This is how much Sunderland house prices fell by in June

New figures have shown that Sunderland house prices fell in June 2019.

Monday, 19th August 2019, 1:34 pm
The best annual growth in the region was in South Tyneside, where properties increased on average by 4.4%, to £135,000.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.4% annual decline.

The average Sunderland house price in June was £114,760, Land Registry figures show – a 1.1% decrease on May.

Over the month, the picture was worse than that across the North East, where prices increased 1.7% , and Sunderland underperformed compared to the 0.7% rise for the UK as a whole.

First-time buyers in Sunderland spent an average of £ 100,100 on their property

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Over the last year, the average sale price of property in Sunderland remained level – putting the area 10th among the North East’s 12 local authorities for annual growth.

The best annual growth in the region was in South Tyneside, where properties increased on average by 4.4%, to £135,000. At the other end of the scale, properties in Newcastle dropped 4.0% in value, giving an average price of £153,000.

Winners and Losers

Owners of detached houses fared worst in Sunderland in June – they dropped 1.4% in price, to £208,368 on average – but over the last year, prices dropped by 2.2%.

Semi-detached properties were down 1.1% monthly, and 1.8% annually, costing £118,636 on average. Similarly, flats were down 1.1% monthly, but down 3.7% annually and cost £75,132 on average. Terraced houses were down 0.9% monthly, 2.7% annually, and by £93,660 on average.

First steps on the property ladder

First-time buyers in Sunderland spent an average of £ 100,100 on their property – £2,700 less than a year ago, and £4,200 more than in June 2014.

By comparison, former owner-occupiers paid £ 129,000 on average in June – 28.9% more than first-time buyers.

How do property prices in Sunderland compare?

Buyers paid 12.0% less than the average price in the North East (£ 130,000) in June for a property in Sunderland. Across the North East, property prices are low compared to those across the UK, where the average cost £230,000.

The most expensive properties in the North East were in North Tyneside – £164,000 on average, and 1.4 times as much as in Sunderland. North Tyneside properties cost 1.6 times as much as homes in County Durham (£105,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.3 million could buy 14 properties in Burnley (average £89,000).