House prices in Sunderland increased more than the North East average throughout March
New figures show that in March, house prices increased by 1.7% in Sunderland which is more than the average for the North East.
The increase means that the average house price in Sunderland throughout March was £142,041 – according to figures from the Land Registry.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve a 14.4% annual growth, meaning it is the highest in the North East.
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Over the last year, the average sale price of property in Sunderland has risen by £18,000, putting the area top of the North East’s 12 local authorities with price data for annual growth.
The price increase means that owners of detached houses saw prices rise by 2.2%, to £270,799 on average.
Semi-detached properties rose by 1.8% to sell for an average price of £147,017, terraced properties up 1.4% monthly with a £114,709 average price and flat prices were up 1.5% monthly, selling for an average price of £87,440.
Land Registry figures also show that first-time buyers in Sunderland spend an average of £123,000 on their property, which is £15,000 more than a year ago and £28,000 more than March 2017.
Buyers paid 8.3% less than the average price in the North East (£155,000) in March for a property in Sunderland. Across the North East, property prices are lower than those across the UK, where the average cost £278,000.