are real. Read everything carefully and make sure you won’t end up crying over spilled boxes. Don’t forget to update your followers with some #movingday pics…you know, before your face is a shade of beetroot and you’ve forgotten where your keys are.

How much will I actually make?

So, you want to know how much cash you’ll be raking in from selling your house? Well, it’s not as simple as just subtracting the mortgage and sale price. You have to factor in all the “fun” costs of actually selling a house, like agent fees and closing expenses. After all that jazz, let’s say you’re walking away with £220k. Well let’s not forget if you co-own the property, you’ll have to split that dough based on your ownership agreement. Plus, for clarification’s sake, net proceeds ain’t the same as profit – one pertains to how much moolah you get after all the bills are paid, the other is what’s left over after deducting purchase and closing costs. But at least you can finally treat yourself to that fancy bottomless brunch in your new neighbourhood now. 

When will I finally get the money from selling my house? 

Unfortunately, those “how much will I make selling my house” calculators can’t actually determine when the funds will be in your bank account. However, it’s important to have a rough estimate of your potential earnings from the sale, especially if you plan on investing them elsewhere. As a homeowner looking to sell, you won’t receive any money until the entire process is completed. This happens when the solicitor receives funds first and then the call is made to the buyer to say completion has happened and they can collect fees. Roll on the avocado on sourdough! 

Please note that all content contained within our website is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. We advise seeking professional advice from a legal, financial, or other professional.

Contact us:

alex@daviesdavies.co.uk – Lettings Director (contact for lettings and property management)

mark@daviesdavies.co.uk – Sales Director (contact for sales, new homes and chartered surveying)

020 3820 2492

Davies & Davies Estate Agents, 85 Stroud Green Road, London, N4 3EG

Article & images by Barefaced Studios

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