Home-seller profits shrink as gains fall back to pre-pandemic levels

Savills estimates the total value of the UK property market contracted by 21% in the year to March, falling back to 2020 levels.

Dollar-based buyers enjoyed significant currency discounts on homes in London last year, but demand from European and Middle Eastern buyers remains low.

Homeowners who sold-up in 2023 did so for an average of £103k (48%) more than they initially paid for their home, says Hamptons, down from a record high of £113k in 2022.