Summer boost for Sunderland home owners

New figures from the Land Registry show prices in the area increased by 2.4% in July and added to the longer-term trend, which has seen property values achieve an annual growth rate of 12.3%.

The figures show the average price paid for a house in the city in July was £144,505.

Over the month, the 2.4% rise was less than across the North East, where prices increased by 3.7%, but above the two per cent rise for the market nationally.

Over the last year, the average sale price of property in Sunderland has risen by £16,000.

Owners of terraced houses saw the biggest improvement in property prices in Sunderland in July. Values increased by 2.5% over the month to an average of £118,284. Over the last year, prices rose by 12%.

The value of a detached home rose by two per cent monthly – 14% annually – to an average of £268,479.

Semi-detached: home prices rose by 2.4% monthly -up 12.9% annually – to an average of £150,049.

The price of flats increased by 2.3% over the monthly – and up 8.3% annually – to £87,343 on average.

First-time buyers in Sunderland spent an average of £126,000 on their property – £13,000 more than a year ago, and £26,000 more than in July 2017.

Buyers paid 11.5% less than the average price in the North East – £163,000 – in July for a property in Sunderland.