There has been an uptick in homeowners moving after just two years, which has affected the overall average period before selling and brought it down to the 8.9-year figure.
In 2023, 8% of all sellers had acquired their property in 2021. Hamptons believes this is due to a winding back of the “race for space” trend that took over during the pandemic. At that time, those who moved placed a large amount of importance on access to outside space, making the suburbs and countryside more attractive. The work-from-home shift made these moves more viable as homeowners felt more flexibility in how close to their workplace their homes had to be.
This trend seems to have reversed as the homes sold in 2023 that were bought in 2021 were disproportionately likely to be located in the countryside or suburbs.
So, have these homeowners lost out by moving quickly?
The average seller who bought their house in 2021 and sold two years later in 2023 made £56,170, or 23% more than they purchased the property for.
Further Reading: Learn more about real estate investing for beginners or where to invest to get monthly income in the UK with our property investment guides.